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UAW to withdraw Chase accounts because bank refuses MI foreclosure moratorium?

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UAW to withdraw Chase accounts because bank refuses MI foreclosure moratorium?

by Zach Bowman (RSS feed) on Sep 24th 2010 at 10:28AM

The United Auto Workers and some religious leaders are calling for a widespread boycott of JP Morgan Chase financial services. According to The Detroit News, UAW President Bob King has called on individuals to withdraw their money from Chase accounts and cancel their Chase credit cards. Likewise, King has threatened to withdraw all UAW funds from the institution. The reason? King wants the bank to put a two-year freeze on foreclosures in Michigan. King, farm union leader Baldemar Velazquez and two religious leaders are planning to hold a conference today in Detroit to announce the boycott.

According to the DetNews, Chase, was one of the first financial institutions to try to work with borrowers to help them keep their homes. The company opened up loan counseling centers all over Michigan, including two in Detroit, and modified over 900,000 loans to keep homeowners under roof.

The Detroit News also says that the organizers of the boycott are critical of Chase's close ties to RJ Reynolds Group, a tobacco manufacturer that has not negotiated with the Farm Labor Organizing Committee for better pay and working conditions.



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I'm really in a quandary over this one.... I don't know who I hate more, JP Morgan Chase or the UAW.

But at least the UAW is doing some good here... so I guess I'll side with them.

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By Drew Johnson

UAW president Bob King, along with other union and religious leaders, has threatened to close the union’s JP Morgan Chase bank accounts unless the New York-based lender agrees to suspend home foreclosures in Michigan for a two-year period.

King will meet with farm union leader Baldemar Velazquez and two clerics later today to discuss a possible campaign to close bank accounts with Chase worth hundreds of millions of dollars. The leaders are also protesting Chase’s ties with RJ Reynolds Corp., which reportedly refused to negotiate with the Farm Labor Organizing Committee.

"The words of Chase officials that they are willing to help the thousands who are living in undervalued homes and facing possible eviction is unconvincing in light of their refusal to seriously consider a moratorium on foreclosures," said Pastor Alexander Bullock with the Rainbow PUSH Coalition.

King is also calling for citizens to close bank and credit card accounts with Chase.

Chase declined to comment on the UAW situation, but noted it has already agreed to more than 900,000 mortgage modifications across the country.



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