Rally Against Giant Wall St. Bank
UPDATE: About 20 people invaded the office of JP Morgan Chase at 6 pm in Cambridge, while about 100 more picketed outside. This spirited rally was demanding that Chase start negotiations around principal reduction and in particular sale of occupied properties to BCC. The protest was initiated by Lynn United for Change and the Chelsea Collaborative, both members of the NEW ROAD network of bank tenant associations in New England. Two people from LUC were arrested in the protest.
Chase refuses to allow sales to BCC unless they promise not to resell to the former owners! Since the protest, there have been some initial steps towards new negotiations.
It seems impossible to believe, but it happens over and over. Some big Wall St. Bank forecloses on a family. The family is underwater (house value less than loan value). The family secures a new mortgage from a non-profit lender like Boston Community Capital and offers to buy the home at real value. Even though the Wall St. Bank can not get more than that, they insist on eviction first.
Many City Life rallies are around cases just like this. Recently we have organized rallies for Lavette Sealls in Hyde Park (facing Freddie Mac) and Luckner Vernet (One West) and Shirley Thomas (JP Morgan Chase) in Brockton, all with cases like this.
Some banks have been particularly guilty of this outrageous policy. The Chelsea Collaborative and Lynn United for Change are organizing a rally at the offices of a major Wall St. Bank in Cambridge near the Galleria Mall on Wednesday, April 25, at 6 pm. We will turn out to support them. We will gather at the corner of First St. and Thorndike St.(near Lechmere T stop) at 6 pm.
Take the example of the Boria family. They owed $250,000. They lost their jobs in the economic crisis caused by the banks. The foreclosing bank took the house for $114,000 at auction. The Boria’s could easily have afforded that. Why not reduce principal rather than foreclose? Why not sell back to them at real value rather than evict.
We will ask The Bank to answer these questions on Wednesday.