JP Morgan Chase held its annual shareholders meeting in Columbus, Ohio headquarters where they faced approximately 400 protestors. Eight protestors were arrested when they attempted to block entrances into the building according to The Washington Post. This is the second protest this month outside a shareholders meetings, the first one was in San Francisco outside Wells Fargo.
Major US banks have been receiving criticism from the Government, the media and citizens for their mishandling of foreclosures and risky investment strategies which caused the real estate market to crash. The protestors placed a raft in a pond on the premises which included a sign that said “Foreclosed: Chase sinks our economy.”
Several shareholders attending the meeting spoke out about Chase’s handling of foreclosures and mortgages. Most of large mortgage lenders are under investigation for their fraudulent and negligent handling of foreclosures, which has sent millions of homes into foreclosure.
The people who must retain a foreclosure attorney have decreased a small fraction over the past couple of months, but industry experts believe that the slowdown is only due to a delay in paperwork. The banks have had to change the ways in which they process foreclosures. The subprime loans issued by the banks have made many people unable to meet their mortgage payments and require a foreclosure lawyer.
Homeowners who need foreclosure lawyers are still struggling to keep their houses despite the foreclosure processing changes instituted by mortgage lenders.
