In recent years, Hollywood has taken mortgage fraud issues out for a spin, but it hasn't committed to the true intimacy or long term issues at the heart of the matter. After all, home is where the heart is. Home is where the truth is, the dirty secrets, the financial loss, the public shame of what the neighbors may think when you just can't seem to keep up, maintain or control what hardship or global economic collapse brings to your door.
We’ve seen the dirty deeds done dirt cheap by the shining example of Wells Fargo’s audacious scandals in recent weeks, capped by CEO John Stumpf's suddenly “retirement” effective immediately. Here’s your hat, what’s your hurry? Oh, and 143 million on your way out the door. Poor guy. What time is the last flight to the Caymans, or is that so nineties of me? Where do they stash the cash these days?
I'm thinking about all those stock options, just days before the story broke over Wells Fargo’s forged accounts, identity theft, fees, and the tried and true “Eight is Great” slogan Mr. Stumpf loved to tout. He even coined the phrase. Pun intended. (Insert stock footage of Richard Nixon and peace signs overlaid with audio: “I am not a crook.”)
But back to Hollywood. The film industry has lately taken on the gluttony and dirty sexy glamour of Wall Street with "The Wolf Of Wall Street," and by selling "The Big Short" to the investor class – deciphered into simpler terms by a model in a bubble bath sipping champagne to keep the people interested.
Artsy Hollywood, on a smaller scale, attempted to illustrate the despicable, heartless aspects of eviction, short sales and the human collateral damage of foreclosure in "99 Homes." The more gritty independent film touched on the process and stories of loss, hardship and the harsh realities faced by one family in the fight for their home.
But the story that hasn't yet been told clearly, deeply or theatrically, in the vein of "This is what happens when the vampires of Wall Street's rigging, games and bank frauds come trick or treating on Main Street – on YOUR street." The one about the big bad wolf of Wall Street huffing and puffing to blow your house down, and no one can hear you scream.
With all the scandalous news in recent weeks about Wells Fargo's fraudulent customer accounts, forgery, credit cards, consumer abuses, years of unscrupulous business practices, outrageous sales goals, 5,300 low paid employee layoffs, identity theft, LIBOR rigging and more, the silence is deafening from the walking wounded. And I don't mean John Stumpf, the Big Cheese. I’m referring to the silence of those who put their faith, their trust, their money and their mortgages in the hands of criminal banks exemplified by Wells: the consumers who were stuffed with bank fraud to be fattened for the kill.
Those are the stories still left untold. The details and anguish of families and individuals who played by the rules, not realizing the deck was stacked from the beginning. The house of cards that came tumbling down because the fix was in and the casino banks always win.
Those are the stories that need to be told. Beyond "The Big Short," and going deeper than where "99 Homes" left off.
Maybe if it were an entertainment news show, people would pay more attention to the real-life drama playing out all around them. Like the 24/7 news cycle of Donald Trump’s latest “Beavis and Butthead Run for President,” the epitome of the “Ugly American.” How far will he push the envelope, his tongue, the shameless shaming? Who will come forward next with scandalous accounts of butlers, inappropriate groping, incestuous fantasies and tiny orange hands?
But I digress..... Back to the Wells Fargo real-life drama. I envision dark Armani suits for the cast of Wells' valedictorian top gun attorneys. Black-rimmed trendy glasses and shiny Beemers. 28-36. Summa cum laude.
Our cast of homeowners and the downtrodden will be dressed in big box store (striped) shirts, faded jeans and lots of paperwork. Seen but not heard on a conveyor belt to homelessness like extras. In hell.
We could even make it the kind of high stakes game show America is so enamored with – because in reality that is what it has become when a homeowner enters the surreal game brought to you by the U.S. government, a wholly owned subsidiary of Goldman Sachs, Bank of America, Wells Fargo and JP Morgan Chase and the gang. Did I mention our sponsors? Ocwen, US Bank, Nationstar and Pennymac. “We value your time. Please hold. Together we’ll go far.”
How ironic. We never imagined they’d actually go this far.
Ladies and gentlemen, let the "Homeowner Hunger Games" begin!
Cue the theme song from "Get Smart," the black and white montage of door after door opening and closing, more doors, concrete walls, revolving bookcases, dark stairways leading to nowhere and the incessant sound of a recording stating, "This call may be monitored and recorded for quality purposes... quality purposes... qua qua qua quality pppppppurposes...."Citizen Homeowner, our first contestant, steps up to the phantom driven stagecoach with faded letters on the side. It's hard to make it out – does it say "Hell's Cargo?" No...no... it says Wells Fargo.
