To: Michael Burg, Wells Fargo Executive Office and Palema Johnson, Freddie Mac
Wells Fargo: Keep Loleta Barrow-Leggett in her Home!
Dear Wells Fargo and Freddie Mac Executives,
We are calling on you to keep Loleta Barrow-Leggett in her Joliet, IL home. As a result of our first demonstration, Wells Fargo postponed the scheduled June sale of Ms Barrows-Leggett Joliet area home. Yet, rather than a good faith negotiation, Wells Fargo only offered her a trial modification that required her to pay $200 more, rather than less, on her already unaffordable monthly mortgage payments.
For months, Ms. Barrow-Leggett's family and community advocates have been negotiating with both Wells Fargo and Freddie Mac to put Ms. Barrow-Leggett into an affordable HAMP modification that would allow her to keep her home. Her family has sent in all the information that has been requested to demonstrate that she qualifies for an affordable HAMP modification. They even sent proof that they had secured affordable homeowners insurance to cut down on her monthly payments.
But instead of a good faith negotiation, you have continued with an unaffordable modification offer and have gone forward with the sale of her home. This is unacceptable.
Why is this important?
A former Chicago resident, Ms Barrows-Legget moved to Joliet to be closer to the grave of her son, a Lance Corporal in the US Marine Corp, who was killed in 2006. Several years later, her husband was killed in a tragic car accident, cutting sharply into her household income. Even though her home had lost more than $100,000 in value, Wells Fargo foreclosed on Ms Barrows-Leggett in 2010.
As a result of our first demonstration, Wells Fargo postponed the sale of Ms Barrows-Leggett Joliet area home. Yet, rather than a good faith negotiation, Wells Fargo offered her a trial modification that required her to pay $200 more, rather than less, on her already unaffordable monthly mortgage payments.
Now, Wells Fargo, a company that was recently paid more than $175 million to settle charges of racially discriminating against African American and Latino borrowers, is now seeking to have another African American family sign onto an unaffordable mortgage or face a Sheriff's eviction.
How it will be delivered
We plan to deliver this petition in person at Wells Fargo and Freddie Mac offices.