A coalition of clergy and community members from NPA and the South Austin Coalition released a report condemning Bank of America as Chicago’s biggest forecloser.

The report uses Chicago as a case study, citing that Bank of America is the number one forecloser in Chicago, responsible for almost one out of five (17%) of Chicago’s 23,000 foreclosure filings in 2009. Bank of America is also responsible for nearly 1 of 10 repossessions in the city, making them the largest owner of repossessed properties in Chicago.

“Bank of America is dealing with people trying to hold onto what we have. They should do everything in their power to help us stay in our homes,” said Dorothy Daniel, a 78-year old widow struggling to save her home from Bank of America foreclosure. “Bank of America needs to use bailout money to do what they were supposed to do and bail people out - not sell us out.” Daniel, who has owned her home for nearly 40 years, lost her job when illness led to the amputation of her left foot in 2008. After struggling with Bank of America she received a temporary modification on her mortgage in 2010, but has yet to receive a permanent modification and lives in constant fear that despite making regular payments for 40 years, she could lose her home any day.

Following the report release, the group toured several City blocks filled with vacant buildings owned by Bank of America. As he led the tour, Elce Redmond of the South Austin Coalition cited 50 Bank of America foreclosures within a half mile of the press conference, and noted that Austin is one of four Chicago communities with the most B of A foreclosure starts in 2009.

Bank of America = BAD for America

Protestors at the tour denounced Bank of America as “Bad for American Neighborhoods,” and stapled giant signs reading “Another Foreclosure Brought to You by Bank of America” on the vacant homes.

NPA’s analysis of Chicago home foreclosure filings shows that Bank of America and their affiliates filed 3,950 foreclosure notices on Chicago homeowners in 2009 -the highest total ever for a single bank or loan servicer.

The report also names B of A Chicago’s leading bank in terms of repossessing homes in foreclosures. Since 2008 Bank of America and affiliates have foreclosed on and repossessed properties containing an estimated 2,300 units of housing in Chicago. National People’s Action charges that these repossessed properties create blight and lower property values in Chicago neighborhoods.

“Bank of America Corporation is the single largest mortgage servicer in the country and controls the fate of more mortgages and homeowners than any other single company in the United States,” said Gordon Mayer of National People’s Action. “Bank of America therefore has a unique responsibility to deal aggressively with the foreclosure crisis, and must do a better job stemming foreclosures and help put an end to the devastation foreclosures are causing in local communities and the nation’s economy.”

“Coast to coast, we’ve seen that Bank of America is bad for American neighborhoods,” said Reverend Sirchester Jackson of Mandell Methodist Church. “Bank of America needs to listen to the growing number of people calling for Bank of America to start being good for America. As people of faith, we will continue to stand with Dorothy Daniel and all of our sisters and brothers who continue to suffer because of the greed of Wall Street banks like Bank of America until we win the justice we deserve.”

Today’s vigil is the latest in a series of actions across the country to demand real solutions to America’s foreclosure crisis.

Previous Foreclosure Prevention Actions:

June 14th and 16th, Cincinnati - Over a hundred clergy, homeowners and workers released a report detailing Bank of America’s role in Cincinnati’s foreclosure crisis, and over 200 people attended a public hearing with Sarah Apsel, Policy Advisor at the US Treasury to solicit public comments regarding the effectiveness of the HAMP Program.

June 17, New York City - 100 More than 100 clergy, community members and Americans facing foreclosure held a vigil outside the Bank of America Tower in New York today to call on the bank to implement effective foreclosure prevention programs and help Americans like Edda Lopez and Renee Lee save their homes. Clergy members joined Lopez and Lee as they attempted to enter the building to call on Bank of America to act immediately to save their homes.

South Austin Community and Clergy Coalition (SACCC) is an Affiliate of National People's Action and based in Chicago, IL.