Events
Divest Now! Join our Bank Accountability Campaign!
05/21/2010 10:00 AM
Bank of America Bars Its Own Customers
From Divesting At Branch Grand Opening
Branch executives lock out faith community & allies seeking to divest their money Click here to see the video
BofA shut its doors on Tropicana owner Dennis Fong and San Jose City Council candidates
Who joined Bank Accountability Campaign amidst rampant area foreclosures
SAN JOSE, CA-- Buoyed by Vice Mayor Chirco, 75 PACT faith and community leaders, Tropicana Principal Dennis Fong, and District 5 candidates were ready to divest their bank accounts last Friday, May 21 at the grand opening of the B of A branch at 1107 S King Rd.
Eight individuals intended to end decades-long financial relationships with B of A in an effort to change the corporate practices of the bank.
- One community leader attempted to end a 31-year banking relationship with BofA. Executives locked him out of his bank. His wife went to another branch to divest their funds.
- Fong and others were also locked out of the Bank of America. The group held vigil outside the bank, while divestors found other branches to allow them to divest their funds.
Joined by 75 others, community members testified about failed attempts to get loan modifications and even basic responses from Bank of America. Ignacio Coloma, from Most Holy Trinity Catholic Church, declared, "Today, I stand with my community and end a three decade banking relationship with Bank of America. Today we say, not one more preventable foreclosure. Not with my money. Enough." Click here to see a video of Mr. Coloma's divestment statement.
Rubén Solorio's family is one of many East side families losing their home to Bank of America. Solorio had an adjustable rate mortgage (an ARM) that ballooned at $6,900 after the first year. Bank of America bought the loan but will not work out a feasible loan modification to keep him in his home; instead the bank wants to sell it at auction.
Solorio said, "I want to invite Bank of America to respect what home loans were intended for: for families to have homes, not to turn profits for investors. Bank of America, you bought a predatory loan and wanted to turn a profit. You can still turn a profit and let us keep our homes, so we're asking you to stop doing harm." Click here to see a video of of Mr. Solorio in front of Bank of America.
PACT has joined with PICO congregations across the country in a national Bank Accountability campaign to stop preventable foreclosures and keep families in their homes. See the campaign in action: www.OurMoneyOurValues.org
