On Friday, September 5, Paula Taylor was evicted from 76 Perrin St. as more than 75 people loudly protested. Four protesters who had chained themselves to the door were arrested.

The key issue in that eviction was Bank of America's refusal to accept rent after foreclosure. According to Congressional estimates there will be over 20,000 foreclosures in Mass. in the next 12 months, which means about 30,000 forcible evictions. All these evictions will be "no-fault." Occupants of foreclosed buildings will offer to pay rent. The Banks will refuse.

After eviction, properties sit vacant, suffer from vandalism, and neighborhoods deteriorate further. Many urban areas have huge numbers of vacant bank owned property.

Why do banks like Bank of America refuse rental income and instead evict? We believe it is because market rents will show that the value of the foreclosed buildings is approximately half the loan value and the Bank does not want to declare the loss! That is an unacceptable reason to evict 30,000 households!

Friday September 12
12:00 - 12:45 p.m.
Downtown Bank of America branch (Congress & State streets)
Gather 11:45 a.m. at State St. T Stop

Countrywide (Bank of America subsidiary that is carrying out the evictions) was responsible for many of the predatory and bad loans which have directly led to the crisis. The least they can do is accept rent from families after foreclosure instead of pursuing no-fault evictions.

Accepting rent involves NO taxpayer money. That's why many advocacy groups nationally are suggesting payment of rent as the solution to the mortgage crisis. It forces the banks to accept the loss, prevents displacement, stabilizes communities, and costs nothing from taxes!

We will continue to protest Bank of America branches until they agree to stop no fault evictions. Accept the rent! And accept offers by occupants or non-profits to buy property at actual appraised value.