To this day, JPMorgan 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 upon. JPMorgan Chase is responsible for a huge number of these foreclosures. In addition to hurting individual families, foreclosures decrease property values and depress city revenues, which are critical to supporting public services.
Why the Renaissance Hotel?
JPMorgan Chase is the holder of an $18.3 million loan at the Providence Renaissance Hotel. Thirty million dollars in public subsidies made possible the recent conversion of the Masonic Temple to the Renaissance Hotel. 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.
Adding insult to injury JPMorgan Chase is gouging Rhode Island Unemployment Benefits card holders with excessive transaction fees. Rhode Island Jobs with Justice will also be joining the protest.
[Additional Note: Check out Bob Kerr’s column covering the event in Friday’s ProJo. BC]