As Freddie Mac comes under scrutiny for betting billions on investments that profit if homeowners they issued loans to are locked into high interest mortgages, we speak with Arturo de los Santos, a U.S. Marine veteran who was evicted last year in Riverside, California, after Freddie Mac and JP Morgan Chase foreclosed on his house last June. “We were trying to get the bank’s attention to review our case again. We could not believe that after they had evicted us, they modified our loan,” de los Santos says. “I called them and I told them, ‘I thought we were doing the loan modification.’ And they go, ‘Well, we have a Loan Modificationdepartment and a Foreclosure department, and the Foreclosure department decided to sell the house.’ So they sold the house.” De los Santos and his family re-occupied their home in December with help from the Occupy movement, but face eviction again this week.
Occupy Princeton (www.occupyprinceton.net) students mic-check a JP Morgan-Chase Treasury Services info session on December 7, 2011. This is the first direct action taken up by Occupy Princeton – more to come.
Full Script below:
“Princeton’s motto is:
In the nation’s service and service of all nations
JP Morgan-Chase, your actions violate our motto
Your predatory lending practices helped crash our economy
We’ve bailed out your executives’ bonuses
You’ve evicted struggling homeowners while taking their tax money
You support mountaintop removal mining in Appalachia
which destroys our ecological future
In light of these actions,
we protest the campus culture
that whitewashes the crooked dealings of Wall Street
as a prestigious career path.
We are here today
as a voice for the 99%
shut out by a system that punishes them
just for being born without privilege.
What we need is not a university for the 1%,
but a university “In the Nation’s Service,
and in the Service of All Nations.”
We must have struck a nerve…. Hurt his wittle feewings…. or just hit him with the facts too hard. Although Jamie Dimon is not the first 1%er to complain of the Occupy Movements consistent drumbeat against the excesses and corruption of the rich, he is someone who is in a position at a worldwide financial firm, who could make a real difference if he wanted to…. But that’s just it, he doesn’t. As long as his pockets are lined with everyone else’s cash, he’s just fine, or he was until the Occupy Movement came along. CEO’s like Dimon will either change, or become an endangered financial species. – Occupy Cyberspace – American Autumn
Dimon was responding to a question at an investor conference about the hostile political environment towards banks.
“Acting like everyone who’s been successful is bad and that everyone who is rich is bad — I just don’t get it,” said Dimon at the conference, which was organized byGoldman Sachs[GS 100.47 -4.66 (-4.43%) ].
Big banks, and CEOs like Dimon, have come under fire from Occupy Wall Streetand other protesters who are disgruntled about income inequality and feel that big corporations — financial institutions in particular — have undue influence on government. In fact, last month, the protesters in New York targeted Dimon specifically, marching to his apartment and the residences of other wealthy New Yorkers.
Dimon said he’s worked on Wall Street for much of his life and contributed his fair share.
“Most of us wage earners are paying 39.6 percent in taxes and add in another 12 percent in New York state and city taxes and we’re paying 50 percent of our income in taxes,” Dimon said in defense of his fellow Wall Street bankers.