Faith-Based Group Wins Big for Homeowners

As economic inequities in the United States continue to fester, let's take a moment to stop and celebrate a hard-fought, first-in-the-nation victory that helps families in San Jose, California, keep their homes.

Open Society Foundations grantee PICO, one of the nation's largest faith-based social justice organizing networks, was instrumental in the formulation of San Jose's new policy that ties the level of city investment that a bank receives to the bank's practices around preventing foreclosures.

The policy led the city to withdraw nearly one billion in public dollars from Bank of America, based on the B of A's poor record of modifying loans to stop preventable foreclosures. As a result, B of A is no longer the largest bank in Silicon Valley. The city is now investing its public dollars in banks committed to modifying loans to help stop preventable foreclosures.

We hope other U.S. cities follow San Jose's lead and adopt investment policies that hold banks accountable and support ethical policies and practices to keep families in their homes and rebuild the economy. Congratulations, PICO!

PICO is a grantee of Open Society Democracy and Power Fund, Seize the Day Fund, and the Neighborhood Stabilization Initiative.

2 Comments

Hide

THE POLITICIANS SAY WE MUST GET AMERICA OUT OF DEBT, BUT NOT AMERICANS. COULD YOU FOLKS START A PROGRAM WHERE PEOPLE COULD DONATE INTO, AND HELP GET AMERICANS OUT OF DEBT ?

Wells Fargo Home Mortgage, US Bank National Assoc. and MERS foreclosed on my home while I was paying and now I am suing them Pro Per to get my house back. I am a senior Citizen on Social Security and can't be thrown out of my home so I am fighting their high powered Attorney's but feel I may loose because I am not an Attorney nor do I know the Court system...I am living in Rancho Mirage, Ca. and I'm writing to ask if there is any help group available in my area where I may ask for assistance???

I'm desperate and fearful of becoming homeless!!
Anyone???

Add your voice