Friday, May 13, 2011

Update - Showdown in OHIO - Update

                JP MORGAN CHASE & CO 
Clergy, Homeowners, Workers travel to Columbus for 
                        - Showdown in Ohio -
When:  Tuesday May 17th - 2011
Where: Columbus, OHIO – Corporate Headquarters
 1111 Polaris Parkway, Columbus, OHIO (Google Map Link)

Time:  10:30AM - until..... JP Morgan CHASE "listens to Americans"
Event:   Shareholder Meeting
Who’s invited: Public Shareholders of  JP Morgan Chase (JPM)
OHIO is ground zero and proof positive of the success in which JP Morgan Chase has had with Foreclosure as a Business Model. The cost of JP Morgan Chase foreclosures to the State of Ohio taxpayers is estimated at $5.4 billion.
Ohio is one of the states hardest hit by the epidemic of foreclosure and joblessness caused by Wall Street.  It is a state where unions have been under attack, and where hard-won labor rights that built the middle class have been stripped away from teachers and public sector workers.  Big banks like JP Morgan Chase are destroying neighborhoods across the state with record foreclosures.  More than 280,000 homes are expected to go into foreclosure in Ohio by the end of next year, putting even more families out on the streets and depleting the tax base further. JP Morgan Chase had rejected 354,822 families from the Obama Administration’s Home Affordable Modification Program (HAMP) almost as many as Bank of America and Wells Fargo combined. 

Mahoning Valley Organizing Collaborative spokeswomen Sybil West:
    "[They've]...had a devastating effect on Ohio and America’s economy, and they need to start being part of the solution. Chase needs to modify mortgages to keep people in their homes and needs to start lending to small businesses to create jobs and rebuild the economy.”

Since the financial industry bailout, Chase reduced small business lending in Ohio 75%, resulting in increased unemployment and a diminished tax base.  Protesters will draw the connection between Wall Street abuses and Ohio’s revenue crisis. This action comes as the Attorneys General and the big banks are negotiating whether the banks will be required to offer principal reductions to homeowners - the single most important tool that would help resolve the foreclosure crisis. The protest in front of JP Morgan Chase shows, homeowners around the country will not accept a settlement agreement that does not include principal reductions or lets the banks off the hook!

A new report by National People’s Action shows that nearly 1 out of every 20 housing units in Cleveland, Cincinnati, and Columbus have been lost in foreclosure and have become bank-owned property during the last 3 years.

According to SEIU, JP Morgan made $125 million in savings and checking fees in Ohio in 2010 with $.33 per $1 going to compensation and bonuses. That means JP Morgan Chase took $41 million out of Ohioans’ bank accounts in 2010 and gave it directly to fund big bonuses.

Attendees:  1,000 clergy, homeowners, unions, and members of National People’s Action and Ohio Organizing Collaborative. Speakers include the SEIU President Mary Kay Henry. 

Ohio Governor: Newly elected Ohio Gov. Kasich has long relied upon Wall Street to fund his political career.  Between 1990 and 2000, when Gov. Kasich served in the U.S. House, he raised $320,646 from the securities & investment industry, and 3 of his top 5 corporate patrons were banks! Among them Bank One – a company he used to lobby for -- which gave him a total of $47,500 (now owned by JP Morgan Chase) JP Morgan also contributed $10,000 to Kasich’s inaugural [governor] committee.

Why JP Morgan Chase: Despite being bailed out with public tax dollars after almost destroying the global economy with their recklessness, JP Morgan Chase and its CEO Jamie Dimon are back to making record profits by any means necessary.  In Ohio, JP Morgan Chase is gouging state and local governments with toxic interest rate swaps that siphon tens of millions of public dollars from Ohio to Wall Street, cheat counties out of mortgage recording fees, destroy communities through foreclosures, ship jobs out of Ohio, cut off lending to small businesses, and charge Ohioans millions in fees.  Instead of lending to small business to create jobs and keeping families in their homes, JP Morgan Chase is blaming the middle class for the sins of Wall Street.
As of June 2010, JP Morgan Chase had $19.5 billion worth of foreclosed homes on its books—more than any other bank in the country.  Another $54.5 billion of mortgages that the bank services for other lenders were also in foreclosure.  Despite large incentives from taxpayers, as of January 2011.

Visuals:  10’ puppets, huge banners and signs

Read BOTH of the below linked stories, and then ask yourself..
Can I really sit back ...and do nothing!
Stories are well written and courtesy of Martin Andelman blog "Mandelman Matters"

INSIDE CHASE and the perfect foreclosure:

"JPMorgan CHASE is in the foreclosure business, not the modification business’."  That, according to Jerad Bausch, who until quite recently was an employee of CHASE’s mortgage servicing division working in the foreclosure department.....Bonuses were based .......on how quickly you were able to foreclosure on someone,” Jerad says. ... It was all about being able to show that foreclosures were being processed as efficiently as possible.”

HOMEOWNER suffers horrific injustice at the hands of JP MORGAN CHASE
As a warning… this story is not for the squeamish.  If you’re pregnant, or have heart disease, or just want to go on pretending that your country is still a place of which you’re proud… it’s better that you click off now… because this one is NOT going to make you M. Andelman 
P.S. Hey bloggers… Facebookers….. please help me get the word out on this… post, re post, tweet, re-tweet.  We can’t save everybody, so let’s save one at a time. I’m hoping Chase sees this and stops the eviction… otherwise this couple could be fighting this from a homeless shelter.  

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