Bank Accountability to Stop Preventable Foreclosures

CLICK HERE to see PACT's petition urging President Obama to take action to help keep families in their homes! Fannie Mae and Freddie Mac should make principal reductions on underwater loans for distressed homeowners. 

Read more and sign the petition.  Share it with your friends!

CLICK HERE to pledge to close your account with a big national bank and move your money to follow your values.  Join our divestment campaign to stop foreclosures, keep families in their homes, protect our neighborhoods and rebuild the economy!

See video clips of PACT's divestment campaign and the national movement. 

For many years, PACT volunteer grassroots leaders have organized housing initiatives that increased the supply of affordable housing for low-income people and improved protections for renter.  Our accomplishments have included initiating the founding of the City of San Jose's Housing Department and the City's adoption of an inclusionary zoning affordable housing policy. 

Stopping Preventable Foreclosures

Currently, PACT is focused on addressing the foreclosure crisis that is devastating families and neighborhoods in San Jose and across the country.  PACT is working locally and with our colleagues in the PICO National Network for federal policies to get banks to modify loans and keep families in their homes.

See a video of PACT's call to action to the City of San Jose to address blight and crime caused by abandoned, foreclsoured homes.  See other videos about PACT's work to stop preventable foreclosures.

In response to PACT's call to action, the City of San Jose:

• Is enforcing banks' responsibilities to maintain foreclosed properties.

• Set up a foreclosure helpline and has partnered with PACT and other community organizations to hold foreclosure prevention workshops. 

• Updated the investment policy to add banks' record of foreclosure mitigation as a criteria for doing business with the City.
  

Bank Accountability:

The solution to the foreclosure crisis and overall economic crisis hinges on the willingness of banks to do loan modifications.  The big, national banks have done little to help people. 

PACT has launched a bank accountability and divestment campaign with the PICO National Network and a growing number of partner organizations.  Learn more at Our Money, Our Values.   

PACT is focusing on Bank of America, because despite holding the largest number of bad loans, BofA has the worst record among the nation's big banks of performing loan modifications.  See the video of faith and grassroots leaders sharing why we are saying "Not with our money!" to Bank of America.  

Join our Divestment Campaign!:

• Sign and submit a divestment pledge form.

• Tell others about this campaign and invite them to join us.

Bank of America has refused to modify 97% of its nearly million loans that are at risk of foreclosure.  Faith communities, individuals and institutions across the country are removing their funds from Banks of America to say, "Not with my money."  This campaign is a collective call to stop BofA's irresponsible practices in order to save a million families from losing their homes.  Please join our campaign to put our money where our values are.

More news on bank accountability....
PICO National Network news
PICO National Network news

Learn more about: 
"Our Money Our Values",  PICO's national campaign to hold big banks accountable to families and communities
New Bottom Line, our national coalition working to put the economic interests and financial security of working American families first instead of the big banks.