LA Day 2 Report: Double the Banker Action

On the heel's of yesterday's teach-in inside the JPMorgan Chase Branch, over 100 people from the ReFund California campaign crashed the upscale meeting of the California Bankers Association in Orange County.  The group forced its way through the doors, took the stage at the event and told the bankers that “it’s time for them to pay.”  ACCE leader Peggy Mears explained to the banks what they needed to do: keep families in their homes, pay their fair share of taxes and help rebuild hard-hit neighborhoods.   As Felipe Calzada of SEIU-USWW said, ““it was very empowering to confront this people directly and for them to see the faces of those who are suffering as a result of their greed.”  Watch us reading our demands to the bankers:

rose_in_bel-air.jpgAfter a brief break, the group moved on to the next action: a march up the hill to visit  the $26 million Bel-Air home of OneWest CEO Steve Mnuchin (watch video) to demand that he stop the eviction of La Puente homeowner Rose Gudiel who is fighting her eviction by refusing to leave her home. The Gudiel family, together with friends and supporters, have been camped out at her house, ready to resist efforts by the LA County Sheriff’s Department to carry out the eviction.   Rose and over 100 people pulled up to his home with a U-Haul truck and furniture to let him know that if he won’t stop her eviction she is moving into his house.  Though One West and Fannie Mae have done nothing to protect Rose and her neighborhood, 20 police officers and a helicopter came showed up on the scene to protect Mnuchin and his neighborhood. Click to read about the greed and business practices of Mnuchin in the Huffington Post.

The week is far from over: on Wednesday, October 5, there will be two more exciting actions: a surprise direct action (shh!) and another visit to the home of a high-profile Wall Street executive.

On Thursday, the week will culminate with  a thousand homeowners and Los Angeles-area residents marching through downtown Los Angeles to protest major Wall Street banks for destroying jobs and neighborhoods with their greedy, reckless and predatory business practices.  March participants will protest outside the offices of Wall Street banks and may risk arrest in order to get their bank to work with them.  Sign up to march with us!
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Showing 6 reactions

commented 2011-10-06 20:16:01 -0700 · Flag
Nope, I’m just a housewife and a mother…. no bank job for me. However I do understand that the government, including and mostly the Clinton administration created the false growth economy through CRA. I agree that folks should not have to default before someone talks to them however if you look at the majority who are loosing their homes, it’s because of a lack of income or total loss of income, and no amount of restructuring can help them. Do you think that these people should be entitled to stay in their homes for over 300 days (which is the case with current law) without a payment while the rest of us make our payments? Regarding unsustainable terms you speak of, who signed those contracts? Did they read them? Who is responsible for the binding contract? I agree they are bad terms, and I know people who got stuck with them too… but they also knew what they were getting into. That is not the fault of the lender.
commented 2011-10-06 19:10:42 -0700 · Flag
Milinda probably works for the banking industry and this is the same standard response they supply. The banking industry created a false growth economy and then offered unsustainable terms to millions. My suggestion, debt restructure without first requiring a default creates wiggle room for both sides. The banks may ultimately get back their principle, the homeowner is not on the hook for DOUBLE or TRIPLE the cost of the original loan.

If we can avoid the either or scenario, there is room to talk. Debt restructuring should not first require a default.
commented 2011-10-06 14:52:43 -0700 · Flag
REALLY? So….. banks force people to sign loans now? And it’s their fault that the home owner can’t pay because they signed a loan for more than they could afford? So the banks should pay for our house? Great idea. Guess I should have got a bigger loan!
commented 2011-10-04 22:30:15 -0700 · Flag
Change “Restructuring debt is a default”, to “Restructuring debt is NOT a default” and the economic healing process can begin for main street.
commented 2011-10-04 22:30:14 -0700 · Flag
Change “Restructuring debt is a default”, to “Restructuring debt is NOT a default” and the economic healing process can begin for main street.
published this page in Blog 2011-10-04 20:46:00 -0700

ABOUT US: ReFUND California is a coalition of organizations throughout California committed to exposing the unfairness of the state’s current economic reality and engaging in public campaigns to force the changes that are necessary.