All the pressure the government has used to get banks to get on board with mortgage modification programs for those in foreclosure haven’t been too effective. Enter Father Robert Rien of St. Ignatius Parish in Antioch, CA. Father Rein, none too pleased with the Bank of America not giving mortgage modifications to those who qualify and are faced with foreclosure in his community told BOA that he’s pulling the church’s money from the bank.
Good for Father Rien. This is a moral as well as economic issue for his parishioners and members of his community. Unlike the federal government, organizations like Father Rien’s can hit the banks where it hurts: their accounts.
I hope this catches on. Churches, synagogues and mosques need use their accounts to put pressure on banks to give mortgage modifications and business loans to those who qualify. They can be much more effective than the government.