An Open Letter To Bank of America

Brian Moynihan,
CEO Bank of America Corporate Center
100 N. Tryon Street Charlotte, NC 28255

December 6, 2011


Dear Mr. Moynihan,

Cham Deliverance Ministry requests a meeting with you or an appropriate local representative of Bank of America. We respectfully ask that Bank of America donate 300 homes to homeless families in Santa Clara County this holiday season.

According to the 2011 Homeless Census there are 874 persons living in families who are homeless every night in Santa Clara County alone. Large corporations like Bank of America have it within their power to instantly eliminate family homelessness in our county. They can turn over 300 foreclosed homes to non-profits or local governments for rental to homeless families at 30% of their income. Some of those homeless may well even be the former owners of these same homes.

According to foreclosure.com there are 2294 foreclosed homes in Santa Clara County currently for sale or going to auction (not counting those in pre-foreclosure or bankruptcy). Bank of America owns more than enough of these homes to be able to house the homeless.

To whom much is given, of them much is expected. Bank of America is the country’s second largest bank and received one of the government’s biggest bailouts. It not only paid zero income taxes last year, it received an IRS refund of $1.9 billion. Its executives received $35.1 billion in bonuses and compensation. Bank of America also has the worst record of loan modifications of all the major banks, and has been justly targeted by community and faith leaders all across the nation for its predatory practices.

Bank of America has a record of donating homes, but unfortunately it has not been done for the purpose of housing the homeless. According to Time Magazine, Bank of America donates homes in order to have them demolished by bulldozers to relieve the “oversupply of homes on the market.” We call on the bank to respond to a higher moral commandment and donate these homes to families who will use them for shelter from the winter weather.

We also join numerous other community organizations in demanding that Bank of America implement an immediate moratorium on further foreclosures, offer principal reduction loan modifications to all families in underwater homes, pay restitution for homeowners and tenants already illegally evicted, and stand trial for its numerous flagrant and repeated violations of the law.

Sincerely, Pastor Scott Wagers