The Chicago Teacher’s Union has asked Chicago Public Schools to end business relations with five major banks involved in the largest number of foreclosures for union members and their families. The demand is one of the requests the union is seeking from CPS after the Board of Education backed out in June on 4 percent across-the-board raises promised in union contracts, the Chicago Tribune reported on August 22, 2011.
The union is asking that CPS end business relationships with Bank of America, JPMorgan Chase, Citigroup, Wells Fargo and Deutsche Bank until they 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 to prevent foreclosures.
“We’re disappointed we couldn’t get (CPS) to want to try and stop home foreclosures,” Chicago Teachers Union Vice President Jesse Sharkey told the Tribune. “But we’re going to keep fighting for what’s in the best interest of schools. This is not the end of the world.”
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