Bank of America: 24 People Arrested in Boston Protest: International Business Times

Bank of America: 24 People Arrested in Boston Protest: International Business Times

International Business Times

A group called TakeBackBoston (TBB), which was involved in the demonstration, stated before the rally that it “signals a growing popular outrage at the big banks, as the peaceful occupation of Wall Street in New York enters its thirteenth day.” Presley Obasohan, a homeowner in Dorchester who is fighting foreclosure, told TBB: “I’m sitting-in at Bank of America so that my neighbors, and me, can stay in our homes. So many people have been thrown out of their homes or lost their jobs needlessly because of mistakes made by Wall Street Banks. Yet it’s the banks who are now rewarded with billions in tax refunds.” TakeBackBoston claims that as of March 2011, Bank of America had more homes in foreclosure than any other bank in Boston, with two-thirds of these in minority neighborhoods.

“Sixty-one percent of Bank of America’s subprime mortgages were concentrated in these same neighborhoods, revealing a pattern of pushing bad loans on people of color and the poor,” the group stated. Rachel LaForest, executive director of the Right to the City Alliance, who participated in the Boston rally, told TBB: “Across the country, we are seeing the same story: The mortgage bubble created by Wall Street pushed predatory lending on urban communities, and since the bubble burst the fallout has been catastrophic. Unemployment and foreclosures have hit communities of color first and worst. But it is urban communities who are at the forefront of the movement to fight back. We are taking direct action today to demand payback from Bank of America.”…

Download Report

Leave a Reply