Is this a new way for Chase to get people to default on their loans?
Bobby changed his password for his Chase account for an auto loan and was subsequently unable to log in. Each time he try’s to log in it asks him for his credit card number. The problem is, he doesn’t have a credit card with Chase so is unable to provide a number. He has been trying to solve the problem for two months. He finally was able to make a payment:
I was able to call them and make a payment over the phone. The special fee charged to me associated with this highly unorthodox method of payment was only $14.00(US)
Yea, they charged him to make a payment by phone when he was unable to log into his account and they couldn’t solve the problem.
There was apparently some unhappy shareholders at a record turnout for JP Morgan Chase’s annual meeting where CEO Jamie Dimon was scolded for, among other things, a low dividend, foreclosures, sleazy business tactics, and support of mountaintop removal coal mining.
The Making Home Affordable Program just released its latest report on loan modifications with some astounding information. Our good friends Chase ranked near the absolute bottom of the banks listed for percentage of trial modifications converted to permanent ones, with an amazingly low rate of 22%. Said another way, if you are currently in a trial loan modification under the HAMP program you have a less than one in four chance of being converted to a permanent modification. This doesn’t include all the trial and tribulations of getting a trial modification going in the first place, such has having to repeatedly submit documents to Chase because they lose them, misplace them, or simply won’t acknowledge having received them, and then waiting for months to get approved.
Another lawsuit calling out Chase for bad behavior. This time related to the practice of telling homeowners to stop making mortgage payments so they will quality for a loan modification:
JPMorgan Chase instructed homeowners to stop making mortgage payments, as that was the only way to be considered for a loan modification, then repossessed their house when they followed the bank’s advice, a couple claims in Federal Court.
The process seems to go like this:
1. Chase recommends stopping payments to qualify for a loan modification
2. Chase approves a trial modification.
3. Chase works in parallel on foreclosure actions
4. Chase denies permanent modification after an extended trial modification and then demands all missed payments in a lump sum or they will foreclose, or Chase skips this step and just forecloses.
I’ve seen few details yet but a story is cirtulating about Washington Mutual’s holding company filing an amended bankruptcy plan:
DOVER, Del. — Bank holding company Washington Mutual Inc. has reached an agreement with the Federal Deposit Insurance Corporation that puts WaMu closer to exiting Chapter 11 bankruptcy.
The revised reorganization plan filed Sunday in Delaware bankruptcy court is based on a settlement involving the bank holding company, the Federal Deposit Insurance Corporation and JPMorgan Chase Bank, which filed lawsuits against one another after the FDIC seized WaMu’s flagship bank in 2008 and sold its assets to JPMorgan for $1.9 billion.
The FDIC objected to the initial settlement plan, resulting in negotiations that led to the amended plan.
In addition distributing some $7 billion in funds among various parties as part of the settlement, the plan allows certain creditors to buy new shares in the reorganized company. Holders of existing shares would receive nothing.
A hearing in the case is scheduled for Tuesday.
This formerly WaMu now Chase mortgage holder is reporting that nearly two years after WaMu was acquired by Chase, their mortgage payments are still routinely being misapplied, delayed, or otherwise unaccounted for by Chase.
Anyone else still having problems like this?
Chase is among as many as 10 large banks being investigated for misleading investors the sale of collateralize debt obligations (CDO’s) where.
If you don’t understand the previous sentence, WHERE HAVE YOU BEEN THE LAST TWO YEARS?
CDO’s are group of mortgages that were chopped up into different classes so that they could garner higher ratings from Moody’s, Fitch, and Standard and Poors to be sold to investors as high-grade investments.
According to this post, while a woman was undergoing cancer treatment, her son, who had power of attorney on her Chase account, owed Chase $6,000 on a car loan in which the card had been repossessed. So Chase went and took the money out of the mothers account, even though the son only had power of attorney.
I think Chase is taking this debt collection thing a bit too far.
Bad bad Chase, Fees & charges, Ineptitude | admin May 19, 2010 | 
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