Bank of America Bars Its Own Customers From Divesting At Branch Grand Opening

May 25, 2010

Bank of America is the largest holder of bad mortgages in the country and in CA. As foreclosures continue, we need to change corporate policies of big banks, including B of A.

B of A branch executives locked out faith community and allies seeking to divest their money.  B of A shut its doors on Tropicana center owner Dennis Fong and San Jose City Council candidates who joined PACT's Bank Accountability Campaign admidts rampant area foreclosures.

Buoyed by San Jose Vice Mayor Chirco, PACT faith and community leaders, Tropicana plaza owner Dennis Fong, and District 5 City Council 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 in East San Jose at the epi-center of the foreclosure crisis in Silicon Valley.

See video clips.

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 B of A. 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 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.”

Rubén Solorio, is one of many Eastside families who is losing his 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.”

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

* 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