Chase claims a lot more foreclosures coming
As you walk down the trecherous road to trying to get a loan modification with Chase Bank, and you begin to wonder what their motivations truly are, keep this in mind:
Charlie Scharf, JP Morgan Chase’s head of retail financial services, told investors recently to expect REO (Real Estate Owned) sales to make up a substantial part of overall real estate sales over the next two years, from 21 to 28 percent. He certainly must know something about Chase’s mortgage business which presumably figures into his statement and might be taken as admitting that Chase doesn’t see itself stemming the wave of foreclosures anytime soon.
Foreclosure, Loan modification | admin August 4, 2010
