Chase home lending chief fibs to Congress on a grand scale
Here are David Lowman’s comments before a Senate committee looking into the foreclosure problems:
Tuesday, November 16th, 2010, 1:47 pmForeclosure is always the last resort and least desired option for delinquent mortgages, and JPMorgan Chase uses all possible remedies prior to starting any foreclosure process, according to an executive in the bank’s home loan office. And in most cases, no one is even living in the property any longer.
Testifying before the Senate Committee on Banking, Housing and Urban Affairs Tuesday, David Lowman, chief executive for home lending, said the banking giant seeks to rectify all past-due mortgages but sometimes it isn’t feasible.
Just read a few of the foreclosure stories on this site and you will know his statement simply isn’t true, especially considering Chase has admitted it practices parallel foreclosure when someone applies for a loan modification.
Foreclosure | admin November 16, 2010
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By Alessandro Machi, November 17, 2010 @ 1:31 am
Bank of America referred to Parallel Foreclosure at the Nov. 16, 2010 hearing. They call it “Dual Track” as well. You can see the image I pulled from their website that shows the word Parallel Foreclosure at the link below.
http://swarmthebanks.blogspot.com/2010/11/cspan3s-coverage-of-nov-16-2010-banking.html
By Alessandro Machi, November 17, 2010 @ 1:33 am
You should check out this link as well, since Chase Bank actually got homeowners to boo and hiss them and one protestor was arrested and taken out of the hearing.
http://parallelforeclosure.blogspot.com/2010/11/protesting-homeowner-handcuffed-and.html