A new report issued by ACCE (Alliance of Californians for Community Empowerment), the Center for Popular Democracy and the Home Defenders League called California in Crisis: How Wells Fargo’s Foreclosure Pipeline Is Damaging Local Communities, shows a $3.3 billion loss to community wealth and state and local coffers from impending Wells Fargo foreclosures.

The report recommends:

1.       Wells Fargo should commit to a broad principal reduction program.

2.       Wells Fargo should report data on its principal reduction, short sales, and foreclosures by race, income, and zip code.

3.       Wells Fargo should immediately stop all foreclosures until the first two demands are met.