More than 1,000 people are expected to take to the streets in Boston Friday for a march on Bank of America to rally against skyrocketing foreclosures in urban communities.

Bank of America’s recent $8.5 billion dollar settlement with investors has surged foreclosures on distressed homeowners by the nation’s largest financial institution in recent weeks, according to new data from the foreclosure listing firm RealtyTrac. This was the largest monthly increase since August 2007, right after the housing bubble had burst. Friday’s march on BofA’s Massachusetts headquarters will be led by Boston residents who are facing foreclosure, and will culminate in a confrontational nonviolent sit-in by more than 40 people.

"I’m sitting-in at Bank of America so that my neighbors, and me, can stay in our homes," said Presley Obasohan, who is fighting foreclosure by Bank of America. Obasohan is underwater on his loan for his Dorchester home, where building values have sunk to half or less of mortgage loan debt. "So many people have been thrown out of their homes or lost their jobs needlessly because of mistakes made by Wall Street Banks. Yet it’s the banks who are now rewarded with billions in tax refunds."

Friday’s march comes on the heels of a cascade of actions targeting Bank of America, and specifically asking BofA Massachusetts President Robert Gallery to reduce the principal on inflated home mortgages.

"Across the country, we are seeing the same story: The mortgage bubble created by Wall Street pushed predatory lending on urban communities, and since the bubble burst the fall out has been catastrophic. Unemployment and foreclosure have hit communities of color first and worst," said Rachel LaForest, executive director of the Right to the City Alliance, who is holding their national convention in Boston and leading the protest Friday. "But it is urban communities who are at the forefront of the movement to fight back. We are gathering here in Boston to strategize and develop real economic solutions for 21st century cities."

"I got involved in 2007 when I was faced with post-foreclosure eviction by the bank. Friends and neighbors came together to form a blockade around my house in Dorchester and stop the eviction," said Melonie Griffiths, whose own struggle inspired her to become an organizer with City Life/Vida Urbana. "It’s urban communities of color like mine that are leading a growing working class movement to hold Wall Street’s feet to the fire. We were targeted by predatory lending and we are fighting back. On Friday we will march 1,000 strong with people from all walks of life who’ve had enough of Wall Street’s greed."

This action is led by the Right to the City Alliance, an urban movement for economic justice, and is part of a rapidly growing movement to hold Wall Street accountable. Friday’s events signal a rising tide of outrage at the deepening recession and the ongoing mortgage crisis.

For more information, visit www.takebackboston.org