M13 Detroit: “Chase Bank, You’re in Default!”

 United Auto Workers- Occupy Detroit- Occupy Our Homes-People Before Banks- Moratorium NOW!


What: Rally and Delivery of Notice of Default
When: March 13th, 12:00pm
Where: J.P. Morgan Chase
611 Woodward Ave, Detroit

Tuesday – Community activists, neighbors, labor and faith leaders will join the family of Alma Counts, a disabled senior citizen facing foreclosure by Chase Bank, to deliver a “Notice of Default” on Chase for violating a Consent Order of the U.S. Treasury requiring it to cease “unsound banking practices” and implement mortgage modifications to keep people in their homes. The Notice of Default” will call on Chase and other banks to reduce mortgage principal to the depressed market values caused by predatory lending and mortgage banking fraud, and to implement a two-year moratorium on foreclosures while the modifications are put in place.

As part of the bank bailout, Chase received billions of taxpayer dollars under the express condition that it offer fair modifications to homeowners. But the bank has continued to foreclose and evict families with no regard for the devastating impact on the communities within which it operates. Demonstrating a total lack of accountability to taxpayers, Chase has breached the Consent Agreement signed by Chase CEO Jamie Dimon with the U.S. Treasury in April, 20111, continuing with a pattern of illegal and unjust foreclosures.

The event is part of national week of action called by the Occupy Wall Street movement. Speakers will include UAW Vice President Cindy Estrada, the family of Alma Counts, a disabled 81 year old woman facing eviction by Chase, as well as local faith and political leaders. The Notice of Default is below:

Notice of Default

To: J.P. Morgan Chase Bank, 611 Woodward Ave., Detroit

To be delivered: Tuesday, March 13, noon, by citizens gathered at 11:45 am at the Spirit of Detroit statue, Woodward & Jefferson, and marching 2 blocks to the bank.

The people of Michigan, whose taxes contributed to the bailout of the banking system in 2009, and who now compensate banks for billions in losses on federally insured mortgages, hereby give notice that Chase has breached its obligation to cease unjust foreclosures and keep people in their homes.

The people of Michigan therefore resolve to foreclose on Chase Bank’s unjust policies of foreclosure and eviction. As remedy for Chase’s reckless destruction of our neighborhoods and the consequent decline in housing values across the state, we call for a reduction of mortgage principal to reflect the depressed value of Michigan homes, and for a moratorium on all foreclosures for two years while modifications are implemented.

Evidence of Chase Bank’s failure to implement the Consent Agreement signed by CEO Jamie Dimon with the Comptroller of the Currency in April, 2011, includes the following cases where the bank proceeded with unjust foreclosures and failed to modify mortgages:

  • Alma Counts, widowed and partially paralyzed senior citizen, mother of ten children, living in her Detroit home for 39 years, in foreclosure on a predatory loan from Washington Mutual (WAMU), granted a modification that Chase cancelled when it took over WAMU. Chase doubled Counts’ monthly payment and refused application for a new modification.
  • A Sterling Heights couple who entered into a special medical hardship payment agreement and made their payments but had their house sold at a Sheriff’s sale.
  • A Northville widow whose husband died of pre-existing medical conditions during the course of litigation while she fought to save their home from Chase foreclosure.
  • A Southfield homeowner who was working and had heart surgery and a pacemaker installed; they made payments on a loan modification based on medical hardship and a decrease in income, but were foreclosed on by Chase.
  • A Bloomfield family in permanent loan modification who made 10 payments when the home suddenly was put into foreclosure.