From the Chicago Teachers Union blog posting on 8/22/2012:
More than 40,000 homes are foreclosed in Cook County each year. Combined with the illegal lay-off of teachers these foreclosures contribute to housing insecurity for thousands of CPS employees and students. As part of its ongoing negotiations with CPS, the Union requested that the Board turn up the pressure on Bank of America, JPMorgan Chase, Citigroup, Wells Fargo, and Deutsche Bank until these institutions agree to write down the mortgage principals and interest rates for all homeowners facing foreclosure within the school district to market value as a part of an affordable and sustainable loan modification program.
“The decline of safe and secure homes greatly impacts the overall well-being of the children, educators and their families in our public schools. Their interests are our interests,” said CTU President Karen GJ Lewis. “We urge the school board to stop doing business with the “big five” banks whose policies adversely impact our schools and neighborhoods.”’
CPS shall not do any business with the five banks responsible for the largest number of foreclosures within the City of Chicago until they agree to write down the mortgage principals and interest rates for all homeowners facing foreclosure within the city to market value as a part of an affordable and sustainable loan modification program to prevent foreclosures. The aforementioned banks are Bank of America, JPMorgan Chase, Citigroup, Wells Fargo, and Deutsche Bank.
For the full posting, go to CTU Negotiates Foreclosure Relief for CPS families; ‘Reasonable Compromise’ on Teacher Raises Rejected