We have diverted almost $1B out of Bank of America
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Uploaded by pactsj on Oct 25, 2010
On Oct 25, 2010, PACT held a press conference with San Jose Vice Judy Chirco and Councilmembers Sam Liccardo, Rose Herrera, Madison Nguyen and Kansen Chu to announce that the City of San Jose has denied Bank of America nearly $1 Billion because of it's poor record of modifying loans to stop preventable foreclosures. Bank of America has a $3B+ profit and abysmal loan modification record. City officials and PACT faith and community leaders challenged other cities to join San Jose in holding banks accountable for ethical policies and practices to keep families in their homes and rebuild the economy.
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