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Homeowner Says Bank Took Bailout Money So It Must Negotiate New Terms on Foreclosure

MINNEAPOLIS (CN) - An attorney sued Wells Fargo in Federal Court to try and stave off foreclosure, saying Wells Fargo received billions of federal dollars to help people like him, and it owes him and Uncle Sam a duty to restructure his mortgage.

His clients owe him money, he says, but many have recently lost their jobs.

Marcus Jarvis says the bank demanded $16,924 by noon Nov. 13, and that he had $8,000 in hand but the bank wanted it all.

Jarvis says clients owe him $50,000 he cannot collect because many of them have lost their jobs and also are in financial straits. He says he told Wells Fargo he would have a total of $12,000 in hand by its deadline, but it still refused. He says the bank will suffer no harm by taking his $12,000 and working it out with him.

Jarvis, of Burnsville, Minn., does immigration and business law - including real estate law. The sheriff was scheduled to auction off his house at 10 a.m. Thursday. He Jarvis asked the Federal Court to stop it.

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