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Wells Fargo locks out Richmond CA mayor at San Francisco headquarters

Wells Fargo locks out Richmond CA mayor at San Francisco headquarters

Wells Fargo locked its San Francisco headquarters branch at noon Thursday when Richmond Mayor Gayle McLaughlinand fellow protesters arrived to speak with CEO John Stumpf over the bank’s lawsuit fighting the California city’s plans to useeminent domain to seize underwater mortgages.

Wells Fargo filed suit last week against Richmond in its role as a bond trustee, representing investors holding the securities backed by the Richmond mortgages. The bank argues that Richmond’s plan to use eminent domain in this fashion is unconstitutional.

As McLaughlin stood before Wells Fargo’s locked doors today, she captured the frustration many feel today about the foreclosure crisis that persists even as San Francisco and other markets see a recovery in home prices.

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