News & Media

Brian Moynihan opens door (literally) to housing activists

January 15, 2010, Boston Herald

A small band of activists hand-delivered a letter to Brian Moynihan, Bank of America's CEO, at his suburban Boston home Saturday.

"Bank of America has the worst record on mortgage modifications of all the major banks, and we wanted to bring our concerns directly to his doorstep," said Betty Girardin, a member of the delegation from the Brockton Interfaith Community, an advocacy group.

The 51-year-old executive answered the door of his $4 million Colonial in Wellesley, listened to the five-member posse explain who they were and why they were there, according to Janine Carreiro, lead organizer for the Brockton Interfaith Community. "We were very polite," she said. "It was over in minutes."

Carreiro said Moynihan promised to pass along the letter to the head of the bank's executive team that manages a $2 trillion mortgage portfolio.

The confrontation preceded a meeting in Antioch, Calif., between Bank of America officials and more than 50 activists who want swifter action to help homeowners avoid foreclosure.

The session was set up after a U.S. Treasury report in November noted that Bank of America had modified 98 mortgages under the federal Making Home Affordable Program. During the same period, GMAC modified 7,111 loans, while JPMorgan Chase redid 4,302.

But Carreiro, who also attended the California meeting, said no progress was made. "We asked for a 90-day moratorium on foreclosures," she said. "But they said they needed more time to think about it."

Moynihan was unavailable for comment, but the bank confirmed the group went to the CEO's home.

"It's much better that these things be handled in the business office during business hours, rather than going to someone's home," said bank spokesman Lawrence DiRita. He said the bank is making progress, with 3,100 loans reworked in December.