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 pm

Foreclosure 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.


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