Repeat stories from Wells Fargo protesters

April 25, 2012 9:13:58 PM PDT
The big demonstration against Wells Fargo at its shareholders meeting in San Francisco Tuesday brought out many of the same people we've seen at similar protests. The same stories are being told by the same people.

Nuno Vieira of San Leandro says he lost his home.

"They wrongly foreclosed our home because the loan originally was fraudulent," Vieira said.

Vieira said the appraiser Wells Fargo used over estimated the value by a quarter million dollars.

"And before the ink dried on our loan contract we were $243,000 underwater due to an inflated appraisal," Vieira said.

What we didn't know at the time is that Vieira is a real estate appraiser. Wednesday over the phone he admitted he didn't adequately check on the real estate value of the house in Reno; he just made the payments for four years, right up until the bubble burst and his appraisal business slumped. Then he stopped making payments and lost the house.

His suit against Wells Fargo was thrown out. He's appealing.

"The way they stole my family's home is not right," Vieira said.

Max Alper told ABC7's Vic Lee that Wells Fargo evicted his parents.

"They moved into my uncle's home and then his house was foreclosed on," Alper said.

It's the same story from a year ago at another bank protest.

"When they moved out in to my uncle's house then his house was foreclosed on," he said on Oct. 12, 2011.

The union organizer has told the same story many times. What he doesn't say is why this financial crisis seemed to follow his family from house to house.

Wednesday, Alper explained that his dad and uncle were both in the same business that tanked along with the construction industry. Over the phone, Alper's father said he had to borrow on his home.

"A $180,000 mortgage became a $380,000 mortgage," he said.

Alper says he didn't know about that, so ABC7 asked him what role it played in his family's financial crisis.

"I think that responsibility that there's thousands and thousands of families who are losing their homes here and when at the same time these banks are being bailed out with our tax money there's a question that we all need to ask here about whose responsible and the people who are responsible are the banks and the executives here," Alper said.

Without a doubt the, banks, appraisers, mortgage companies all had a share in the housing crisis, as did home owners

A spokesperson for Wells Fargo said Wednesday, that these are complicated issues. The bank did receive $25 billion in the TARP bailout which repaid it on time, along with over $1 billion in interest.


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