On May 9, over 60 people stood outside the Matteson Bank of America office to protest improper bank foreclosure practices. Sponsored by the South Suburban Council of MoveOn, the group held signs that identified the shoddy business dealings of banks.
One of the practices is the system of “robo-signing,” a practice that allows banks to falsify foreclosure paperwork. Until now, victims of this and other questionable banking practices have been unable to do much about the problem. Illinois House Bill 5665, sponsored by Rep. Constance Howard, has passed the House and is now in the Senate. This bill gives homeowners ways to avoid illegal foreclosures. David Loawery, South Suburban President of NAACP said that the bill “is not a partisan bill; it is in everyone’s interest to get it passed without gutting it with restricting amendments.”
A spokesperson for MoveOn commented, “When people rob banks, they go to jail; when banks rob people, they get bailed out, their CEO's get paid millions, and no one does any hard time for ripping off the U.S. and crashing the economy.” Echoing this comment, the group chanted, “They got bailed out; we got sold out.” They also commented that BOA received a huge amount of taxpayer money when the economy crashed, but so far has done nothing to help mortgage holders.
A customer at the BOA office said that her mortgage just went up by $600/month on a $250,000 house now worth $140,000, and she wasn’t sure how long she could continue that way. And her problem is not unique. Banks need to start working WITH and FOR homeowners, not against them.
Contact your state senator and ask him/her to support House Bill 5665. It’s time to do the right thing.