Bank Accountability Campaign, "Not With My Money"

May 21, 2010

Media Alert


Contacts: Jenne Wood-Taylor – 408.835.6708 (English/Spanish); Ignacio Coloma - 408.274.7336; Mercy Martinez, 408-813-8021 (English); Jose González, 408.802.4559 (Spanish/ English); Gina Gates, 408-835-3000 (English/Spanish)                                                                                                                            
 
Faith Community and Allies Divest

At Bank of America Branch Grand Opening

Given more bank foreclosures, City Council candidates, community members say:

“Not with My Money!”

 With No end in sight to bank foreclosures and continuous profits, National Bank Accountability Campaign moves forward

WHO & WHAT:  PACT faith and community leaders, District 5 candidates, and allies are set to divest their bank accounts at the grand opening of the Bank of America branch in East San Jose, in the epicenter of the foreclosure crisis in Silicon Valley.

v  Community members will give testimony about their continuing struggles to get loan modifications from Bank of America and receive a response from their bank.

v  All four candidates for San Jose City Council District 5 will state their commitment to divest from BofA.

v  San Jose Vice Mayor Judy Chirco will stand with PACT in effort to change corporate practices of B of A.

v  PACT will invite the SJ City Council to join the effort by divesting City funds from B of A.

WHEN:    Friday, May 21, 2010, 10:00am

WHERE:  Bank of America Branch Opening, 1107 S King Rd. San Jose, 95122

WHY:  Bank of America is the largest holder of bad mortgages in the country and in CA. Now more than ever, we need to change corporate policies of big banks, including Bank of America.  

§  B of A has the worst record among the major banks for processing and approving loan modifications under the national Making Homes Affordable Program.
§  B of A targeted Latino and Black borrowers for higher risk subprime mortgage loans. While only 11% of White borrowers were given subprime mortgage loans with B of A, 28% of Black borrowers and 26% of Latino borrowers were placed into these bad loans.
§  Many organizations representing communities hard-hit by the foreclosure crisis have reached out to B of A to discuss the devastating impact the bank’s policies and practices have had. Despite these efforts, Bank of America continues to fail to offer or implement any meaningful changes.

PACT is joining with congregations across the country through the PICO National Network for this national Bank Accountability Campaign to stop preventable foreclosures and keep families in their homes.

For months PACT has worked to get B of A to be part of the solution to the foreclosure crisis including meetings and follow up communication with top executives and speaking at shareholders meetings, but B of A refuses to change their policies and practices that are devastating families, neighborhoods and the economy in San Jose and across the country.  

Therefore, a growing number of community members and institutions are saying "Not with Our Money!" and inviting others to join the divestment campaign to take action for change.

v  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 over 50,000 people in Santa Clara County, and is part of the PICO National Network.  www.pactsj.org

v  PICO National Network has 52 affiliated federations working in 150 cities and 17 states and is more than one million families and one thousand congregations from 40 different denominations and faiths. www.piconetwork.org