ACORN takes over an entire village in NY as part of their "destroy Chase Bank campaign"

By Sam Foster

Just remember, Steven Lerner's crazy plan about destroying the economy via pulling money out of Chase bank? Conspiracy theory?

NY Communities for Change, best remembered as ACORN has announced that they have convinced an entire Village in NY to pull their money out of Chase Bank:

The village of Hempstead on Long Island is pulling its money from JPMorgan Chase and severing its ties with the bank to protest lending and foreclosure policies, according to local officials there. “Chase has been identified as one of the banks that have a high rate of predatory lending and also for not helping to modify loans,” the mayor, Wayne Hall, said on Tuesday.

The treasurer, Ray Calame, said the village would soon begin to
slowly withdraw the $12.5 million in operating funds and investments it
had in Chase, ultimately ending Hempstead’s more than 20-year
relationship with the bank.

The move is part of a two-month-old campaign led by New York
Communities for Change, the community organization formerly known as Acorn, to urge elected officials, unions and religious leaders to divest their Chase assets.

Hempstead was the first known municipality to severe its ties with
the bank as part of the protest, a group spokesman said. They contend
that while Chase serviced a large numbers of mortgages in Hempstead, it
had refused to modify a disproportionately large number of troubled

I'm still not convinced that this type of demagoguery will work, my hope is that it will equate to a severe waste of time, money and resources. At the very least, it is evidence that ACORN is back to business as usual and is reengaged in mortgage terrorism.

But, no one can doubt the fact that Lerner's plan is in affect.


I spoke too soon. ACORN is reporting that they are infesting the Village of Freeport and the City of Albany.

Ah yes, racketeering never looked so communist.


  1. If I was a mayor of a municipalities that is being affected by the lending practices of the banking industry, especially in light of the fact that local municipalities depend upon property taxes for their income, I would have no problem "rewarding" the banks that did the most to ensure that foreclosures did not negatively impact the revenue stream of my municipality.

    I sure wouldn't need ACORN or anyone else to educate me on standard business practices...I believe in capitalism its called "taking care of the people that take care of you...."

    I didn't realize that this was racketeering or communism. How many folks who read this blog have their checking accounts with the same banks that they have their home mortgage with?

  2. Congrats Tao! Your comment was so amazing void of any understanding of banking, mortgages or property tax revenue you got your own post out of it!

    I am in awe.

  3. Oh, CG...once again, you impress me with your stupidity in believing that what you assume you know about banking applies to JP Morgan/Chase.

    I bet I spent more time in the last six months on Wall Street with bankers, Venture Capital Firms, and Angel Investors than you could ever dream of spending in your life...

    So NOW you and your buddy Sam want to claim that banking is just like the good ol' days of yore and then in another post you will claim that "Too big to Fail" and Fannie Mae/Freddie Mac and the Fed have destroyed the basic principles of banking...

    Make up your mind....or do you love the inconsistency?


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