On Saturday May 14th, the growing movement of Bank Tenant Associations showed our power!Â Springfield Bank Tenants and the Springfield No One Leaves Coalition traveled by bus to join 350-400 from across Massachusetts and Providence to protest Bank of America and the Wall St. Banks and deliver the first of many “sentences” demanding that banks give real modifications that include principal reduction and STOP all no-fault evictions of families after foreclosure.
Sellou Diaite and David Dunwell of Springfield, Â joined other families who have been victimized by Bank of America to give testimony focusing on the issue of principal reduction and no-fault evictions after foreclosure.Â Speaker after speaker described their unsuccessful efforts to get loan modifications from B of A, explaining that their loans are â€œunderwaterâ€ (property value much less than loan value).Â Â Each noted that only principal reduction can make the loan modification process work.
Following powerful testimony from bank tenants across the region, a multi-city delegation of 10 people, crossed the street to deliver a “Guilty Sentence” to the Branch Manager of the Bank of America branch at Copley Square.Â When prevented from entering the bank, protesters already inside the bank started chanting and singing.Â Â When they were ushered out by police chants grew even stronger, booming throughout Copley Square and bringing in the collective attention and involvement of hundreds of others in the area.
The growing movement will be continuing to build power locally, now in 8 different cities, statewide and nationally as we continue to organize to hold banks accountable and demand principal reduction and an end to no-fault evictions!
WHY DO WE NEED PRINCIPAL REDUCTION?!
Click Here to download an FAQ about Principal Reduction