Bank of America joins hands with Southwest Side Community to tackle foreclosure crisis

Posted on July 31, 2009
Filed Under Foreclosure Homes | 1 Comment

In a move to keep families in their homes Bank of America has joined hands with Southwest Side Community to tackle the foreclosure crisis. The resolution to “Restore Health” comes close on the heels of a rally held in front of St. Rita Church by the residents of the community. Representatives of the latter stood beside the officials of the Bank of America while the announcement was being made of the formation of a partnership to fight the foreclosure crisis lashing the locality and to see that people were not evicted from their homes.

Previous to this announcement, a meeting lasting two hours was held with the bank officials and members of Keep our Homes campaign held at the church. The leaders from Southwest Organizing Project told the waiting crowd that the key factors of the understanding was to see that families did not get evicted, loans got modified and even if foreclosure did take place for unavoidable reasons the families would continue to stay on as tenants. Furthermore it was agreed that the vacant plots would become community assets. The locals broke into cheers and there were kudos for the community advocates who had brought all this about.

Jim Capraro of Greater Southwest Development Corporation said, “The foreclosure crisis upon us is the most daunting challenge we’ve ever faced. The agreement we’ve entered into with Bank of America, causes hope. ‘We will begin the methodical work, together, one borrower at a time to seek solutions. But, more importantly we have a top level leadership commitment from the highest level of the bank to imagine and implement new solutions that don’t currently exist. This is a good day for our community.”
In the first part of May over two hundred residents of Southwest Side had gone to Bank of America’s Gage Park Branch to seek a meeting with the manager of the bank regarding this matter. Barbara J Desoer of Bank of America had remarked to the National Community Reinvestment Coalition in March this year, “None of us can resolve this crisis alone. But I am confident that working together we can build a solid future for homeownership — based on responsible, sustainable lending practices that help consumers make the right decisions for themselves and their families. The reason Bank of America is committed to partnering with you is simple: We don’t succeed unless our communities succeed.”

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