03/29/2012 08:42 am ET

Movement To Use Local Government Funds Against Big Banks Gains Momentum

The movement to use local government funds as a battering ram against big banks has gained momentum since the start of the year. Some examples:

—On March 19, homeowners facing foreclosure petitioned Brockton, Mass., to move its money out of Bank of America Corp., BAC +1.54% J.P. Morgan Chase JPM +0.82% & Co., and other big banks that activists contend refuse to negotiate fair loan modifications. Banks have said those accusations are groundless.

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