With ARM interest rate Chase just does what it wants
A lot of the stories I see about Chase make me wonder whether they are bad or simply inept. With respect to her originally WaMu 5/1 ARM mortage, Jill writes:
I have a 5/1 Arm that originated w/WAMU and now with Chase. It is due to adjust in August 2010. The gives the index loan is floating over, which I looked up – currently about .42. Index is 1-year Average Treasury (referred to as CMT). When I called Chase to confirm current index, I got transferred about 6-7 times, no one able to look up index. Last person said index is 3.33 – big difference from .4 almost 3 points too high. My husband recently spoke to our realtor who sold us the house and had same type of loan and had same problem, but finally got hers fixed. How many people are out there that didn’t question this? This “error” can cost people thousands of dollars and lead them to losing their homes. I am spreading “the word” starting today.
Now, setting the rate on an ARM once it resets should be day-to-day stuff for a bank and they should be good at it. Is Chase simply not good at what banks are supposed to do or are they doing this intentionally, and making it purposefully hard for people to solve the problem in the hopes that they will just give up?
Bad bad Chase, Fees & charges | admin April 26, 2010
