UAW and Religious Leaders Vow Mass Bank Withdrawals To Push Bank To Freeze Foreclosures
source: http://www.detnews.com/article/20100923/BIZ/9230473/1361/UAW-s-King--others-vow-mass-withdra...
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United Auto Workers President Bob King and religious leaders plan to withdraw hundreds of millions of dollars from JP Morgan Chase accounts to protest the bank's refusal to agree to a two-year freeze on foreclosures in Michigan.
King, farm union leader Baldemar Velazquez and two clerics will hold a conference on Friday at the Central United Methodist Church in downtown Detroit to announce their plans.
"Chase needs to help unemployed homeowners in Michigan and underpaid farm workers in the Carolinas," King said in a statement. It said King was prepared to withdraw all of the UAW's funds from the bank.
"This is a matter of life and death," said Pastor Alexander Bullock with the Rainbow PUSH Coalition. "The words of Chase officials that they are willing to help the thousands who are living in undervalued homes and facing possible eviction is unconvincing in light of their refusal to seriously consider a moratorium on foreclosures."
Organizers are calling on people to close their Chase accounts and cancel Chase credit cards in a campaign that taps into the popular frustration with big banks, which received federal aid during the financial crisis.
While banks are now recovering, people in the middle and lower classes are still losing their jobs and homes in the longest downturn since the Depression.
A spokesman for Chase declined to comment on the Detroit conference but said the bank has agreed to more than 900,000 modifications of mortgage terms across the country. There are two Chase Home Ownership Centers in Metro Detroit, one downtown and one in Troy, where people can come in and speak with loan counselors, the bank said.
King, farm union leader Baldemar Velazquez and two clerics will hold a conference on Friday at the Central United Methodist Church in downtown Detroit to announce their plans.
"Chase needs to help unemployed homeowners in Michigan and underpaid farm workers in the Carolinas," King said in a statement. It said King was prepared to withdraw all of the UAW's funds from the bank.
"This is a matter of life and death," said Pastor Alexander Bullock with the Rainbow PUSH Coalition. "The words of Chase officials that they are willing to help the thousands who are living in undervalued homes and facing possible eviction is unconvincing in light of their refusal to seriously consider a moratorium on foreclosures."
Organizers are calling on people to close their Chase accounts and cancel Chase credit cards in a campaign that taps into the popular frustration with big banks, which received federal aid during the financial crisis.
While banks are now recovering, people in the middle and lower classes are still losing their jobs and homes in the longest downturn since the Depression.
A spokesman for Chase declined to comment on the Detroit conference but said the bank has agreed to more than 900,000 modifications of mortgage terms across the country. There are two Chase Home Ownership Centers in Metro Detroit, one downtown and one in Troy, where people can come in and speak with loan counselors, the bank said.
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