actionnow.org

Bank of America currently has one of the highest number of foreclosure filings in Cook County, with over 5,000 foreclosure cases currently in the Cook County Court system. Bank of America received 45 billion dollars in bailout funds, yet the Treasury reported that Bank of America had been one of the lowest performing servicers in the Making Home Affordable Program, modifying only 4% of the total number of loans they held that were eligible for the program.

Bank of America owns Countrywide, the nation’s foremost predatory lender and originator of subprime loans. They came into our neighborhoods and targeted working families with high-cost subprime loans that were built to fail. Then when families were forced to move out, vacant properties were left behind. These abandoned properties have become more than just eyesores, they attract crime and bring down the property values of surrounding homes. Our neighborhoods are becoming ghost towns because lenders like Bank of America refuse to put a stop to the destructive cycle that their bad loans and foreclosures have created.

Action Now is demanding that Bank of America stop destroying neighborhoods by:

•  Implementing across the board loan modifications in all of our neighborhoods.

• Renting out their foreclosed homes instead of having them sit vacant, or hiring people to maintain these vacant buildings

• Supporting city vacant property legislation in which 50% of the funds that come from fines and fees to go to foreclosure outreach

• Inviting all of their borrowers to court mediation where a loan modification can be negotiated

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