Upset about the wave of foreclosures roiling through our communities? Still banking at JP Morgan Chase? Did you know Chase has a purely abysmal record when it comes to offering permanent loan modifications to their customers? This Saturday, place yourself on the right side of this issue and join us for ‘Close your Account Day”!
JP Morgan Chase is one of the “too big to fail” banks who A) passed out bad loan and mortgage products like they were candy, and B) lined up at the trough when the Great Bank Bailouts of 2008 took from the people and lined the pockets of Wall Street bankers, brokers, and money managers. We’ve long felt they need to give to their customers what they got from We, The People: A Fresh Start.
The Foreclosure Crisis is a silent killer of our communities. One day you’re waving hi to your neighbors, and the next their home is empty; foreclosed on by JP Morgan Chase. What option did our neighbors have? A Mortgage Modification can reset a variable rate to a fixed one, lower the loan’s rate, reduce the principal so the value of the loan reflects the value of the property, reduce late fees and penalties, or all of the above. Our partners at Mutual Housing Association of New York are experts at keeping families in their homes, thus keeping our communities together.
There’s no question of a disproportionate impact of foreclosures on minority communities throughout Westchester, Long Island, and New York City. Nor is there a question that, to put it mildly, Chase has been negligent in responding to this mortage crisis. Only 6% of those who applied have received a permanent mortgage modification; fully 80% of those who apply have never even been given the courtesy of an offer of modification. It’s almost like Chase forgot the directions to the communities where they made millions of dollars in the mid-2000’s while selling our friends and neighbors mortgage and loan products. Now that times are tough, they’ve never heard of us.
Well, we’re returning the favor. If Chase cannot play fair with our friends and neighbors in their times of need, then we’ve got no time to give Chase our business. NY City Councilman Jumaane Williams is with us: He closed his account with Chase last February 24th. Minister Patricia Malcolm is with us: She closed her account with Chase on March 11th. The entire Village of Hempstead is with us: The Village Fathers pulled their money from Chase last Monday on April 4th.
Now it’s time for you to join this fight. Chase’s Way is not our way, it’s not the way our friends and neighbors need to stay in our communities; their way is Not The Way Forward. Here’s what you can do: This Saturday, April 16th, join with us at 1128 Eastern Parkway @ Utica Avenue in Brooklyn. We’re gathering at 11:30AM and those of us who still have accounts at Chase will be lining up at Chase’s teller windows, so they can join with Councilman Williams, Minister Malcolm, and Hempstead Village, and hundreds more who’ve already told Chase: Give me my money back!