Demand Chase Stop Fraudulent Foreclosures!
What: Join us to help push the City to stop assisting Chase in foreclosures!
Where: NEW LOCATION: JPMorgan Chase Bank, corner of Genesee and West Main Streets, at Bulls Head across from St. Mary’s Hospital, Rochester
When: Monday, November 5, 12 -1 PM, rain or shine
Why: Chase has been sanctioned over and over and it just keeps doing the same things.
JPMorgan Chase had a hand in the worst of the subprime lending excesses, providing financing to the nation’s two largest subprime lenders, Countrywide and Ameriquest. This financing provided the companies with the capital they needed to originate subprime mortgages. JPMorgan Chase also owned a major subprime lender, Chase Home Finance, and acquired two banks with large subprime operations: Washington Mutual (which owned Long Beach Mortgage Co.) and Bear Stearns (which owned Encore Credit Corp.). Together, these five firms issued over $295.3 billion in subprime loans from 2005-2007.
Even after the crisis, JPMorgan Chase is up its old tricks, repackaging mortgage-backed securities that have been stuck on their books since the housing bubble burst and selling them as a new product. Known as “re-remics,” Chase simply pulls out the worst of the bonds to boost their credit rating without addressing the quality of the underlying mortgages or the faulty structure of the product.
JPMorgan Chase accepted bailouts and backstops totaling $94.7 billion, which was paid back in 2009, plus an unknown amount from the Federal Reserve’s $8 trillion in emergency programs.
Despite large incentives from taxpayers, JPMorgan Chase has started trial mortgage modifications for only 25% of its 417,341 borrowers who are eligible for the Obama Administration’s Making Home Affordable Program (and are at least 60 days past due).
A report by the Center for American Progress (CAP) examining bank lending practices reveals that JPMorgan Chase and its subsidiaries were much more likely to steer Black and Latino applicants than White applicants into higher priced subprime mortgages: 47.5% of Black borrowers and 36.6% of Latino borrowers compared to 16.4% of White borrowers.
Come and Demand the City of Rochester stop using our tax dollars to help banks foreclose.