In a case that might make history, and a lot of trouble for Chase if others copy his tactics, one man might be able to stop Chase’s foreclosure of his house and wipe out his mortgage debt because Chase can’t produce the deed to his house. (story)
Lawsuits | admin November 23, 2009 | 
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This great article from the WSJ talks about the slowing growth in bank overdraft fees and how that is not enough to keep legislation at bay. Good! The best quote from the article is from Congressman Carolyn Maloney who said “… most banks still manipulate the posting order of transactions to maximize fee income.” WOW! Given that most big banks would be breaking their own posted rules by doing this, it is HUGE that at least some of our elected leaders are on this.
Think your loan mod with WaMu/Chase will go quick? One customer’s attempts have gone on two years, with repeatedly lost paperwork. Then Chase, without any warning, foreclosed and auctioned the house. (story)
Bad bad Chase, Foreclosure, Loan modification | admin November 20, 2009 | Comments (0)
Sean was kind enough to send me a phone log of all his calls to WaMu/Chase over the last year trying to get a loan modification. Want to know what it is like dealing with there? Here are the intimate details. (story)
More good news: Chase has dropped mandatory arbitration from its credit card contracts. (article) The statistics for arbitration outcomes are really one-sited; about 95% of the outcomes are in favor of the credit card companies. (link) Even some cases where the consumer is obviously right. (article) So this is a very good thing.
Despite being up-to-date on their trial loan modification, Chase foreclosed on one couples home anyways. The first they found out about it was when the new owner came by to kick them out. Chase later apologized for the mistake. (story)
Foreclosure, Ineptitude, Loan modification | admin November 16, 2009 | Comments (0)
This NPR Marketplace story tells us what the readers of this site already know: Banks are sneaky little tricksters. Chase is one of the sneakiest.
For the record, JP Morgan Chase is among the banks sued by a California public utility over allegations of price fixing in municipal derivatives auctions. Yea, I don’t know what those are either.
