“Capitalism and communism, neither one is an economic system that truly takes care of its people. But communionism, it’s like Jesus. It welcomes all to the table … making sure nobody goes without,” Father Samaniego said to his congregation.
Father Eduardo Samaniego, the Jesuit pastor of Most Holy Trinity Catholic Church in San Jose, Calif., protested foreclosures by Bank of America against those in his flock and beyond by moving $3 million of his parish’s funds to a local credit union.
RealtyTrac.com, which compiles foreclosure figures, reports that Most Holy Trinity’s ZIP code had 1 foreclosure filing per every 271 “housing units” in September. That number is higher than that in surrounding Santa Clara County, which stands at 1 per 441.
Appearing somewhat hurt by the decision, Bank of America insisted that it had done a great deal to keep a large number of people in their homes. Presumably, not everyone could be saved. —ARK
The Bay Citizen:
In October of this year, after hearing story upon story of foreclosures in his parish, Samaniego translated his compassion into action. He brought the issue to members of the parish’s financial committee, and together they decided to take a stand against large banks. Samaniego announced the divestment of the parish and its school’s accounts, amounting to $3 million, from Bank of America. The money was deposited in a local credit union.
The move came as part of a grass roots, inter-faith community effort in the Bay Area to pressure banks to change their loan modification policies and do more to keep families in their homes.
“We are putting our funds into an institution that we would be proud to be served by,” Samaniego said. “[The divestment] is in solidarity with those who have already suffered the loss of their homes and those who are in danger of losing their homes because of … practices that the banks have found to nickel and dime us to death.”
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By mac, November 22, 2011 at 11:48 am Link to this comment
(Unregistered commenter)
A parish in an impoverished neighborhood has $3 million dollars on deposit and didn’t use it on a few loan payments for needy families about to lose their homes?!? Banks have to follow laws about carrying bad loans on their books. What are the church’s rules about letting poor parishioners lose their homes while the church sits on $3 million?
The ONLY thing big business cares about is their bottom line, so any successful protest has to affect that.
Move your money
Use cash whenever possible, use credit cards only when necessary
This Christmas, give gift certificates from locally businesses, such as hair salons, car washes/car detailing, landscape services, local independent restaurants, cleaning services, daycare, to name a few types of businesses. If the business does not offer certificates, enough demand for them will change that. Also consider hand-crafted artisan items. Second hand stores are also a great source for unique gifts.
Another creative rejection of the banks’ services is this http://www.youtube.com/watch?v=2JlxbKtBkGM&feature=share
Since the government has allowed disastrous deregulation, it will have to be up to
private citizens to punish the banks in the manner they understand; full
withdrawal. There are too many examples of banks that have been behaving badly
for far too long. http://borderlessnewsandviews.com/2011/10/another-big-bank-heist/
The Lotto Symbolizes the False Promises of Barracuda Capitalism
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By mac, November 22, 2011 at 11:48 am Link to this comment
(Unregistered commenter)
A parish in an impoverished neighborhood has $3 million dollars on deposit and didn’t use it on a few loan payments for needy families about to lose their homes?!? Banks have to follow laws about carrying bad loans on their books. What are the church’s rules about letting poor parishioners lose their homes while the church sits on $3 million?
Report thisBy berniem, November 18, 2011 at 2:29 pm Link to this comment
I’ll bet Benny 16 don’t like it.
Report thisBy shadesofgrey, November 18, 2011 at 10:31 am Link to this comment
The ONLY thing big business cares about is their bottom line, so any successful protest has to affect that.
Report thisMove your money
Use cash whenever possible, use credit cards only when necessary
This Christmas, give gift certificates from locally businesses, such as hair salons, car washes/car detailing, landscape services, local independent restaurants, cleaning services, daycare, to name a few types of businesses. If the business does not offer certificates, enough demand for them will change that. Also consider hand-crafted artisan items. Second hand stores are also a great source for unique gifts.
Another creative rejection of the banks’ services is this
http://www.youtube.com/watch?v=2JlxbKtBkGM&feature=share
By heterochromatic, November 17, 2011 at 4:48 pm Link to this comment
——making sure nobody goes without,” Father Samaniego said——
Report thisquickly adding “if they’re Party members.”
By BrooklynDame, November 17, 2011 at 3:25 pm Link to this comment
Since the government has allowed disastrous deregulation, it will have to be up to
Report thisprivate citizens to punish the banks in the manner they understand; full
withdrawal. There are too many examples of banks that have been behaving badly
for far too long.
http://borderlessnewsandviews.com/2011/10/another-big-bank-heist/