Members of the Albany, N.Y. County Legislature are calling for the county to pull its money from Bank of America and JPMorgan Chase.
The 25 legislators signed a proclamation urging John McPhillips, commissioner of management and budget, to close the county’s $90 million account from Bank of America (NYSE: BAC) and to discontinue procurement cards with JPMorgan Chase (NYSE: JPM).
The legislators are concerned about the number of foreclosures in the county, and noted that both banks have a significant number of area homes on the delinquency list. The proclamation states that Bank of America has 465 delinquencies in the region and JP Morgan has 316 area homes in danger of foreclosure.
The proclamation also claims the banks have “demonstrated a lack of willingness to engage in good-faith efforts” to modify loans and help people keep their homes.