JP Morgan is in the process of foreclosing on Helen Bailey, a 78-year-old former civil rights activist and current resident of Nashville, Tennessee. According to change.org, she is being foreclosed on because she cannot keep up with her mortgage payments.
Helen Bailey is a 78-year-old grandmother who participated in the civil rights movement, worked as a childcare provider for autistic children, and was a community volunteer. She has paid her mortgage since 1999, but now she can’t keep up the payments. All she wants is to stay in her home until she dies, in the neighborhood where she feels safe and has lived for nearly quarter of a century. She could have refinanced with a company willing to let her live in the house for free until her death, but Chase Bank would not reduce her principal by $9,000. She’s been paying 7% interest, well above most rates, so Chase could have decided they had made enough. Instead, they have started foreclosure…While Chase tries to tie itself to the incredible legacy of Martin Luther King, who really did believe in communities, Chase tries to throw a grandmother who marched for civil rights out onto the street.
Juxtapose this with the fact that JP Morgan Chase has just launched a project to digitize the documents of MLK along with other civil rights leaders to make them available online. Jamie Dimon, the CEO of JP Morgan, said “It’s important for JPMorgan Chase to support Dr. King’s legacy because of the important values he committed his life to promoting, such as equality, equal opportunity, and quality education for all. People like Dr. Martin Luther King are what made America what it is today. The values he espoused are the values that JPMorgan Chase also tries to stand for around the world.”
Gary Flowers, Executive Director and CEO of the Black Leadership Forum, Inc, responded to the news of the foreclosure. “JP Morgan Chase must practice what it preaches. On one hand, the bank cannot earnestly invoke the values of Reverend Doctor Martin Luther King, Jr. while devaluing the very principles for which he lived and died.”
Change.org has started a petition to save her house. To date more than 44,000 people have signed the petition.