Illinois People’s Action, a faith-based community organization, is organizing actions on Chase Bank across the state of Illinois this Thursday, launching a campaign to force the big banks to end the revenue crisis, create jobs, and stop illegal foreclosures.
The Bloomington branch of Illinois People’s Action is organizing a demonstration at the Chase Bank located at 2404 E. Oakland Avenue, Bloomington, starting at 4 pm on Thursday, May 12th.
The campaign is called Make Wall Street Pay Illinois, and the plan is to get money out of the hands of the big banks and into Illinois state coffers, which is currently facing a $6 billion shortfall. The organization calls for the renegotiation of bad deals made between state and city governments with the big banks, and calls for holding banks accountable for the destructive foreclosures hitting communities across the state.
Ilinois People’s Action calls for the passage of HB 1810 and HB 1109, which according to the campaign website, “will hold banks accountable for the damage of continued foreclosures in our communities and to pass ‘decoupling’ legislation, to stop corporations from double dipping in the federal accelerated capital depreciation tax break which would bring up to $1 billion to the State of Illinois.”
For more information on the statewide campaign, visit Make Wall Street Pay Illinois.
The laws listed, while about foreclosure, do not appear to have anything to do with capital depreciation tax.
HB1810 establishes a Mortgage Foreclosure Protection Fee – which funds a number of resources to help troubled homeowners.
HB1109 gives municipalities greater authority over foreclosed and abandoned properties.
I say both are good laws – but not what they are represented to be.
Thanks, Johanna, for the clarification on HB 1810 and HB 1109. People can read these laws in full at the Illinois General Assembly website.