Blog for Seattle’s “Chase 5”

The Chase occupation in Seattle in November 2011 resulted in 5 arrests.  You can follow the plight of the 5 arrestees on their blog.

Apparently still up to no good, Chase is accused again of bad deeds

JPMorgan Chase Accused Of Fabricating Paperwork, Imposing Extra Costs On Borrowers

In a case that suggests the financial crisis far from marked the end of big bank misconduct, JPMorgan Chase is facing a potential class action lawsuit over claims that it manipulated thousands of mortgage documents in order to gain a financial advantage in bankruptcy cases.

The lawsuit, led by plaintiff Ernest Michael Bakenie, has yet to be recognized as an official class action filing in the California district court where it’s taking place, according to the blog Naked Capitalism. Still, the accusation is a major one: It alleges JPMorgan Chase increased profits by methodically fabricating paperwork in part to impose extra costs on borrowers over the course of thousands of bankruptcy cases dating back to 2009.

The charges are particularly serious given the national outcry over mortgage fraud and robo-signing in recent years, and a general atmosphere of increased scrutiny on mortgage activity since the housing crisis, which critics allege was caused in part by unethical mortgage practices on the part of big banks and lenders.

News of the case arrives amid what is already shaping up to be another season of setbacks for JPMorgan, with the bank’s profits falling by nearly a quarter in the past three months. In addition, the bank has halted its efforts to collect on consumer debts in multiple cities across the country.

The suit also comes just a few months after JPMorgan agreed to pay $153 million to settle another fraud case with the U.S. Securities and Exchange Commission, this one based on accusations that JPMorgan was negligent in providing important details to investors about a mortgage transaction — claims that JPMorgan neither admitted nor denied.

It’s not yet clear whether something similar will happen with the California case, although the SEC settlement, reached in June 2011, wasn’t the first nor the last time that JPMorgan agreed to pay out a major sum in order to bring legal charges to a speedy conclusion.

JPMorgan isn’t the first big bank to be hit with a suit alleging mortgage misconduct in recent months. Firms including Bank of America, Allied Home Mortgage, Wells Fargo, Citigroup and Morgan Stanley are either fielding legal accusations related to mortgage misconduct or in the process of reaching major settlements on the topic.

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Chase can’t read, post number 172

It is a known fact that Chase runs daily account holder debits and credits to maximize fee revenue.  Running larger checks first results in many more smaller bounces if an account becomes overdrawn.

Have they extended this practice to accepting post-dated checks before they are supposed to, or do they just now know how to read?

I have used bill pay for two years to pay the rent to a new yorker.  The check from my branch in virginia was dated Jan 5.2012. It was deposited into his account on Jan.3,2012.  So then it was marked insufficient funds and returned to my bank.  Why are checks dated.  They charged him funds for a returned check.  He in  turn  is trying to charge me funds for giving  him an electronic fund transfer to get the money back to him quickly.  Late fees of $100, 12.50 insufficient funds and $15.00 wire transfer when I already paid my bank $20 to transfer him the money.  Is this how chase makes its money.  I see why he banks there.   They are out to get whatever they can.