Hundreds Storm Office of JP Morgan Chase Lobbyist, Demand Commitment to Communities

releases.usnewswire.com ^

[chance33_98]

Hundreds Storm Office of JP Morgan Chase Lobbyist, Demand Commitment to Communities

3/29/2004 10:49:00 AM

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To: National Desk

Contact: Emily Severson, 708-466-4433; http://www.npa-us.org

WASHINGTON, March 29 /U.S. Newswire/ -- Hundreds of grassroots neighborhood leaders from National People's Action (NPA) are paying a visit to the office of the head of Federal Governmental Affairs for JP Morgan Chase, Stephen S. Ruhlen, on Monday, March 29, to demand that JP Morgan sign a written agreement to commit to communities.

The leaders plan to arrive at Ruhlen's office, located at 300 Connecticut Ave., NW, around 11 a.m. EST.

NPA spearheaded efforts to pass the Community Reinvestment Act (CRA) in 1977, which requires that any federally insured depository institution provide for the credit needs of the area that it services. NPA groups are concerned about JP Morgan Chase's unfair lending practices. A recent study by the National Training and Information Center showed the bank had disproportionate denial rates for African-American and Hispanic borrowers across the country. JP Morgan Chase has proposed to buy Bank One, which would make the combined company the second largest bank in the world. The groups met with representatives from both banks on March 8 in Chicago, but Mark Willis, executive vice president of JP Morgan Chase said he would not sign into a written CRA agreement.

"From our experience, when banks merge and move away from the communities, they become less responsive to community needs," said Brenda LaBlanc, NPA co-chair. "This research shows that JP Morgan Chase is already not supporting the needs of African Americans and Hispanics. We do not want to let an organization with a track record like this become more powerful without reaffirming its commitment to communities."

A recent analysis showed that JP Morgan Chase had incredibly high denial rates for African Americans and Hispanics throughout the country. For example:

-- Cincinnati, Ohio: 13.61 percent denial rate for Whites; 54 percent denial rate for African Americans and only 1 origination to a Hispanic.

-- Pittsburgh, Pa.: 27.9 percent denial rate for Whites; 48.48 percent denial rate for African Americans and only 1 origination to a Hispanic.

-- Grand Rapids, Mich.: 21.61 percent denial rate for Whites; 51.43 percent denial rate for African Americans and 55.56 percent denial rate for Hispanics.

-- Springfield, Ill.: 36.28 percent denial rate for Whites; 75 percent denial rate for African Americans and 100 percent denial rate for Hispanics.

-- Cleveland, Ohio: 34.07 percent denial rate for Whites; 46.96 percent denial rate for African Americans and 52.94 percent denial rate for Hispanics.

The community organizations visiting Ruhlen are part of National People's Action (NPA), a 33-year-old multi-ethnic, inter-generational non-partisan coalition of hundreds of local community organizations that volunteer their time to make communities throughout the U.S. safer, healthier and more stable environments.

[retrokitten]

Yes there was...

Community Leaders Demand that DOL Secretary Elaine Chao Support Low-Wage Workers, Hundreds Gather at Her Home

[retrokitten]

D'oh! I guess I should read the thread before I post! LOL

[TXBSAFH]

In many financial institutions they use a computer program to determine if you get a loan. The loan officer just takes down the info and helps you sign the papers.

[hellinahandcart]

'Nuther one.

[fella]

More low-grade terrorism with the implied threat of worse to come.

[livius]

Not a coincidence - obviously, this is going to be the wave of the future. Rent-a-mobs making public policy.

[pogo101]

Hundreds of grassroots neighborhood leaders from National People's Action (NPA) are paying a visit to the office of the head of Federal Governmental Affairs for JP Morgan Chase, Stephen S. Ruhlen, on Monday, March 29, to demand that JP Morgan sign a written agreement to commit to communities pay them a bunch of money.

There. Now it says what it means.

[hocndoc]

here's another story from a press release about the group's activity this week -

http://www.freerepublic.com/focus/news/1107066/posts?page=11


Unbelievably, the group published Secretary Chao's home address in their blurb.

[Tijeras_Slim]

Wonder what a gig like that pays.

Enough for doobage, but not soap.

[debg]

I wonder if they used the school buses (at our taxpaying expense) for ALL of these protests... The ring leaders are supposedly teachers. I assume they had to get permission from their respective principals at their respective schools to both have a weekend field trip and have use of the busses. The teachers and the administrators should be hung out to dry for this abuse of tax payer money.

[martin_fierro]

[Myrddin]

DREAM: now that we've fleeced you for a free K-12 education, we demand the taxpayer continue to subsidize illegal alien education with in-state resident tuition rates.

The "flop and plop" school of immigration marches on. Pregnant Mexican nationals cross the border just in time to create an "anchor baby". As taxpayers, we get stuck with a lifetime of welfare, medical benefits and schooling expenses. This perversion of the 14th amendment is killing our country.

This article seems to directly contradict the assertion that lenders are targeting people who can't afford to repay. It looks like they are prudently turning down bad credit risks.

[Who dat?]

STOP CASTING POROSITY!

Ha! I hadn’t thought of that for years. They got jammed up with the city (county?) and had to take that sign down though (IIRC).

[suzyq5558]

This is the third article ive read about groups of Brigands storming some place or anthor. Iam beginning to think that the USA i live in here in creswell ore.is a parallel universe. Do these miscreants have nothing better to do with there time?? Do they truely believe thay can force change by storming around the country throwing mindless tantrums?? I do have to wonder if this is some stupid plot of the DNC to keep NORMAL people felling discombobulated or something. If it is a plot of some sort someone needs to let these boobs know they look mindless,silly and they make my ten yr.old twins look downright mature. GROW UP! GET A USEFUL LIFE!!

[Xenalyte]

The leaders plan to arrive at Ruhlen's office, located at 300 Connecticut Ave., NW, around 11 a.m. EST.

. . . and mill around confusedly, some waving ill-spelled signs, others chanting half-heartedly, because they don't have an appointment and the receptionist won't let 'em in.

[suzyq5558]

DOL Linda chao's house.

[E. Pluribus Unum]

Banks grant loans and rates based on the likelihood of the borrower actually repaying the money borrowed.

The default rate for blacks is far higher than any other group of people.

End of story.

Unless you are a race-baiter looking to cash in.

[suzyq5558]

Who are these idiots fooling here? IF YOU WANT OUR VOTE GIVE US OUR DREAM? not only is this the dumbest thing ive seen yet,but these uncouth,miscreants wouldnt give a conservative a vote if one was to show up tommorrow with there dream wrapped in gold foil paper. no sir they would scream and shout gimme more gimme more. i wouldnt want there vote.

[suzyq5558]

LOL LOL! thats the funniest post i have read today!!

[suzyq5558]

OOOps it's Elaine....