Business & Economy

Demonstrators disrupt foreclosure auction hosted by Bank of America

Demonstrators from Good Jobs LA and Occupy LA picket a foreclosure auction on Friday
Demonstrators from Good Jobs LA and Occupy LA picket a foreclosure auction on Friday
Corey Moore

Listen to story

Download this story 0.0MB

Over two dozen protesters from Occupy L.A. and Good Jobs L.A. have gathered at the Norwalk County Courthouse as 10 people attempted to participate in a Bank of America foreclosure auction.

Chants of "Shame on you!" and "Bank of America, Bad for America!" drowned out auction-goers' attempts to bid on homes foreclosed by Bank of America and other lenders.

Demonstrators have argued that the auction "perpetuates the greed of the bank" while "ignoring the plight" of those who have lost their homes. They say the bank has plans to auction 8,000 similar houses in the Southland and beyond.

"Many of those foreclosed are people that have submitted their applications for loan modifications," said Carlos Marroquin, a protest organizer with Occupy L.A. "The banks are receiving them but the fact of the matter is that there are no more loan modifications. They [Bank of America] are not approving the modifications."

Jumama Bauwens, a spokeswoman for Bank of America, disagrees.

"We've done more than 200,000 modifications in California," Bauwens countered. "And we have over 35,000 associates dedicated to work with our customers to avoid foreclosure."

Bauwens also argues the numbers involved.

"I'm aware that they're throwing out a number, eight thousand foreclosures? There have been three dozen foreclosures that were done that we're aware of in Norwalk. Even if you're talking all of California, the number would be in the couple hundred... not the couple thousand. If they can show evidence of where they're getting the number, I would be happy to refute it."

California has one of the country's worst foreclosure rates — nearly one in every 239 households, nearly twice the national average.

This story has been updated.