Now the FDIC is backing away from its support of JP Morgan Chase getting part of the tax break that really belongs to WaMu’s former holding company. This doesn’t help WaMu’s common shareholders though, as even with an additional $1.4 billion, there isn’t nearly enough money to make the bondholders whole, and that happens before shareholders get any money.
Here is another story that outlines everything that is wrong with Chase. Homeowner applies for a modification numerous times over 9 months. Chase loses paperwork, sends paperwork to the wrong address, approves them for a program they repeatedly tell Chase they don’t qualify for, and is abusive on the phone. They won’t accept mortgage payments for 9 months and then demand a huge balloon payment or they will foreclose. Can Chase really be that inept, or is this an explicit strategy they are practicing?
When an organization like Chase has a very good reason to fix a very public problem, and they can’t, that is a clear indication that their organization is incapable. For instance, a woman sold her home and closed out her Chase mortgage, but they started harassing her about tens of missed mortgage payments. She contacted the Chicago Tribune consumer help columnist, a story was written about the incident, and Chase responded and said they would fix the problem, a problem with which she had been getting nowhere. But they didn’t fix the problem and the calls started again.
This customer’s experience ALONE would be enough for me to dump my Chase Visa card. Seems he purchased something for over $3,000 and never received it. When he tried to dispute the charge through Chase, they denied the dispute because they couldn’t contact the merchant that made the charge. Huh? Getting robbed by a fly-by-night outfit that disappear is EXACTLY what your ability to dispute charges on your credit card is supposed to protect you from. The final denial happened after nearly illiterate letters from Chase, and a serious runaround that makes you wonder if anyone there knows what they are doing.