JP Morgan Chase Got Bailed Out - Rhode Islanders Are Getting Sold Out

We all know that JP MORGAN CHASE was bailed out they accepted $25 billion in bailout funds. JP Morgan Chase resisted a call to offer loan modifications until just recently - even after paying back the entire loan amount. They are a major culprits of the financial meltdown in 2008 and the worst of the subprime mortgage lenders. To this day Morgan/Chase continues to repackage mortgage-backed securities still on their books, all the while foreclosing on those affected by the havoc they wreaked.

 

Here in Rhode Island 14 percent of mortgages are underwater and 2,189 households have been foreclosed. A huge amount of these foreclosures are due to Morgan/Chase. More than hurting just individual families. Foreclosures decrease property values and depress city revenues that are critical to support public services.

 

To make it even worse J.P. Morgan Chase is the holder of an $18.3 million loan at the Providence Renaissance Hotel, a project made possible with approximately $30 million in public subsidies. Now the hotel is refusing to recognize the cards workers have signed to become part of Unite Here Local 217, and honor its neutrality agreement with the union.  

 

They also hold the state’s contract to provide debit cards for the unemployed and Morgan/Chase charges fees of those least able to make payments.

 

 

 

 

 

 

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