Monday, February 14, 2011

Unions to Force Chase to Modify More Mortgages by Selling Investments

Leaders of two large New York City unions said they would have their pension funds sell their stocks and bonds in JPMorgan Chase if it did not help more homeowners avoid foreclosure. The declarations were part of a campaign by New York Communities for Change to force the bank to modify more mortgages. The group’s executive director said Chase was targeted because it had many mortgages in New York but refused a majority of requests for long-term mortgage modifications. The campaign soon will include elected and union officials and religious and community leaders urging other investors to divest their Chase assets, and staging protests outside the bank’s Manhattan headquarters. (New York Times, Published: February 9, 2011, )