Protest stops eviction by Bank of America
Published Jun 7, 2009 8:56 PM
A militant demonstration on May 29 outside Bank of America in downtown Detroit
stopped the scheduled June 1 eviction of Michelle Hart and her elderly mother.
Countrywide Home Loans, which is owned by Bank of America, refused to modify
Hart’s subprime, adjustable rate mortgage as required by federal law. The
demonstration, as well as phone calls from around the country to BOA president
Kenneth Lewis at the bank’s headquarters in Charlotte, N.C., forced the
lender to adjourn the eviction.
WW photo: Alan Pollock
Hart’s attorney, Vanessa G. Fluker, told Workers World: “She tried
since January 2008, for almost a year and a half, to get a loan modification
from Countrywide. By the time the lender got around to looking at the papers,
they said it was ‘too late’ to modify because the sheriff’s
sale already took place. In reality a simple affidavit of expungement would
have allowed them to modify her loan.”
Like millions of homeowners, Hart fell behind on her mortgage when the interest
rate adjusted upward while she was experiencing a job loss. According to
Fluker, Hart was able to get work through a temp agency, but Countrywide told
her that the income from those jobs “didn’t count” for
purposes of loan modification.
Countrywide and BOA are required under federal contract to do loan
modifications. But they still refuse to help many homeowners and instead move
forward on foreclosures and evictions. They would rather force families onto
the streets than work out terms that would allow the bank to receive payment
and the borrowers to save their home.
“Both Countrywide and Bank of America have received billions of dollars
in taxpayer-funded bailouts,” said Fluker. “On top of that, the
federal government actually pays banks to do what they are required to do under
laws like the Making Home Affordable Program: work with lenders to modify
mortgages so that people can keep their homes. Anyone can go online to
www.financialstability.gov/docs/agreements and read the contracts. You’ll
see that Countrywide receives $1,864,000,000 and Bank of America gets
$798,900,000 to modify loans.”
Countrywide told Fluker on May 29 that the eviction of Hart and her mother, who
suffers from pancreatic cancer, was “adjourned while they review the
file.” In the meantime, no promise to modify Hart’s loan has been
forthcoming and the eviction is still pending.
The Moratorium NOW! Coalition to Stop Foreclosures and Evictions, which
organized the May 29 demonstration on less than two days’ notice, urges
Hart’s supporters to keep up the pressure on Countrywide and Bank of
America. Call Bank of America CEO Kenneth Lewis at 704-386-5687 and tell him to
modify Michelle Hart’s loan. Her home is located at 27685 Sutherland,
Southfield, Mich.; loan no. 138009372.
Articles copyright 1995-2012 Workers World.
Verbatim copying and distribution of this entire article is permitted in any medium without royalty provided this notice is preserved.
Workers World, 55 W. 17 St., NY, NY 10011
Email: [email protected]
Subscribe [email protected]
Support independent news DONATE