The Community issues NOTICE of DEFAULT to Bank of America

December 02, 2009

MEDIA ALERT

Community Leaders will Issue a

NOTICE OF DEFAULT

to BANK OF AMERICA 

for its Role in the Foreclosure Crisis

When & Where:  Friday, December 4, 2009, 3:30 p.m.

             Bank of America, 125 S. Market St., San José, CA

To:  Bank of America: Kenneth D. Lewis, C.E.O & President, 
       Corporate Board of Directors and Investors of BofA

Re:   Bank of America’s role in the foreclosure crisis 
in San José, across the Bay Area and country 

From:      Faith & Community Leaders of PACT, www.pactsj.org

Contacts:    Jenne Wood-Taylor, 408-835-6708, jenniferwoodtaylor@pactsj.org

Gina Gates, 408-835-3000

Please be advised that Banks of America (BofA) is the largest holder of bad mortgages 
in the country, in California, and in PACT’s surveyed communities in San José. 
BofA is also the bank with the worst record for completing mortgage loan modifications. 
As of October, 990,628 BofA borrowers were eligible for the Home Affordable Modification 
Program (HAMP). Yet, less than 5% percent of BofA’s eligible homeowners have had their 
loans modified. 

BofA accepted nearly $200 billion in TARP bailout money. Despite receiving billions in 
taxpayer dollars and being the largest holder of subprime loans, BofA is evicting people 
who can pay on their mortgages and who want to stay in their homes. BofA’s own core 
values state that BofA has the responsibility of “doing the right thing” for their customers. 
BofA’s misconduct and failure to comply with their own core values has caused losses to 
homeowners, investors, customers and the community of San Jose. 

BofA is hereby notified that they have defaulted on their core values by acquiring property 
in an unethical and inhumane manner. Therefore, demand is hereby made upon BofA for 
full compliance with its core values to: 

(1) not foreclose on a home where the owner is waiting for a loan modification, 

(2) establish a 45-day maximum time period to respond to a loan modification request 
starting three days after the request is received, 
(3) provide transparent reports on the terms and demographics of loan modifications, and 

(4) create an appeals process for homeowners who were denied a loan modification.

If BofA does not comply with its code of values and conducts business unethically, 
divestment actions from our community will commence.  

Bank of America’s prompt attention to the foregoing is anticipated.

Event Organized by:

*  PACT: People Acting in Community Together is a multi-ethnic, interfaith organization that empowers people to create a more just community.  PACT represents 22 congregations and 50,000 people in Santa Clara County, and is part of the PICO National Network.  www.pactsj.org

*    PICO National Network has fifty-two affiliated federations working in 150 cities and towns and seventeen states. More than one million families and one thousand congregations from forty different denominations and faiths participate in PICO. www.piconetwork.org

PACT’s Press Conference & Community Rally is part of the PICO Bay Area Bank Accountability Campaign and the PICO National Network’s organizing to stop preventable foreclosures.

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