This isn't breaking news: homeowners across America are in trouble. But for many African-Americans and Latinos in Buffalo, what may be old news to you is a harsh everyday reality. African-American and Latino families in Buffalo are 35% more likely to be underwater on their mortgages as Buffalo homeowners as a whole. And many of these mortgages are with Chase.
76% of Chase loans given in 2006-2007 were subprime, compared 48% among the large banks and in that same time period, 10.2% of loan applications for Chase mortgages were conventional. The lowest among the large banks.
These subprime loans issued four-five years ago are now the very loans that are forcing Buffalo families to face foreclosures today.
Further, Chase's horrible record at modifying loans across the state is a major cause of the economic and housing crisis that has resulted in a great loss of revenue for the state. That has manifested itself as cuts to local governments and school districts, hurting cities like Buffalo.
Binghamton local government sided with their residents and divested with Chase. Buffalo can be the next city to put homeowners before banks' interests.
Stand up for Buffalo homeowners and close the city's account with JP Morgan Chase!