Here is some more information on the allegations made by a former Chase employee that Chase was practicing flat-out fraud when it packaged up a bunch of loans for sale with grossly incorrect information on the state of those loans. How poorly managed does a bank have to be to allow something like this to happen?
(The headline is from the movie Turk 182 if it doesn’t ring a bell.)
Lawsuits, Legal & regulatory | admin March 16, 2010 | 
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JP Morgan Chase may have recently reported that its credit card losses were improving, but it appears that their buy-backs of bogus mortgages is increasing at a rate that will far offset the credit card improvements.
Well this is interesting. There has been some talk about a glitch with computer systems during the WaMu to Chase conversion that wiped out about 4 months worth of loan modification data. That would certainly explain why Chase keeps asking people for the same stuff again and claiming they haven’t received paperwork.
Loan modification | admin March 15, 2010 | Comments (0)
The BIG news is that WaMu’s former holding company has announced that is has reached an agreement with JP Morgan Chase and the FDIC that gives it back $4B in assets it had claimed and allows it to keep 1/2 of the $5.6B in tax credits. This is good news for WaMu bondholders, but not enough to give shareholders anything. I hope this doesn’t kill the impetus for lawmakers to continue to look into the fiasco of a siezure that gave WaMu to Chase.
WaMu failure | admin March 13, 2010 | Comments (0)
Of 437,323 borrowers in trial loan modifications, JP Morgan Chase managed to convert a paltry 20,450 into permanent modifications in February. Woo hoo.
This is classic Chase. Homeowner sells house, one year after the sale Chase is still treating her loan as if it was active and telling her she is behind on payments. Not until the media contacts Chase on her behalf does the problem get solved. (story)
In making claims that it changed its policy last year, allowing rejected business loan applicants to request a second review, which resulted in a significant increase in lending to small businesses, Chase is makings claims that can’t be verified and it won’t substantiate with any data. (article)
Bad bad Chase | admin March 11, 2010 | Comments (0)
Chase has not counter sued the FDIC and WaMu’s former holding company to protect the assets being contended by the former WaMu holding company. (article)
