SAN FRANCISCO (KCBS) – A group of active and retired San Francisco employees wants to stop their pension money from funding banks that have used questionable procedures to foreclose on delinquent home loans.
Several dozen petitioned the Retirement Board on Thursday to remove Wells Fargo from the San Francisco Employees’ Retirement System investment list.
KCBS’ Jeffrey Schaub Reports:
The fund has about $48 million invested in Wells Fargo.
Several who read statements at the retirement board meeting said they had unfairly lost their homes in foreclosure and did not want to support institutions that engaged in predatory lending.
One group member cited a $175 million settlement last July in which the Department of Justice found that Wells Fargo knowingly steered African American and Latino borrowers towards subprime loans with higher fees and interest rates even when they qualified for conventional market rate loans.
The president of the retirement board, Wendy Paskin-Jordan, said she would take up the divestment request at a future meeting.
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