Simultaneous protests targeting Bank of America branches throughout the District of Columbia delayed openings and drew attention to the financial giant’s foreclosure practices. Occupy Our Homes DC coordinated the “reverse foreclosure” at eleven Bank of America locations on Saturday morning. They’ve taken up the case of Rev. Michael Vanzant, whom Bank of America is threatening to evict.
A woman who disrupted a Senate Banking Committee hearing on June 13 was arrested along with five others from the housing advocacy organization Occupy Our Homes DC. Deborah Harris interrupted the opening statement of JP Morgan Chase CEO Jamie Dimon, who was giving testimony on his bank’s recent $2 billion losses in hedge fund investments. Her home is being foreclosed on by Chase Bank.
The Raw Story reports that protestors yelled, “Stop foreclosures now, stop foreclosures now!” before being escorted out of the hearing by Capitol Police.
Though Dimon remained stone-faced, the demonstrators have numerous reasons to protest the financial institution for its history of questionable foreclosures.
JPMorgan Chase has been sued by state attorneys general and others for alleged foreclosure fraud. They have also been twice sued for subprime lending practices that led to the housing finance crisis in 2008, and for automating the foreclosure process through robo-signing, the practice of a bank employee signing thousands of documents and affidavits without verifying the information contained in the document or affidavit.
Last week Occupy Our Homes DC, which has publicized Harris’ case as part of its campaign to raise awareness of epidemic foreclosures in the area, conducted a sit-in of Chase Home Loan Modification offices in Washington, DC in an effort to gain a negotiation for the retired paramedic.
“It was powerful for Deborah to be able to confront and stand up to Jamie Dimon,” Rooj Alwazir of Occupy Our Homes DC said, “And tell her story of why he’s stealing her home of 17 years, [at the same time that] he’s trying to justify a $2 billion loss [as a result of] his own negligence.”
A tall, gray-haired African-American man bangs on the plexiglass doors of 325 7th Street. When officers approach him, I wait for an angry confrontation, an arrest. But following some chilly stares, there are only friendly handshakes.
Locked out of a banking institution’s marbled lobby. It seems appropriate. While Occupy Our Homes protestors circle the sidewalk, I ask Rev. Hagler why he was knocking on the door and what brought him here. He begins to answer, then suddenly darts off without explanation.
He follows a trench-coated man up 7th Street, who stops in a doorway to check his smartphone, then returns to the Freddie Mac office building. A few minutes later, the protest moves around to the side of the building to the entrance of the parking garage. Rev. Hagler explains that the police engaged in a little diversion to allow building occupants to enter and exit while the front doors were locked.
At the parking garage entrance, Bertina Jones speaks to the crowd, admitting to nerves in front of so many people. I admire her moxie. It can’t be easy to take your troubles out in the open and step into the limelight for a cause. The Fox News line is that Fannie Mae and Freddie Mac caused the mortgage crisis with affordable housing policies–in other words, high-risk loans to minorities. In contrast, Occupy Our Homes points to Jones as someone who “did everything right.” In spite of falling behind in payments because of losing her job, she tried to work with Bank of America, the original mortgage-holder, and didn’t try to shirk her obligation.
“I cried a lot,” she said. She told Occupy DC, “Thank you for coming to fight for my house, but I’m just one of hundreds” of homeowners being foreclosed on, and added, “I’m so glad I stood up and fought, and I hope more homeowners will join us.”
At first denied entry, Jones was allowed in to deliver a letter to Freddie Mac, although officials wouldn’t meet with her today. On Tuesday, Occupy Our Homes plans to protest in front of Freddie Mac’s headquarters in Tyson’s Corner. They can claim a victory, however–what was a guaranteed foreclosure is at least now at the negotiating table. Following the protest, Freddie Mac says they have contacted Bertina Jones and are “working with her and Bank of America toward a positive resolution.”
Meanwhile, counter-protestors on Freedom Plaza calling themselves Occupy Occupy DC objected to Fannie Mae and Freddie Mac for different reasons today–the taxpayer bailout of the GSE mortgage-holders. David Almasi, executive director of the National Center for Public Policy Research said, “Through the quasi-governmental Fannie and Freddie, the federal government now has a virtual monopoly on home loans. As a result, those who made prudent lending decisions must now take on additional debt that they would have never sought on their own. That is not fair.”
UPDATE: OccupyOurHomes has won a victory for Bertina Jones! Freddie Mac says it will rescind her foreclosure and allow her to stay in her home.