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Missionary Oblates in Solidarity with Homeowners Facing Foreclosures

June 14th, 2012

The Missionary Oblates have been working in solidarity with homeowners in Prince William County VA on the mortgage foreclosure issue. On June 3rd Virginians Organized for Interfaith Community Engagement (VOICE) gathered more than 400 people at the First Baptist Church in Manassas to negotiate commitments on foreclosures and community restoration from GE, Bank of America and Chase. The Oblates and other members of the Interfaith Center on Corporate Responsibility were instrumental in advancing their agenda. Fr. Séamus P. Finn OMI addressed the assembly.

Watch the video:

At the June 3rd action, GE Capital’s General Counsel represented GE CEO Jeffry Immelt, with whom VOICE had met on May 14th. These meetings came about as a result of coordinated action by the interfaith advocacy organization and religious shareholders who gave the group leverage with the company.

The company committed to negotiate with VOICE on their $300-$500 million Reinvestment agenda and restated Mr. Immelt’s commitment to meet with VOICE again in August/early September.

According to VOICE organizers, “All this would not have been possible without the steadfast support of ICCR”. Father Seamus Finn, OMI pledged ICCR’s continuing support for VOICE’s $300-$500 million reinvestment campaign.

Top executives from Bank of America & JP Morgan also came to the June 3rd action. They committed to implementation accountability on the National Mortgage Settlement in a local place, Prince William County – the first time this is known to have been done in the country. They committed to:

  • $60 Million in principal write down in PWCO
  • 1,000 Loan Modifications in PWCO
  • Negotiate and Sign Reinvestment Deal ($300-$500 Million VOICE proposal) at VOICE October 2012 Action during the heat of the elections.

Learn more about this unique and powerful campaign to help people crushed by the mortgage crisis. Read William Greider’s article in the Nation (published April 27, 2012): http://www.thenation.com/blog/167625/predator-ge-we-bring-bad-things-life

 

 

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