By Jennifer Glickel
DNAinfo Reporter/Producer
FINANCIAL DISTRICT — About 500 demonstrators took to the area surrounding Wall Street Monday to protest what they say is J.P. Morgan Chase's reluctance to modify the terms of mortgages for struggling homeowners.
The protest was organized by the Neighborhood Assistance Corporation of America to coincide with President Barack Obama's meeting with banking executives at the White House, which J.P. Morgan CEO Jamie Dimon attended.
“President Obama’s meeting with what he calls the ‘fat cats,’” said NACA mortgage counselor and protestor Wanda Muswaswa, referencing the president's tongue lashing against Wall Street executives on '60 Minutes' on Sunday night.
“We’re marching against the fat cats. We want them to fix the loans of the people so they can save the homes.”
Protestors were chanting "no more foreclosures!" as they passed the New York Stock Exchange with posters displaying phrases such as, "Dimon is ice cold," "Chase is raising hell," and "Dear Chase, say 'yes' to homeowners."
Throughout the protest, a sizeable NYPD presence ensured that it remained peaceful.
In recent months, many non-profits and advocates have accused banks of not doing enough to keep struggling homeowners in their homes.
The non-profit hoped the protest would draw attention to Chase Bank's actions.
Last quarter, the bank, led by Dimon, reported one of its highest profits on record.
“We want [Chase] to step up to the table and help people out, help them remodify their mortgages in a reasonable way that will help both the bank and the borrower,” said John Lang, a NACA mortgage counselor from Oakland, CA.
As part of NACA’s “Save the Dream Tour,” the non-profit has been holding mass mortgage events to help homeowners with unaffordable mortgages resolve their issues. The latest of these events is taking place at the Jacob Javits Convention Center from December 11 – 15.
