Protesters, who faulted banks and other financial institutions for the growing tax foreclosure property listings, demanded for a suspension on foreclosures and evictions.

They chanted and carried signs criticizing banks for the bailout while owners of auctioned homes included in tax foreclosure property listings got evicted.

Protesters clarified that they were not discouraging potential homebuyers who came into the convention center to participate at REDC's tax foreclosure property listings auction.

They said that their actions were directed towards banks and other financial institutions they claimed received the benefits of bailout funds from the U.S. government despite their irresponsible lending practices.

Larry Holmes of Bail Out of the People Movement said that protesters were not angry at people who want to purchase at REDC's tax foreclosure property listings auction.

However, Holmes pointed out that REDC was making a profit at the expense of people who lost their properties to foreclosure. The Bail Out of the People Movement claimed that REDC is the biggest private auctioneer of homes in tax foreclosure property listings.

Additionally, Holmes called on legislators to declare a foreclosure moratorium and stop eviction of troubled homeowners who are facing the threat of foreclosure.

The number of foreclosure homes in the country reached a total of 72,694 in January 2009 while pre-foreclosure filings were made on 166,860 distressed properties during the same month.

Holmes said that most of the properties auctioned off by REDC were still occupied by their distressed owners.

Meanwhile, Robert Friedman, chairman of REDC, explained that auctioning off repossessed homes was helping the country's economy recover. He said that REDC helped reduced the number of abandoned and vacant properties by finding new owners for them who will repair and renovate them and at the same time, create jobs for landscapers, painters, carpenters and others.

Friedman added that most of the properties auctioned off had been foreclosed already for as long as nine months and none of the houses were occupied.

Meanwhile, protesters argued that millions of families have lost their properties in the current financial and mortgage crisis. They alleged that the REDC foreclosure auction violated the Housing and Economic Recovery Act.