New York accuses Chase of dragging its feet with mortgage modifications
Hoping to succeed where Washington has largely failed, New York City’s comptroller, John C. Liu, and six large unions plan to begin a campaign on Wednesday to press the biggest banks to do more to prevent foreclosures in the New York area.
Mr. Liu said the group would send Citigroup, JPMorgan Chase, Bank of America and Wells Fargo, among others, a letter that criticizes them for dragging their feet on modifying mortgages that are underwater or delinquent, and that urges them to do “everything possible” to avert foreclosures.
Depending on the response the coalition members get, they might move pension funds and bank deposits to other institutions, according to union officials.
Bad bad Chase, Loan modification | admin July 14, 2010
