The Revolution Continues | City Treasurer, Ray Calame to Slowly Withdraw the $12.5 million in Operating Funds and Investments it had in Chase

Hempstead, in Protest, Is Severing Ties With Chase

By CARA BUCKLEY

The village of Hempstead on Long Island is pulling its money from JPMorgan Chase and severing its ties with the bank to protest the bank’s lending and foreclosure policies, according to local officials there.

“Chase has been identified as one of the banks that have a high rate of predatory lending and also for not helping to modify loans,” the village’s mayor, Wayne Hall, said Tuesday.

The city’s treasurer, Ray Calame, said the village would soon begin to slowly withdraw the $12.5 million in operating funds and investments it had in Chase, ultimately ending Hempstead’s more than 20-year relationship with the bank.

The move is part of a two-month-old campaign led by New York Communities for Change, the community organization formerly known as Acorn, to urge elected officials, unions and religious leaders to divest their Chase assets. Hempstead was the first known municipality to severe its ties with the bank as part of the protest, a group spokesman said. They contend that while Chase serviced a large numbers of mortgages in Hempstead, it has refused to modify a disproportionately large number of troubled mortgages.

Hempstead has one of the highest foreclosure rates in Nassau County. Citing the real estate data source, CoreLogic, a spokesman for New York Communities for Change said that nearly 4 percent of the village’s homes are in foreclosure, compared with just over 1 percent in Nassau County and 0.31 percent in New York State.

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4closureFruad.org

Comments
7 Responses to “The Revolution Continues | City Treasurer, Ray Calame to Slowly Withdraw the $12.5 million in Operating Funds and Investments it had in Chase”
  1. leapfrog says:

    Good for you, Ray Calame! I would love to see more and more cities/counties do the right thing and REF– USE to do business with the big banksters who took TARP and are MERS members. Keep the momentum going…who will be our next hero?

  2. kravitz says:

    Jamie DImon’s whines are getting more like DumOld Trump as time goes by…

  3. John says:

    Semper Fi

  4. Lit Gant says:

    Well, GOOD FOR THE GOOD PEOPLE of this city. They show they care…..

  5. Pamela says:

    Now if everyone else will come on board and do the same thing that this town is doing we can so make this happen.We need to pull together as never before.Lets get this party started!!

  6. That graphic; the American eagle protecting a house held firm in it’s talons is the perfect symbol! Thank you to your graphic artist Mr. 4closureFraud!

  7. MAGGIE SIMI says:

    yay

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