Home » NOT the Way Forward
Font Size A A A Print Email Bookmark

NOT the Way Forward


“Tell JP Morgan Chase: Foreclosing on Families is Not the Way Forward”


During the financial crisis, JP Morgan Chase was a major recipient of tax-payer bailout money.  And while the bank rewarded its executives with record-setting bonuses, families with JP Morgan Chase mortgages are struggling to stay in their homes.

In early February, New York Communities for Change released a report detailing how only a tiny fraction of New Yorkers with JP Morgan Chase mortgages who apply for modifications receive them – just 6 percent of all applications.

 

Until JP Morgan Chase changes its mortgage policies to help distressed homeowners, a coalition of elected officials, unions, clergy and community leaders will publicly demonstrate their intent to stop doing business with the bank.

 

The launch of the statewide campaign, including two major unions (United Federation of Teachers and Transport Workers Union), was covered in the NYTimes.

Pulling Money Out of JP Morgan Chase:


The “Not the Way Forward” campaign is calling on JP Morgan to change its practices and start modifying mortgages.  Campaign tactics include:

  • Individuals, unions, community organizations pulling their money out of JP Morgan Chase
  • Cities throughout the state debating resolutions to stop doing business with JP Morgan Chase
  • Urging the legislature to cancel contracts with JP Morgan Chase
  • Weekly actions with affected homeowners and elected officials

These actions build up to the JP Morgan Chase stockholder meeting in May.

Until These Demands Are Met:

In order to protect the residents, communities and governments of New York, JP Morgan Chase should:

  • Stop all filed and unfiled foreclosure actions.
  • Put in place a mortgage modification process that produces permanent, affordable, transparent, timely modifications whenever these have a positive net present value. 
  • Pay for an independent reviewer and pay for borrower representation for an independent appeal process for all mortgage modification requests that are denied by the bank.
  • Pay restitution to homeowners who lost their properties unfairly – that is when a modification under the above terms would have been possible. 
  • Release data about Chase’s proprietary and HAMP mortgage modifications to the City Comptroller and the State Banking Commissioner.

 

Contributions and Gifts to New York Communities for Change are not deductible as charitable gifts for Federal Income Tax purposes.