Bank Accountability Action

01/12/2010 6:00 PM

We want to invite you to come and participate in a prayer service that will occur as negotiations are taking place.  The event will be on Tuesday, January 12, 2010 at 6:00pm at Antioch Church Family, 55 E. 18^th Street in Antioch, California. 

While millions of Americans suffer from a severe economic downturn, the country’s largest financial institutions continue to drag their feet in helping struggling families while returning to the same reckless behavior that gave birth to the financial crisis and recession.  The time has come for everyday Americans to act. 

When the nation’s largest banks needed crucial assistance last year, taxpayers extended billions of dollars to keep them afloat.  Now, despite their return to record profits and big bonuses, banks continue to drag their feet in doing mortgage modifications or extending credit to small businesses while millions of Americans lose their homes and their jobs.  Even worse, big banks are spending hundreds of millions of dollars to fight new regulations that would protect the very consumers who bailed them out. 

Bank of America has offered only 98 permanent loan modifications in the entire United States of America despite receiving nearly $200 billion in public funds.  After months of grassroots activity focused on securing a face-to-face meeting between struggling homeowners and senior executives at Bank of America, PICO will hold the first meeting since the financial crisis erupted between senior bank representatives and everyday citizens and people of faith. 

The meeting will focus on strategies that Bank of America can employ to swiftly increase its number of loan modifications for qualified borrowers, as well as the impact of their broader corporate lending and investment policies and practices on our communities. 

Call the PACT office (408.998.8001) to get on the bus!
(Bus leaves at 3pm, Jan. 12th)