Detroit Free Press: Halt-foreclosures group growing

[marmar]

A Detroit-based coalition threatening to boycott Chase Bank if it doesn't cease foreclosures is gaining influential allies that could result in the withdrawal of hundreds of millions of dollars from the New York-based company.

Joining the People Before Banks Coalition last week were Detroit City Councilwoman JoAnn Watson, leaders of various faiths, Democratic gubernatorial candidate and Lansing Mayor Virg Bernero and hundreds of residents. The coalition also includes the UAW.

All are pledging to remove their money from Chase unless it imposes a two-year moratorium on home foreclosures in Michigan.

Watson, who did not return calls for comment, is expected to ask fellow council members Wednesday to support removing tens of millions of the city's money from Chase. Whether the council has the authority to direct where city money is deposited remains a question that council members will likely address at Wednesday's meeting. ..........(more)

The complete piece is at: http://www.freep.com/article/20101017/NEWS01/10170426/1057/sports09#ixzz12ebbSCV2

[Starry Messenger]

1. k & r

[CurtEastPoint]

2. Every city in the country should do this.

Move all their monies into local credit unions.

[marmar]

3. Agreed.....It's the only way to get the point across to the banksters.