Advocacy groups from California and New York traveled all the way to Tampa to speak out against JPMorgan’s foreclosure and lending practices during the company’s Tuesday shareholder meeting.
The groups, which say they hold shares in JPMorgan Chase, wanted to highlight what they call ‘abusive and discriminatory mortgage lending and foreclosure practices.’
The California Reinvestment Coalition was one of the groups that showed up. The meeting made national headlines with a majority of shareholders voting to keep Jamie Dimon as both CEO and Chairman.
“CRC’s survey of mortgage counselors shows JPMorgan Chase is failing borrowers by discussing loan modification while proceeding with foreclosure, not notifying borrowers of documents needed and losing documents,” said Alan Fisher, Executive Director of the California Reinvestment Coalition.
“We believe the strategic ability of the bank to respond to potential lawsuits and customer needs is hampered by Jamie Dimon filling the strategic role of Board Chair at the same time as the tactical role of CEO.”
