Explore our content

All types | All dates | All authors
Wells Fargo
Quick Hit
by Ellyn Fortino
4:57pm
Wed Sep 28, 2016

Report: U.S. Taxpayers Subsidized $725 Million In Wall Street CEO Bonuses In The Last Four Years

Twenty leading U.S. banks collectively paid their top five executives $2 billion in tax-deductible bonuses between 2012 and 2015, according to a recent report examining Wall Street CEO pay.

That $2 billion figure works out to be a tax break valued at $725 million, or $1.7 million per executive per year, the Institute for Policy Studies (IPS), a progressive think tank, found.

"Taxpayers should not have to subsidize excessive CEO bonuses at any corporation," report co-author and IPS Global Economy Project Director Sarah Anderson said in a statement. "But such subsidies are particularly troubling when they prop up a pay system that encourages the reckless behavior which caused one devastating national crisis -- and could cause more in the future."

Quick Hit
by Ellyn Fortino
1:17pm
Fri Aug 15, 2014

Albany Park Community Land Trust Close To Locking In First Home Donation (VIDEO)

Leaders with Centro Autónomo in Albany Park say the group's effort to establish a community land trust to secure affordable housing in the northwest Chicago neighborhood is moving forward.

Centro Autónomo, also known as the Albany Park Autonomous Center, is currently asking financial institutions to donate local homes in foreclosure to its Casas del Pueblo Community Land Trust, a non-profit that wants to turn the properties into permanent affordable housing for low-income residents. Both Casas del Pueblo and the Centro Autónomo are projects of the Mexico Solidarity Network.

So far, no homes have been donated to the community land trust, which officially launched in 2011. But Antonio Gutierrez, housing coordinator at Centro Autónomo, said the organization has a negotiation session planned for September with Fannie Mae. Another meeting with a national representative of donations for Wells Fargo is scheduled for the end of August.

Gutierrez and others with the effort are optimistic the community land trust will receive its first donated home within the next several months. 

"Casas del Pueblo needs to put as much pressure as we can right now [on the financial institutions], because this is a time when we're almost sure that we can get this donation by the end of the year," he said.

Quick Hit
by Ellyn Fortino
2:47pm
Fri Jul 11, 2014

FHFA: 36,000 Underwater Chicago-Area Homeowners Eligible For Refinance Program (VIDEO)

Thousands of Chicago-area residents are eligible for, but have not taken advantage of, the federal Home Affordable Refinance Program, or HARP, which provides refinance opportunities for certain underwater homeowners.

Nearly 36,000 borrowers in the Chicago metro area are eligible to save between $2,000 to $3,000 annually by refinancing their mortgages as part of the program, according to the Federal Housing Finance Agency (FHFA), which oversees Fannie Mae and Freddie Mac.

Quick Hit
by Brandon Campbell
3:23pm
Tue Nov 13, 2012

Watchdog Praises Wells Fargo For Dropping 75 Percent of Prison Investments, Asks For More

Weeks after a watchdog group slammed the banking giant Wells Fargo for its financial ties to the private prison industry, that same group is praising the bank for backing off of some of those investments.

Citing information from the Securities Exchange Commission, The Public Accountability Initiative (PAI), a non-partisan corporate watchdog group said Wells Fargo divested nearly 75 percent of its holdings in the GEO Group, the nation’s second largest private prison company.

Quick Hit
by Brandon Campbell
8:33pm
Tue Oct 2, 2012

Watchdog Group Slams Wells Fargo For Ties To Private Prison Industry

The United States prison industry continues to shift towards private ownership of facilities, and the immigrant and minority populations in most prisons now disproportionately outnumber white inmates.

In light of these details, an economic advocacy group is pointing an accusatory finger at Wells Fargo for being a major financier of some of the largest private prison companies in the country.

Quick Hit
by Steven Ross Johnson
3:58pm
Wed Jul 25, 2012

Blacks, Latinos Face Ongoing Discrimination In Mortgage Lending Process, Report Finds

A racial divide continues to perpetuate among those seeking a mortgage loan, according to a new study. The report alleges that mortgage lenders have steered more black and Latino borrowers towards government-backed home loans by limiting their access to more conventional financing.

An analysis of mortgage lending in seven cities found that loans guaranteed by the Federal Housing Administration and the U.S. Department of Veterans Affairs were made to both minority borrowers and those residing in predominantly non-white neighborhoods at a much higher rate than white customers.