Tue Jun 25, 2013 2:15AM
Protesters in the U-S state of California are demonstrating against America’s biggest banks. Activists blame banks like Wells Fargo for using tax loopholes to hurt the pockets of the 99 percenters. The group Occupy Fights Foreclosures says these banks are continuing the nationwide foreclosure crisis in order to boost their profits
Activists with Occupy Los Angeles and Occupy Fights Foreclosures are kicking off a new campaign against America’s financial institutions. Occupiers say banks like Wells Fargo are fraudulently foreclosing on tens of thousands of homeowners nationwide. They say while the 99 percenters are losing their homes, the banks are making record profits. Over the past 3 years, Wells Fargo has reported profits of more than 50 billion dollars but has received state and federal tax breaks totaling 18 billion dollars. Activists are now taking their demands straight to the banks. They’re protesting Wells Fargo locations across Los Angeles, calling on customers to move their money to credit unions. They represent just a small part of activists that are fighting foreclosures across the nation. Occupiers are using their encampments to protect families they say are the victim of fraud. Protesters say they’re ready to support U-S President Barack Obama and his message of making the rich pay their fair share. But they say they’ve learned not to trust the promises of politicians when it comes to fixing America. Wells Fargo has been rated as among the worst performers in fixing predatory mortgages. Activists say Wells Fargo continues trapping people with the same practices that started the recession in the first place. A new report from RealtyTrac shows 20 percent of foreclosures nationwide remain empty after the owners were forced out. RealtyTrac says the majority of these vacant homes are now owned by Bank of America and Wells Fargo.