Saturday, October 2, 2010

UAW opens fight vs. Chase bank

UAW opens fight vs. Chase bank: "King said a national campaign to withdraw money and close Chase accounts and credit cards will involve the UAW and other unions as well as individual workers and people of conscience. He said the fight will continue until banks and financial institutions are held accountable for their destruction of people’s lives and livelihoods.

Throughout the press conference the struggles of workers — union members, the unemployed, immigrants, farm workers, homeowners and families — were linked and strong solidarity was expressed by all speakers.

Chase responded to the press conference by claiming it had negotiated 900,000 loan modifications since the beginning of July 2009. But this claim is contradicted by government statistics on the Making Home Affordable Program. According to the Treasury Department’s July 2009 Servicer Participation Report, 394,075 Chase mortgage holders were eligible for HAMP modifications. The August 2010 report said only 60,932 Chase borrowers had been placed in permanent loan modifications. (

HAMP, the only federal program mandating loan modifications, has collapsed. In August, 96,000 trial modifications were canceled by lenders, while only 17,000 new trial modifications were offered. (New York Times, Aug. 20)"

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