More than two-dozen ACORN demonstrators showed up Nov. 25 to present the Wachovia bank branch on East Camelback Road in Phoenix with the “Turkey of the Year” award for its handling of the mortgage crisis.
ACORN, the Association of Community Organizers, has called on Wachovia to do more to prevent foreclosing on borrowers delinquent on payments. The demonstrators briefly occupied the branch office, but an employee told them mortgages were handled by a separate branch. She said she’d fax that branch a letter prepared by ACORN.
Addressed to Wachovia President and CEO Robert Steel, ACORN’s national President Maude Hurd wrote that Wachovia has failed to take steps to “dramatically reduce foreclosures.” ACORN advocates for low-income people on housing and other issues.
The protesters left peacefully after a few minutes, then continued to demonstrate outside.
One of the protesters was Jilberto Reyes, 42. He was five months delinquent on a Wachovia loan for a house in southwest Phoenix. Reyes does not speak English. Through an interpreter, he said his work as a commercial vent installer has slowed to a standstill.
He can no longer make the $1,850-per-month payments, he said. The interest on his adjustable-rate mortgage will jump in April. But he’s not too worried about that.
“By April, I probably won’t be in the property anymore,” Reyes said.
He said he has worked out two payment modifications with Wachovia. But now the bank refuses to talk to him anymore, he said.
Arizona ACORN’s Ian Curtis said the demonstration was to point out Wachovia’s “lack of response… to the foreclosure crisis.”
Wachovia media contacts were out of the office on Nov. 26 and could not be reached for comment. Curtis said similar demonstrations had taken place at Wachovia branches in other states.
The Orlando Sentinel, on its Web site, reported about two-dozen ACORN protestors filled a branch office in Orlando. Wachovia spokeswoman Kathy Harrison was quoted as saying the bank had negotiated with 26,000 borrowers in the past year.
Individual situations will vary, Harrison said.
“There larger picture is, we’re working with an awful lot of people,” Harrison added.
Wachovia was hurt deeply as a result of the financial meltdown and is being taken over by Wells Fargo, which ultimately won its bid for Wachovia after a bitter battle with Citigroup Inc. The deal was originally valued at $15.1 billion, based on Wells Fargo's closing stock price the day before the offer was made on Oct. 3. Wells Fargo's stock has fallen since then, and the buyout is now valued at roughly $11.2 billion.