Wednesday, January 11, 2012
National Call-in on Chase Bank
In the past decade Americans have been subject to a new crime wave: banks robbing families of their homes.
Since the early 2000s banks have been targeting communities of color with predatory loans. In an attempt to feed the monster that we now know as the housing bubble banks began handing out loans that appeared, on face, extremely attractive. The catch: these loans turned ugly fast. By creating and pushing financial instruments like adjustable rate mortgages with teaser rates or pay options, loans with balloon payments, and interest only clauses, banks offered loans that were affordable at a glance, but impossible to pay a few years down the road. In essence, they stacked the deck against working Americans.
The Pittman family has lived in their home in the Old Fourth Ward since 1953. The late Eloise Pittman was a pillar in the community and a leader at her church. She was also a victim of one of the worst predatory loans that Occupy Atlanta has ever seen. When Eloise, a 62 year old retired school board employee, wanted to refinance her home in 2006 Chase gave her an adjustable rate loan totaling over $300,000 for a home that, according to the tax assessor, was worth half that much. Eloise was the victim of a repulsively predatory loan.
Eloise Pittman passed away in late November. Her family is now left with a mountain of debt, and is trying to save a home that’s been in their family for nearly 60 years. Chase has been unwilling to find a solution that keeps them in their home.
The mortgage is owned by Chase. Today, we appeal to you for help. Can you take the time to call, fax, and email the CEO of Chase Bank with a simple message; Make the Pittman family’s mortgage work. Rectify predatory loans.
Keep the Pittmans in their home!
Contact Chase Bank Chairman and CEO Jamie Dimon:
All this action takes is the commitment to send a few messages, the commitment of a few minutes of your time. That commitment could help keep the Pittmans in their home and send a message to the big banks that we will not let them make Americans pay the price for their irresponsible practices. We are the 99%, and we out number bank executives.
American Friends Service Committee stands with the Pittman family, we have the resources to ensure that everyone has the right to a home.