Black People : Ohio Homeowners Storm Chase Shareholders Meeting

Discussion in 'Black People Open Forum' started by oldsoul, Aug 17, 2011.

  1. OldSoul

    OldSoul Permanent Black Man PREMIUM MEMBER

    United States
    May 16, 2002
    Likes Received:
    Staying Alive
    Bronzeville USA
    Home Page:
    +974 / -1
    Ohio Homeowners Storm Chase Shareholders Meeting


    The Columbus protest was one of a series of rallies held at shareholders’ meetings across the country, as part of a campaign dubbed The New Bottom Line. The protests also coincide with ongoing negotiations between state attorney generals and big banks over a settlement regarding mortgage servicers’ foreclosure practices.

    JP Morgan Chase has the largest dollar amount of foreclosed home loans on its lending books, totaling $19.5 billion. It’s mortgage servicing arm controls another $54.5 billion in loans that are in foreclosure. JP Morgan Chase is also one of the top lenders responsible for excesses in subprime loans. Last year, the bank was among several to temporarily halt foreclosures because they were found to be filing thousands of fraudulent documents each month in foreclosure proceedings, launching the attorney generals’ investigation...

    Melowese Richardson of Cincinnati also testified inside the shareholders meeting. Richardson says she took over her childhood home of 40 years after a 2003 foreclosure, following her father’s death. Two years later, the house foreclosed again and became bank-owned property, but remained in her name on public records. Richardson has since been receiving notices from the city threatening hefty fines and jail time for Chase’s failure to maintain the property—a negligence that community advocates have said recurs nationally, creating further blight in neighborhoods swarmed by foreclosures.

    “They didn’t do their part. Chase keeps foreclosing on properties and they simply walk away. They won’t want the property because they don’t want the maintenance expenses,” Richardson said...
    National People’s Action released a report last week detailing the extent and cost of foreclosures in three Ohio cities. The report estimated that nearly one out of every 10 homes in the study area have received a foreclosure filing since the onset of the national financial crisis in 2007. Forty percent of all homes lost to foreclosure in the three cities were repossessed by big banks, leading to increased vacancies in impacted neighborhoods and depleting the local tax base and property values. The report also found major disparities in foreclosure and lending practices in communities of color, when compared to majority white areas. The rest: