News Archives » financial crisis
Big banks must clean up their mess June 17th, 2014
“Hannah Senft, Candy Savannah and Ron Taylor have been neighbors for more than 20 years in Georgetown South, a community of 800 town homes in Manassas, Virginia. It’s a diverse, working-class suburban neighborhood about 30 miles from the White House.”
“And it’s being decimated.”
Thus begins a powerful Op Ed calling for requiring banks to rebuild communities they destroyed through predatory loans and resulting foreclosures published today in the The Hill, a daily newspaper/On-Line news site read extensively by Congress, their staff, and other Federal officials. The Oblate JPIC Office has been working with VOICE to try to get JP Morgan to agree to participate in the rebuilding of the devastated Northern Virginia communities.
The Op Ed details the suffering still experienced by communities hit by numerous foreclosures, but says: “… there is a sliver of hope: In November 2013, the U.S. Department of Justice (DOJ) secured a $13 billion settlement from J.P. Morgan Chase over its issuance of toxic mortgage-backed securities, including $4 billion for consumer relief. VOICE worked with Sen. Mark Warner (D-Va.), federal officials and other allies to include an option in the settlement for the bank to fulfill this obligation through grants to capitalize community equity restoration funds.”
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Mea Minima Culpa October 2nd, 2013
Rev. Seamus P. Finn, OMI has written a new blog on Huffington Post, called Mea Minima Culpa.
“There is more than a little irony in the long list of stories about the major CEOs of banks negotiating settlements with government regulators and agreeing to fines before going to court to settle…” Read more….
Make Wall Street Accountable to Main Street July 15th, 2013
Five years ago, unchecked derivatives trading in the U.S. threatened the entire global financial system. Countless citizens lost their jobs, homes and pensions, as risky lending fueled by unregulated derivatives fomented the mortgage crisis.
Join the Missionary Oblates and other members of the Interfaith Center on Corporate Responsibility (ICCR) in demanding derivatives reform now.
Sign on (as an individual) to the petition available at change.org: http://chn.ge/11GhghC
Please post to your Facebook site and Tweet to spread the word.
Religious Leaders Press JP Morgan Chase to Reinvest in Virginia County Hit Hard by Foreclosures June 20th, 2013
Northern Virginia Religious leaders marched this morning to JP Morgan’s DC offices after the Bank refused to invest adequately in Prince William County, VA. The county was hard hit in the mortgage crisis, and the investment is needed to re-build the blighted communities.
Fr. Seamus Finn, OMI and the Oblates, as investors in the major banks, have been supportive of the community effort to deal with the mortgage crisis, through VOICE (Virginians Organized for Interfaith Community Engagement). Fr. Finn spoke at the rally, calling on the JP Morgan Chase to make a meaningful investment in the community. Watch a video of the speech on YouTube.
VOICE leaders plan to meet with Federal Regulators in the next month to ask them to sanction the bank for predatory lending practices, and to investigate credit card robo-signings in Northern Virginia.
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Pope Francis and Shareholders United in Priorities May 28th, 2013
In this blog on Huffington Post, Fr. Seamus Finn OMI examines the connections between faith-driven shareholder activism and a recent talk by Pope Francis on some of the important issues that have been publicly debated since the near collapse of the financial system.