Occupy Fights Foreclosures by Highlighting the Bank’s Fraud as a Business Model to Shareholders
Los Angeles – Occupy Fights Foreclosures, a subcommittee at Occupy Los Angeles, plans to fraudulently foreclose upon Bank of America in Pasadena the night before the bank’s annual Shareholders’ meeting. Activists say the shareholders need to know that Bank of America has been operating with fraud as their business model.
“We have had enough bullying by big banks that overrun the law and trample people's lives,” states Suzanne O’Keeffe, an Occupy Activist and writer, “We call this to the attention of the shareholders -- we say we're onto the fraud.
Occupiers plan to dramatize the Bank’s fraud for the shareholders in Pasadena the night before the annual Bank of America Shareholders’ Meeting which is taking place in Charlotte, North Carolina on Wednesday morning.
“Shareholder vs stakeholder is the struggle,” states Carlos Marroquin, a homeowners’ advocate and Occupy Activist, “Families are invested in their homes and communities more than any investor ever could be.”
The activists want the bank’s shareholders to learn about the case of Dirma Rodriguez, a widowed mother with a severely disabled daughter and four sons. The Occupiers allege that Bank of America fraudulently foreclosed on Mrs. Rodriguez and her family.
This isn’t the first time the bank has been accused of wrongful foreclosures and illegal evictions.
As covered by Matt Taibbi in Rolling Stone, Bank of America has defrauded everyone from investors and insurers to homeowners and the unemployed.
“Did you hear about the plot to rig global interest rates?” Questions Taibbi in the April issue of Rolling Stone. “The $137 million fine for bilking needy schools and cities? The ingenious plan to suck multiple fees out of the unemployment checks of jobless workers?”
Bank of America brought tens of thousands of Americans to foreclosure court using bogus, "robo-signed" evidence – a type of mass perjury that it helped pioneer.
It hawked worthless mortgages to dozens of unions and state pension funds, draining them of hundreds of millions in value. And when it wasn't ripping off workers and pensioners, it was helping to push insurance giants like AMBAC into bankruptcy by fraudulently inducing them to spend hundreds of millions insuring those same worthless mortgages.
The activists allege that’s exactly what Bank of America did to Dirma Rodriguez and her family: used fraudulent documents to foreclose upon her house after approving her for a loan modification; sold her mortgage on Wall Street to unsuspecting pensioners, and bilked insurance companies and tax payers to pay for it all.
Occupiers vow to give the bank a taste of its own medicine.
“The banks use bulldozing-intimidation tactics to cover up their own fraud,” states Marroquin, “and the American People will not stand by and watch Wall Street banks destroy our neighbors and our neighborhoods any longer.”
Marroquin has experienced a fraudulent foreclosure himself which ruined his marriage and strained his relationship with his own children. Furthermore, Bank of America’s lawyer, David Redy, a partner at Redy and Smith, had used intimidation tactics on Marroquin by threatening to investigate and take action against him for helping Mrs. Rodriguez and her family.
“The Shareholders’ need to know that their Executives are using fraud as a business model,” says O’Keeffee, the writer and Occupy activist. “And they need to know, we are not going to let them get away with it.”
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