Today, Bank of America reported earnings of $3.12 billion in April, May and June of this year.  Meanwhile, the rest of us are still struggling - 11 million jobs lost, 3 million homes foreclosed on, billions in pensions wiped away - all thanks to big banks like Bank of America.

1.1 Million Foreclosures

Bank of America has the most homes in foreclosure in America and, of all the big banks, they have done the least to help keep families in their homes.

During the foreclosure crisis, Bank of America bought up hundreds of thousands of subprime loans from the now defunct, Countrywide, and nearly quadrupled their market share of the US home mortgage, growing from 5.1% market share in 2006 to 19% in 2009 (Source Media: Mortgagestats.com). They now control a whopping 25.3% of the home loan servicing market. 

Of the million+ home loans that are eligible for modification under the Obama administration's Making Home Affordable Program, Bank of America has offered permanent loan modifications to a mere 5.2% of their total number of people eligible for modifications.

As the largest home mortgager in the country, Bank of America is in a unique position to deal aggressively with the foreclosure crisis.

Fighting Common Sense Financial Reform

Since the foreclosure crisis began in 2008, Bank of America has spent over $17 million to lobby Congress to oppose bills like the Credit Cardholders Bill of Rights and the Foreclosure Prevention Act, Helping Families Save their Homes Act, Mortgage Reform and Anti-Predatory Lending Act. All of these bill would have directly benefited consumers.

Bank of America must stop fighting common sense financial reform that will ensure that the Big Banks and Wall Street will never be able to take our economy to the brink again.

Big Bank Bonuses and Outrageous Compensation

It is a slap in the face of the America people: After we bailed them out with $199.2 billion of our tax dollars, Bank of America turned around and continued to pay their executives outrageous salaries and bonuses. In 2009, B of A's bonus and compensation pool was $31.5 billion. CEO Bryan T. Moynihan has given himself a healthy $59,000,000 compensation over the last six years.

Refusing to Respond

Over the last year, members and allies of National People's Action have done everything we can to meet with Bank of America to propose our common sense solutions.

We've sent letters by U.S. Mail, delivered them by hand, emailed, called, and protested outside of Bank of America offices. Despite more than 20 different attempts to get Bank of America to address their negative impact on neighborhoods nationwide, the bank has continued foreclosing on families, littering neighborhoods with bank owned properties, and financing payday lending.

What we want

1. Bank of America must immediately divest from payday lenders. This includes lines of credit and loans, such as what is provided to Advance American Cash Advance and institutional/equity investments such as stock held in QC Holdings.
2. With one out of every four borrowers owing more on their mortgage than their home is worth, unemployment expected to remain high for years to come, and no rebound in sight for housing, Bank of American must do real loan modifications that restore equity for struggling families, and help those who are facing foreclosure due to loss of employment.
3. Bank of America has one of the worst records on post-crash small business lending. Bank of America need to start participating in our recovery and growth and use the expertise of our local, neighborhood, labor and congregation leaders to engage in community led investment projects that will build real wealth.