Just remember, Steven Lerner’s crazy plan about destroying the economy via pulling money out of Chase bank? Conspiracy theory?
NY Communities for Change, best remembered as ACORN has announced that they have convinced an entire Village in NY to pull their money out of Chase Bank:
The village of Hempstead on Long Island is pulling its money from JPMorgan Chase and severing its ties with the bank to protest lending and foreclosure policies, according to local officials there. “Chase has been identified as one of the banks that have a high rate of predatory lending and also for not helping to modify loans,” the mayor, Wayne Hall, said on Tuesday.
The treasurer, Ray Calame, said the village would soon begin to
slowly withdraw the $12.5 million in operating funds and investments it
had in Chase, ultimately ending Hempstead’s more than 20-year
relationship with the bank.
The move is part of a two-month-old campaign led by New York
Communities for Change, the community organization formerly known as Acorn, to urge elected officials, unions and religious leaders to divest their Chase assets.
Hempstead was the first known municipality to severe its ties with
the bank as part of the protest, a group spokesman said. They contend
that while Chase serviced a large numbers of mortgages in Hempstead, it
had refused to modify a disproportionately large number of troubled
I’m still not convinced that this type of demagoguery will work, my hope is that it will equate to a severe waste of time, money and resources. At the very least, it is evidence that ACORN is back to business as usual and is reengaged in mortgage terrorism.
But, no one can doubt the fact that Lerner’s plan is in affect.