People Acting in Community Together (PACT) faith and community leaders plan to hold a press conference today to announce that San Jose churches, organizations and residents are divesting millions of dollars from big banks due to their unethical policies and practices. The divestment is accompanied by calls to CA Attorney General Kamala Harris to take strong action to hold banks accountable for their unethical and illegal practices that have caused and prolonged the economic crisis.
In San Jose, over 43,000 foreclosures are expected between 2008-2012. 3,535 of those foreclosures will have happened in Most Holy Trinity Catholic Church's East San Jose zip code of 95122. The City, County and community loses nearly $20,000 in tax revenue for every foreclosed property.
San Jose churches, organizations and residents are divesting millions of dollars from big banks due to their unethical policies and practices. Most of Holy Trinity Catholic Church is moving all of its accounts out of Bank of America. The City of San Jose has moved money out of BofA following its social responsibility investment policy. PACT is divesting from Wells Fargo. Community members are moving their money to follow their values - closing their accounts with big, national banks that caused the economic crisis and have taken no responsibility or action to be part of the solution.
From its start in San Jose this organized campaign has grown through a powerful coalition of 4 national networks, 30+ local and regional organizations representing millions of people in 15+ states.
Bank of America and the other big, national banks have failed to respond to calls for action and good faith attempts to negotiate from homeowners, faith communities, Attorneys General, local, state and federal government officials.
In just a few weeks, Occupy Wall Street has grown from a protest in New York City to a national movement of outraged people demanding a stop to corporate greed. PACT is inviting the thousands mobilized through Occupy San Jose to join our organized campaign for bank accountability. PACT's sister organizations in the PICO National Network are doing the same across the country. The coming together of this established and organized campaign with the passionate mobilization of millions is creating powerful pressure for real change.
After nearly a year of negotiations between the 50 state Attorneys General and the banks, no real offer is on the table to help homeowners devastated by the mortgage crisis and address the widespread illegal seizures of homes. CA AG Kamala Harris recently pulled out of the multi-state talks.
PACT urges AG Harris to take bold action on behalf of Californians to hold the big bank accountable, keep families in their homes, protect our neighborhoods and rebuild the economy for all.
PACT and PICO congregations across the country are part of The New Bottom Line campaign, a national bank accountability campaign to stop preventable foreclosures and keep families in their homes.