Cue the primal scream and cacophonous maniacal laughter. "This is an attempt to collect a debt."
Citizen Homeowner gets in or automatically forfeits everything she's worked for her entire life. She has her family to consider, his future, his equity, her shelter. He/she is trusting the stagecoach driver, the instructions and the integrity of this massive banking machine to not do him/her further harm.
The crack of the whip, the lurch of the coach and off they ride into the cavernous darkness: the horse, the homeowner and the faceless horseman.
Our first challenge is a game called HAMP: The Home Affordable Modification Program. Rules of the game: You wanna win, you play by bank rules. All or nothing. Cue the hold Muzak. Come on down! “Your call is important to us.”
Dance. Comply. Submit. The Homeowner HAMPster wheel spins. Eyes widen awaiting results from the wheel of fortune.
Customer Care: Listen up. Obey the rules. Don’t leave anything blank or you go back to square one. Cue the hold music. Step two, stop paying the mortgage. You heard me. Who are we going to help, silly? Those that are current on the mortgage or those that have fallen behind?
Citizen Homeowner: But —
The HAMP wheel spins. Citizen Homeowner complies, bewildered, terrified and exhausted. He/she lays out months and months of financial documents, personal and business expenses, forms, signatures, dates and letters, retirement funds, savings account information. The documents are finalized, the faxes sent, fingers crossed.Days go by. Insert stock footage time lapse of days going by... clock hands spinning... old school. We are going for film noir here.
Citizen Homeowner is not a fool, went to college, took typing, lives in a big city. What is going on? Three months have gone by... time warp inserts of a flipping calendar, the annoying bird of a cuckoo clock to illustrate the passing of months... “Please remain on the line, your call will be handled by the next available agent.”
Citizen Homeowner has taken on the demeanor of a gambler in Vegas desperately clinging to the remnants of his nest egg. The thing that keeps him going, playing by the bank rules, is hope. Not the Hope Hotline they referred him to, but hope in the sense of justice, fairness and a happy ending. Just like in all the movies. Like George Bailey and Zuzu’s petals kind of hope. That there will be humanity in banking. Cue the maniacal laughter... and John Stumpf saying, “that’s not my area of expertise...”
“We are unable to take your call at this time. Please try again....Goodbye.”
Citizen Homeowner has become darkly disheartened. Furious at being duped, can't sleep, can't make up the lapsed payments now that it's been eight months. Times are hard, work is scarce and the house is all that is left, number one on the hierarchy of primary needs. Shelter. Haven. The sole investment toward retirement. So much work, so many memories made here. Rents are sky high, credit is bad. No answer at the Hope Hotline. Who would believe that a huge bank would not play fair with so much on the line?
You can imagine the ending. I won’t spoil it for you. As you can figure out for yourself, there are no miracles; no government or judicial system that will intervene to save Citizen Homeowner from the bowels of DoWe Cheatem & How or the dark musty stagecoach to hell. The wheel of fortune only spins for CEOs like Stumpf. The riffraff is labeled deadbeat so the show can go on. What’s that smell?
Insert quick cut montage of eviction papers, courtrooms full of veterans, disabled, long lines of seniors and the underemployed, judges gavel hammering repeatedly, suicide statistics escalating.
Cut to Main Street. A long shot of foreclosure signs on every lawn. Tumble weeds... haunting sound echoes of children playing, of the Wells Fargo hold music, audio of Elizabeth Warren, “Have you clawed back anything from your stock options, your bonus, your salary?”.... as we fade to black.
Alternative ending: Red hot headline states “Breaking News! CEO of Wells Fargo, John Stumpf, has been taken into custody by the FBI.” The grand jury has found the chairman of the board guilty of 18 counts of fraud, criminal counts of forgery, identity theft, and for just being a bad guy all the way around. He appears to be chained at the ankles to six other bank CEOs in orange jumpsuits. Wait, who’s that? Oh it's Jamie Dimon of JP MorganChase clinging to his presidential cufflinks. Orange actually suits him.
It appears that America has suddenly taken on Iceland’s approach to criminal bankers with multiple arrests, old fashioned FBI perp walks, flashing cameras and spinning headlines. No one is above the law. Not in this America. No bank is too big to fail, no banker too rich to jail. Let justice be for all. Let it begin with the prosecution of the untouchables. Let it begin now, with the great takedown of Wells Fargo. Together we’ll go far.
The (Alt) End
Lainey Hashorva is a social media activist, advocate for homeowners fighting foreclosure, investigative journalist and vintage home accessories designer. Follow her here and [here] and here
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