Groups from Across U.S. Protest Bank of America’s Abusive Practices, at Bank’s Annual Shareholder Meeting in Charlotte, NC

NEWS RELEASE

Embargoed for Release May 8, 2013, 10 AM EST

Contact: Josh Zinner (NEDAP) – 212-680-5100 Alan Fisher (CRC) – 415-710-1741 Peter Skillern (RP) – 919-667-4201

 

GROUPS FROM ACROSS U.S. PROTEST BANK OF AMERICA’S ABUSIVE PRACTICES AT BANK’S ANNUAL SHAREHOLDER MEETING, IN CHARLOTTE, NC

Demand that Bank End Its Abusive Mortgage and Foreclosure Practices

SEC Upheld Groups’ Shareholder Resolution against BofA’s Opposition

Organizations from California, New York, and North Carolina traveled to
Charlotte today to speak out at Bank of America’s annual shareholder meeting and demand
accountability by the bank. The groups, which hold shares in Bank of America,
detailed the harms the bank causes to communities throughout the country through
its abusive and discriminatory mortgage lending and foreclosure practices.

Bank of America had petitioned the U.S. Securities and Exchange Commission to
exclude a resolution presented by one of the groups, but the SEC upheld it against
the bank’s formal objections. “Our shareholder resolution calls for an independent
review of Bank of America’s mortgage servicing and foreclosure practices,” said
Alexis Iwanisziw, Research and Policy Analyst at NEDAP, an economic justice
organization based in New York City.

“Our clients continue to struggle to obtain loan modifications from Bank of America,”
stated Peter Skillern, Executive Director of Reinvestment Partners, a housing
counseling and advocacy group based in Durham, North Carolina. “Bank of
America’s abandonment of properties in foreclosure has led to extensive community blight, especially in neighborhoods of color, and indicates the bank is not
in compliance with national mortgage servicing rules.”

“Bank of America has a long, documented history of abusive lending, mortgage
servicing, and foreclosure practices that have devastated families and communities
across the country,” said Josh Zinner, co-director of NEDAP, based in New York
City. “Bank of America has received a staggering one trillion dollars in taxpayer
bailout money, and has legal obligations to serve communities equitably.
Meanwhile, the bank continues to cause direct harm to communities, particularly of
color, and must be held accountable,” Zinner added.

“Our recent survey of housing counselors in California shows that Bank of America
continues to unfairly foreclose on families in our state, and is failing to comply with
the national mortgage settlement,” said Kevin Stein, Associate Director of the
California Reinvestment Coalition. “Bank of America’s abusive servicing practices
have a particularly devastating impact on communities and people of color, as well
as immigrants.”

One of the groups also hand-delivered to Bank of America CEO Brian Moynihan
testimonials from New York homeowners harmed by Bank of America’s mortgage
servicing and foreclosure practices. In one video statement, Ms. T, a Brooklyn
homeowner, said, “I don’t really think Bank of America is doing what they should be
doing. They should really try to help the homeowners to stay in our homes, instead of
trying to take the homes away from us, because they’re destroying families by
taking our homes away from us.”

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California Reinvestment Coalition advocates for fair and equal access to banking and other financial services for California’s low–income communities and communities of color. CRC has a membership of close to 300 nonprofit organizations and public agencies across the state of California. NEDAP works with community groups in New York City to promote economic justice and to eliminate discriminatory economic practices that harm communities and perpetuate inequality and poverty. Reinvestment Partners advocates for economic justice and opportunity.