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Demonstrators Disrupt Wells Fargo Meeting In Utah

By PAUL FOY

SALT LAKE CITY (AP) â¿¿ A dozen people protesting Wells Fargo's mortgage policies disrupted a shareholders' meeting Tuesday, and one of them tried to make a citizen's arrest of CEO John Stumpf.

Private security guards escorted the man who tried to make the arrest, along with others who spoke out of turn, Wells Fargo spokesman Ancel Martinez said.

Police say they made no arrests in or outside the Grand America hotel, where about 30 demonstrators lingered to air complaints about Wells Fargo's consumer lending and mortgage practices. Police Lt. Dave Askerlund said the protesters were cooperative.

The demonstrators, many from California, said Wells Fargo has been slow to forgive or adjust mortgage loans on homes that have been devalued by the recession.

"I just want them to modify my loan, take my money and leave me alone," said Monica Kenney, 35, of San Francisco, who said the bank was trying to kick her out of her home.

Kenney said she borrowed $351,000 years ago. Unemployment left her unable to keep up with the mortgage payments on a devalued house. She applied for a loan reduction but said the bank lost her paperwork and foreclosed on her house.

Kenney said she was trying to lower her monthly loan payments to $1,300 from $2,400.

Martinez said he wasn't familiar with Kenney's situation, but that Wells Fargo has adjusted mortgage loans in recent years for 167,000 borrowers for a total of $6.6 billion in forgiveness.

"We understand people are going through hard times, and we're working with our customers," Martinez said. "We're doing all we can. We'd like to do more."
Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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