Faith Groups Escalate National Accountability Campaign with Bank of America
January 14, 2010
Call on Secretary Geithner to Penalize Bank of America and other Banks that Fail to Comply with Federal Loan Modification Guidelines.
ANTIOCH, CA -- Last night, a delegation of clergy and community leaders from PICO National Network, together with National People's Action and SEIU, met with senior executives from Bank of America in Antioch, California to demand that they act more swiftly and aggressively to keep families in their homes, end predatory lending, and invest in our communities.
Over 50 witnesses from organizations representing tens of millions of people around the country stood around the negotiating table to witness the session, including the National Association for the Advancement of Colored People (NAACP), National Association of Latino Elected Officials (NALEO), AFSCME, National Community Reinvestment Coalition (NCRC), California Province of the Society of Jesus, California Endowment, Congressman John Garamendi, and local and state governments.
Next door, hundreds of community residents from across the San Francisco Bay Area gathered next door to pray, give testimony and hear a report of the results of the negotiation.
"Bank of America had nothing - no new ideas or proposals to offer to keep families in their homes and end the suffering in our communities," said Rev. Lucy Kolin, from Oakland Community Organizations and PICO National Network, who led the negotiation session. "We offered them a clear statement of the bottom line: Keep people in their homes. Do no harm. Put in place a moratorium so that Bank of America can get its act together and stop hurting our families and our communities. We went into this meeting willing to be hopeful, but we were disappointed. We will not let disappointment end our commitment."
"We are moving forward on our campaign to get our families, our congregations, our denominations, our local and state governments, and other institutions to divest from Bank of America," announced Gina Gates, a PICO leader from People Acting in Community Together in San Jose, CA.
Anna Tellez, a member of the pastoral council at St. Ignatius Catholic Church in Antioch that decided last month to divest from Bank of America, told the crowd, "Members of our parish, members of communities, are losing their homes. Meanwhile, Bank of America has made less than 100 permanent loan modifications nationwide. This is unacceptable. As a parish, St. Ignatius of Antioch used to be an investor in Bank of America, but last month we decided to divest our funds. We as a faith community decided to do this, and we invite you to do the same."
PICO and NPA leaders also announced their decision to send delegations of clergy and community leaders to visit Bank of America CEO Brian Moynihan and members of the Board of Directors of Bank of America, including Board Chair Dr. Walter E. Massey and Monica Lozano of La Opinion. This past Saturday, a delegation of PICO leaders from Brockton Interfaith Community in Brockton, Massachusetts hand delivered a letter to Mr. Moynihan at his home outside Boston, outlining PICO's proposals.
In addition, PICO announced that it will be petitioning the Treasury Department to investigate and begin imposing financial penalties on Bank of America and other banks that are failing to comply with the Obama Administration's Making Home Affordable Program. Across America, families who are eligible for loan modifications under the Making Home Affordable Program continue to receive auction notices.
In Texas, Bank of America foreclosed on a family that was current on their payments. The family discovered this mistake when they returned from work to find they were locked they were on their home. "Bank of America needs to feel the urgency of this crisis and completely halt all foreclosure proceedings and auctions until they get their house in order," state Nylton Andrade, leader from PICO affiliate Brockton Interfaith Community and the Massachusetts Communities Action Network who flew across country to participate in the negotiations. "We are calling Secretary Geithner to impose severe financial sanctions until Bank of America halts these egregious practices."
Stella Adams, Board Member for the North Carolina chapter of the NAACP and National Community Reinvestment Coalition, told the crowd that, "In this struggle for financial justice, we are reminded of the parable of the persistent widow, who every day went to an unjust judge and said, 'Give me justice against my adversary.' The parable tells us that the unjust judge eventually became weary of her and gave her justice. This is what we need to do. We need to weary Bank of America."
"Just as Moses led the children of Israel out of Egypt, it is time to lead an exodus of our money from Bank of America. It is time to go to a bank which will serve us," echoed Rev. Dr. Mario Howell, pastor of Antioch Church Family and clergy leader with PICO affiliate Contra Costa Interfaith Supporting Community Organization. "We are going to stand and fight, we are going to fight with our money."
Moving forward, PICO leaders and allies will begin collecting divestment pledges from individuals, congregations, denominations, local governments, and other organizations and are calling for a national day of action to coincide with the Bank of America annual shareholders meeting in late April.
"As an investor whose retirement has been devastated by Bank of America practices, I am outraged that they continue with their reckless practices that are destroying our communities and harming our families," stated Aurora Solis, leader with PICO affiliate People Acting in Community Together in San José and a public school employee whose retirement fund is with CALPERS.
