Melissa Joins Calls for JP Morgan Chase to Change its Mortgage Modification Policies

Melissa joined Council Members Jumaane Williams and James Sanders, New York Communities for Change and others this morning in protesting JP Morgan Chase’s mortgage policies.  A recent report found that Chase has failed to provide desperately needed mortgage modifications that could have helped New Yorkers to avoid losing their homes.  Protestors called on Chase to stop all foreclosures, while Council Member Jumaane Williams closed his account at the bank in response to its unfair policies.

Since the foreclosure crisis began several years ago, communities of color have been proportionately impacted as thousands in New York City alone have lost their homes.  Out of the over 1,000 New Yorkers that hold a Chase mortgage that asked for a modification, only 6% have had their mortgage modified, placing Chase’s performance in this area among the worst in the nation.

See the slideshow below for some pictures from the event.  Additional photos are available here.

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One thought on “Melissa Joins Calls for JP Morgan Chase to Change its Mortgage Modification Policies

  1. I too have a mortgage with Chase. Recently, I requested a loan modification after being turned down for a refinancing. I have excellent credit, but I was told that I would not qualify for a refinancing, nor for a loan modification until May or June of 2011 because I was late with two of my mortgage payments in May and June of 2010. I was late because I also had to pay for my daughter’s hefty college tuition at the same time. I was late with my mortgage payments by a matter of days. This year I wanted to take advantage of the very low rates at the time, and I believe they used my two late payments as an obstacle for me to do so.

    I have been managing to pay my mortgage on time, now that my daughter graduated. She is now attending a CUNY college for a different degree, and the tuition is much lower. I sometimes think that Chase was hoping that I would fall far enough behind to foreclosure on my property so that they can take my home. I have lived in Williamsburg for over 52 years and the real estate business has turned into a blood thirsty monster.

    I Thank you all for speaking up for me.

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