The Village of Hempstead, the largest village in New York, has closed its accounts with JP Morgan Chase to protest the bank’s dismal mortgage modification record. The announcement was part of a statewide campaign spearheaded by NY Communities for Change who recently issued a report showing that Chase only helped 6 percent of homeowners who requested a modification in nearby New York City. Currently, 4 percent of homes in Hempstead are in the foreclosure process.
“It’s important that Chase and all the big corporate banks start to heed the minority communities,” Hempstead Mayor Wayne Hall said in an interview. “There’s a lot of power in the minority communities. If we all stick together and start withdrawing our money out of these big banks and start putting it into more favorable banks, Chase will review its procedures for modifications.”