For more information about PICO's work to keep families in their homes and hold banks accountable, visit www.piconetwork.org
ANTIOCH, CA -- Last night, a delegation of clergy and community leaders from PICO National Network, together with National People's Action and SEIU, met with senior executives from Bank of America in Antioch, California to demand that they act more swiftly and aggressively to keep families in their homes, end predatory lending, and invest in our communities.
Over 50 witnesses from organizations representing tens of millions of people around the country stood around the negotiating table to witness the session, including the National Association for the Advancement of Colored People (NAACP), National Association of Latino Elected Officials (NALEO), AFSCME, National Community Reinvestment Coalition (NCRC), California Province of the Society of Jesus, California Endowment, Congressman John Garamendi, and local and state governments.
Next door, hundreds of community residents from across the San Francisco Bay Area gathered next door to pray, give testimony and hear a report of the results of the negotiation.
"Bank of America had nothing - no new ideas or proposals to offer to keep families in their homes and end the suffering in our communities," said Rev. Lucy Kolin, from Oakland Community Organizations and PICO National Network, who led the negotiation session. "We offered them a clear statement of the bottom line: Keep people in their homes. Do no harm. Put in place a moratorium so that Bank of America can get its act together and stop hurting our families and our communities. We went into this meeting willing to be hopeful, but we were disappointed. We will not let disappointment end our commitment."
"We are moving forward on our campaign to get our families, our congregations, our denominations, our local and state governments, and other institutions to divest from Bank of America," announced Gina Gates, a PICO leader from People Acting in Community Together in San Jose, CA.
Anna Tellez, a member of the pastoral council at St. Ignatius Catholic Church in Antioch that decided last month to divest from Bank of America, told the crowd, "Members of our parish, members of communities, are losing their homes. Meanwhile, Bank of America has made less than 100 permanent loan modifications nationwide. This is unacceptable. As a parish, St. Ignatius of Antioch used to be an investor in Bank of America, but last month we decided to divest our funds. We as a faith community decided to do this, and we invite you to do the same."
PICO and NPA leaders also announced their decision to send delegations of clergy and community leaders to visit Bank of America CEO Brian Moynihan and members of the Board of Directors of Bank of America, including Board Chair Dr. Walter E. Massey and Monica Lozano of La Opinion. This past Saturday, a delegation of PICO leaders from Brockton Interfaith Community in Brockton, Massachusetts hand delivered a letter to Mr. Moynihan at his home outside Boston, outlining PICO's proposals.
In addition, PICO announced that it will be petitioning the Treasury Department to investigate and begin imposing financial penalties on Bank of America and other banks that are failing to comply with the Obama Administration's Making Home Affordable Program. Across America, families who are eligible for loan modifications under the Making Home Affordable Program continue to receive auction notices.
In Texas, Bank of America foreclosed on a family that was current on their payments. The family discovered this mistake when they returned from work to find they were locked they were on their home. "Bank of America needs to feel the urgency of this crisis and completely halt all foreclosure proceedings and auctions until they get their house in order," state Nylton Andrade, leader from PICO affiliate Brockton Interfaith Community and the Massachusetts Communities Action Network who flew across country to participate in the negotiations. "We are calling Secretary Geithner to impose severe financial sanctions until Bank of America halts these egregious practices."
Stella Adams, Board Member for the North Carolina chapter of the NAACP and National Community Reinvestment Coalition, told the crowd that, "In this struggle for financial justice, we are reminded of the parable of the persistent widow, who every day went to an unjust judge and said, 'Give me justice against my adversary.' The parable tells us that the unjust judge eventually became weary of her and gave her justice. This is what we need to do. We need to weary Bank of America."
"Just as Moses led the children of Israel out of Egypt, it is time to lead an exodus of our money from Bank of America. It is time to go to a bank which will serve us," echoed Rev. Dr. Mario Howell, pastor of Antioch Church Family and clergy leader with PICO affiliate Contra Costa Interfaith Supporting Community Organization. "We are going to stand and fight, we are going to fight with our money."
Moving forward, PICO leaders and allies will begin collecting divestment pledges from individuals, congregations, denominations, local governments, and other organizations and are calling for a national day of action to coincide with the Bank of America annual shareholders meeting in late April.
"As an investor whose retirement has been devastated by Bank of America practices, I am outraged that they continue with their reckless practices that are destroying our communities and harming our families," stated Aurora Solis, leader with PICO affiliate People Acting in Community Together in San José and a public school employee whose retirement fund is with CALPERS.
For more information about PICO's work to keep families in their homes and hold banks accountable, visit www.piconetwork.org
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