Latest Solidarity Issue

Chase Bank to receive Notice of Default for ‘unsound bank practices’

03/12/12

Media Advisory: Community leaders to hold rally calling for principle reduction and moratorium on foreclosures

DETROIT -- On Tuesday, neighbors, community activists, and labor and faith leaders will join the family of Alma Counts -- a paralyzed senior citizen facing foreclosure by Change Bank -- to deliver a Notice of Default on the bank for violating federal consent orders requiring it to cease "unsound banking practices" and to implement mortgage modifications to keep people in their homes. 

The Notice of Default will call on Chase and other banks to reduce mortgage principle to the depressed market values caused by predatory lending and mortgage banking fraud, and to implement a two-year moratorium on foreclosures while the modifications are put in place. 

As part of the bank bailout, Chase received billions of taxpayer dollars under the express condition that it offer fair modifications to homeowners. But the bank has continued to foreclose and evict families with no regard for the devastating impact on the communities where it operates. Demonstrating a total lack of accountability to taxpayers, Chase has breached the consent agreement signed by Chase CEO Jamie Dimon with the U.S. Treasury on April, 2011, continuing with a pattern of illegal and unjust foreclosures. 

Today’s event is part of a national week of action called by the Occupy Wall Street movement. Speakers will include UAW Vice President Cindy Estrada, the family of Alma Counts, a disabled 82-year-old woman facing eviction by Chase, as well as local faith and community leaders. 

Here are more details on Tuesday’s event: 

What: Rally and delivery of Notice of Default

When: Tuesday, March 13, noon

Where: JP Morgan Chase, 611 Woodward Ave., Detroit

 The Notice of Default is attached.