JP Morgan mortgage business CEO mobbed by angry borrowers

[Rajiv]

U.S. bank chief mobbed by angry borrowers

The mortgage chief of the United States' second largest bank was mobbed by angry borrowers on Tuesday after he invited customers to speak to him if they feared foreclosure of their homes.

The JPMorgan Chase & Co executive was at a congressional hearing in Washington when a lawmaker asked him who mortgage borrowers could turn to if they felt his bank's employees were not helping them hold onto their homes.

"Come to me," said David Lowman, chief executive for JPMorgan Chase & Co's home mortgage business in response to the question from Massachusetts Democrat Barney Frank.

Minutes later, around 50 borrowers burst from the audience and presented Lowman with a 6-page document alleging his bank reneged on a pledge to help struggling homeowners.

The activist who organized the protest said Lowman did not want to talk and left the hearing.

"He ran. He ran like a dog with its tail between his legs,"
.
.
.
.
.
.

[don]

Re: JP Morgan mortgage business CEO mobbed by angry borrowers

Spin Machine running on the Forever Cycle....

Barney Frank Lets Angry Mob Loose On Jamie Dimon's Man

[reggie]

Re: JP Morgan mortgage business CEO mobbed by angry borrowers

"He ran. He ran like a dog with its tail between his legs," said Bruce Marks of the Neighborhood Assistance Corporation of America (NACA), which helps homeowners avoid foreclosure. "He was scared to death because he doesn't really want to talk to homeowners."

And who is Bruce Marks?

https://www.naca.com/about_naca/staff/bruceMarks.jsp

Bruce Marks has an M.B.A. in finance from New York University and a B.A. in economics from the University of Connecticut. He was an L.B.J Scholar for Congressman Stewart McKinney (R-Ct).

He worked as a Congressional Liaison for the Department of Energy in Washington DC. Then he worked as regulator for the Federal Reserve Bank of New York in Domestic Applications.

As a union activist for the Hotel Workers Union in Boston, Bruce Marks worked with the President of the Hotel Workers union, Domenic Bozzotto, to negotiate the first ever housing trust fund. This resulted in the first amendment to the Taft-Hartley Act in over twenty-five years and the first time a local union changed America's major labor law.

Marks moved from union activist to Executive Director of the Union Neighborhood Assistance Corporation (UNAC), where he used his finance and organizing experience to be the first to expose predatory lending and its devastating impact. Marks led the fight against the predatory lending practices of major New England banks. For two and a half years Marks and UNAC researched their predatory lending practices before releasing the research, which focused on Fleet Bank, to the public. The extensive research in Massachusetts, Georgia, Florida, North Carolina, Michigan and other states documented Fleet's predatory lending practices in which they targeted home owners who were property rich but cash poor. As Marks expanded the advocacy and housing services nationally, the Neighborhood Assistance Corporation of America (NACA) was established.

After a four and a half year war with Fleet, Marks was instrumental in negotiating an unprecedented settlement. Fleet committed to an $8 billion reinvestment program for low and moderate income people, settled lawsuits in Georgia for hundreds of millions of dollars, and provided $140 million in an unprecedented mortgage program to be administered by NACA.

Marks' role as an aggressive crusader for reform of the powerful banking and lending industry has its representatives up in arms. On May 5, 1999 from the Senate floor, Senator Phil Gramm (R-TX), head of the Senate Banking Committee, attempted to portray banks as victims of Bruce Marks. Gramm described Marks as, "... someone who graduates from college, goes to graduate school, and goes to work for the Federal Reserve in acquisitions and mergers, quits and goes into business, spends four years harassing banks and bank presidents, and finally the bank (Fleet Bank) caves and gives them $1.4 million, gives them $200,000 to set up their organization; they now have twenty offices, lending $3.5 billion..." Senator Gramm continued, "There is a CRA protester who calls himself an "urban terrorist" who used those charges against a bank, harassed them for four years, went to a speech of the president of the bank (Fleet Bank CEO Terrence Murray) at Harvard University, disrupted the speech, made this man's life miserable for four long years." Bruce Marks wears this personal attack as a badge of honor.

Under Marks' leadership, NACA has garnered commitments of over $6.7 Billion for the best mortgage product in America. NACA now has 31 offices throughout the country and will double in size within the next 12 to 18 months. NACA has become the largest housing services organization in the United States.

Today, Bruce Marks continues to expand NACA's role as lead reformer of the banking and lending industry. This includes enacting local and state legislation and regulations to address sub-prime and predatory lending. He continues to hold lenders and others who exploit working people accountable. And the fight goes on!!!

How many here think that Bruce Marks and Massachusetts Democrat Barney Frank worked on this little setup in advance of the hearing?

[Rajiv]

Re: JP Morgan mortgage business CEO mobbed by angry borrowers

I would have thought that was obvious in the news report. Capitol police is quite effective in dealing with disruptions.