Petition Closed

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!

Letter to
Buffalo Common Council Demone Smith
Buffalo Common Council Darius Pridgen
Buffalo Common Council David Franczyk
and 8 others
Buffalo Common Council Bonnie Russell
Buffalo Common Council Richard Fontana
City Comptroller, Buffalo Mark Schroeder
Mayor of Buffalo Byron Brown
Buffalo Common Council David Rivera
Buffalo Common Council Michael LoCurto
Buffalo Common Council Michael Kearns
Buffalo Common Council Joseph Golombek, Jr.
This isn't breaking news: homeowners across our country are in trouble. But for many of my neighbors here in Buffalo, what may be old news to you is a harsh everyday reality of frustrating phone calls, lost paperwork, and broken dreams. Their struggles hurt our entire community as the value of our properties falls, and crime takes a stronger hold, with each new foreclosed house.

African-American and Latino families are particularly hard-hit here in Buffalo, where homeowners of color are 35% more likely to be underwater on their mortgages as Buffalo homeowners as a whole. Many of these underwater mortgages are with Chase.

76% of loans that Chase originated in 2006-2007 were subprime, compared with 48% among the other large banks. In that same time period, only 10.2% of loan applications for Chase mortgages resulted in the bank issuing a conventional mortgage -- the lowest rate among the large banks.

These subprime loans issued four-five years ago are the very loans that are forcing my neighbors to face foreclosure today.

Further, Chase's horrible record at modifying loans across New York 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 -- and you know better than anyone how this has drastically hurt our city.

Last year, Binghamton's 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 -- my neighbors and your constituents -- and close the city's account with JP Morgan Chase!