The Incorporated Village of Hempstead

Hempstead urged to shun chase Bank

Published: March 22, 2011 9:55 PM

More than 20 foreclosure victims and village residents urged the Village of Hempstead board of trustees to stop doing business with JPMorgan Chase Bank because of what they called its "terrible foreclosure record."

NY Communities for Change members presented a resolution to the board Wednesday asking the village to pull its money out of Chase.

The action in Hempstead is part of the group's statewide campaign to get municipalities to close accounts with the banking giant. According to a report released by the group, Chase has given affordable mortgage modifications to only 6 percent of New York borrowers.

"Crime is going up, property values are going down, and Chase is doing nothing but making record profits and putting families on the street," said Iona Emsley, a board member with the group's Nassau chapter.

NY Communities for Change hopes to get Chase to stop all foreclosure actions, revise its mortgage modification process and pay restitution to homeowners who were denied modifications and lost their properties.

"Chase is doing everything possible to help homeowners," said Chase spokesman Michael Fusco. "In the last two years, we have helped half a million homeowners avoid foreclosure."

Fusco encouraged struggling Chase borrowers to visit one of the bank's five counseling centers in the New York metro area -- in Flushing, Brooklyn, the Bronx, Jersey City and Paramus, N.J.Chase plans to open a center on Long Island later this year.Mayor Wayne J. Hall said he would contact Chase to get its side of the story.

The village board will take up the resolution at its next meeting on April 5 at 6:30 p.m. in Village Hall.