Wednesday, December 7, 2011

What BofA is really afraid of: Occupy Our Homes

Actions to stop unfair and illegal foreclosures were taken in 25 cities yesterday, part of a Day of Action by Occupy Our Homes to stop and reverse foreclosures.

It's what the banks are afraid of.

Tyler Durden writes in Zero Hedge that Bank of America distributed an internal memo that said Occupy Our Homes could impact the banking industry. The memo issued warnings to Bank of America field services agents:
i) Your safety is our primary concern, so do not engage with the protesters; ii) While in neighborhoods, please take notice of vacant BAC Field Services managed homes and ensure they are secured; iii) Remind all parties of the bank’s media policy and report any media incidents.
Writes Durden,
...the big banks are showing precisely what the weakest links in the system are, and what makes them the most nervous: it is not protesters living in tents in a major metropolitan city: it is protesters disrupting the lifeblood of the broken banking system - the home selling/repossession pathway. Expect many more such protests now that Bank of America has tipped its hand.
The video above shows the action in South Gate, Calif., just south of Los Angeles. Activists rallied around the home of a disabled homeowner fighting breast cancer. She had been tricked into a predatory refinancing deal, and now Wells Fargo is refusing to modify her mortgage. Activists vowed to camp out in her yard while she defies eviction.

John Wellington Ennis reported in Huffington Post that yesterday's actions

...included "reclaiming" houses that banks are leaving vacant, and "home defense" to stop banks from foreclosing and accept payments from the homeowners, which banks like Chase and Wells Fargo are refusing to do in some cases.
We expect to hear more from the Occupy Our Homes movement.