Posts tagged as:

chase loan modification

OC Housewife gets a Chase loan modification on her million dollar home

by Moe Bedard

Jeane Keough — the retired “Real Housewives of Orange County” cast member — reports her 7-bedroom-9-bath Coto de Caza home has been saved from foreclosure through a loan modification. She writes:

“I am happy to report the system works! There is no foreclosure on my home anymore. After I was denied back in January, after working [...]

0 comments Read the full article →

Chase opens two more centers to keep Tri-State area families in their homes

by Moe Bedard

Chase opens two more centers to keep Tri-State area families in their homes
NEW YORK, Feb. 25, 2010 – Chase today marked the official opening of new homeownership centers in the Bronx and Brooklyn to help families struggling with their mortgage payments.

Chase now has five centers in the Tri-State area providing face-to-face assistance to distressed borrowers [...]

0 comments Read the full article →

Are lenders denying loan modifications for no reason?

by Moe Bedard

The non-profit journalism center ProPublica claims that banks are leading loan modification candidates astray by denying them a deal for reasons that are at best, specious, and at worst, illegal. The center’s investigation focused on larger banks like JPMorgan Chase (Stock Quote: JPM) and Wells Fargo (Stock Quote: WFC). What it found sees to be [...]

0 comments Read the full article →

Chase denying loan modifications for a forbidden reason

by Moe Bedard

On the Saturday before Thanksgiving, Lesa Herron of Santa Rosa, Calif., opened a letter from Chase Home Finance [1] (PDF). She’d been denied a permanent modification under the federal government’s loan-mod program, Chase said, because “Your hardship is not of a permanent nature.” No other reason was given.

0 comments Read the full article →

Each broker she spoke to told her not to worry, that “everyone does it”

by Moe Bedard

While speeding through the approval process, Grevin and her mortgage brokers glossed over one little problem: She really couldn’t afford the condo.
Grevin said she lied about her annual salary on her mortgage application, but she blames her brokers for that admitted impropriety.
“Every person I talked to said, ‘We’ll just say you make more,’ ” she [...]

0 comments Read the full article →

Chase to open Florida loan modification centers

by Moe Bedard

JPMorgan Chase & Co. plans to hire 600 people this year in Florida, with 250 of them in South Florida alone.
That’s just part of the New York-based company’s expansion plans, Chairman and CEO Jamie Dimon said during a visit to Miami on Thursday.
Since acquiring the failed Washington Mutual in October 2008, JPMorgan Chase (NYSE: JPM) [...]

0 comments Read the full article →

Chase Opens Cleveland Loan Modification Center

by Moe Bedard

JPMorgan Chase is opening a Cleveland office to meet with people who need to modify their mortgage agreements.
The office, in the M.K. Ferguson Building at Tower City Center, is the bank’s first face-to-face home ownership center in Greater Cleveland and one of 34 nationwide. It will deal with mortgages serviced by Chase, Washington Mutual and [...]

0 comments Read the full article →

Southern California was falling apart, and its demise took the Daniels family down with it

by Moe Bedard

As Steve’s salary dwindled to nothing, the Danielses tried to modify the loan on the only house they had left.
They had a trial loan modification that lowered their $5,200 monthly payment to $3,000.
But after making three payments, no one from JPMorgan Chase & Co., which managed the mortgage, would send them the paperwork to make [...]

0 comments Read the full article →

Chase CEO, Jamie Dimon Sees More Bank Losses

by Moe Bedard

CHARLOTTE, N.C. — JPMorgan Chase & Co.’s CEO said Tuesday that the bank sees additional losses on home loans next year even as the economy shows slight improvements.
Jamie Dimon told investors at the Goldman Sachs U.S. Financial Services

0 comments Read the full article →

Chase Bank Accidentally Sells Couple’s Home

by Moe Bedard

He and his wife, Yanthy, found out about the foreclosure when the new owner posted a notice on their door Nov. 4.
“I get this notice that says you have five days to vacate the property,” he said. “So I called the number (on the notice) and I say, ‘Who are you?’ and they say, ‘We’re [...]

2 comments Read the full article →

Morgan Stanley, Citigroup Inc. and JPMorgan Chase & Co. leaders in loan modifications

by Moe Bedard

Nov. 10 (Bloomberg) — Morgan Stanley, Citigroup Inc. and JPMorgan Chase & Co. lead the pack of U.S. banks modifying home loans to troubled borrowers under the Obama administration’s main foreclosure prevention plan, the Treasury Department said.
Citigroup, the third-largest U.S. bank by assets, began 88,968 trial modifications, or 40 percent of its eligible mortgages, under [...]

0 comments Read the full article →

Man Fights Chase Mortgage After Wifes Death

by Moe Bedard

Little said he mailed paperwork to JP Morgan Chase seeking a loan modification, but that the bank said he did not qualify. He will be three months behind on his payments in November.
Chase officials said they could not discuss Little’s case specifically because of privacy laws, but that the bank has sent him more papers [...]

0 comments Read the full article →

Chase & Wells Fargo profiting big time from mortgage servicing

by Moe Bedard

Oct. 22 (Bloomberg) — Wells Fargo & Co. earned almost a third of its pretax quarterly profit by hedging mortgage- servicing rights, producing gains similar to those that have helped some of the biggest U.S. banks offset weaker consumer- lending businesses.
Wells Fargo’s hedges outperformed writedowns it took on the so-called MSRs by $1.5 billion and [...]

0 comments Read the full article →

Video: Chase CEO Jamie Dimon Disrespects Senator Marcy Kaptur & State of Ohio

by Moe Bedard

For those of you who do not know who Jamie Dimon is, he is the self assured, cocky CEO of Chase Bank and President of the New York Federal Reserve. Some people like myself feel that Jamie Dimon has more power than many in Congress.
Maybe this interview with one of the greatest state Senators of [...]

2 comments Read the full article →

JP Morgan Chase wants interest only loan modifications in Obama Plan

by Moe Bedard

Banks will push the Obama administration to expand its mortgage-modification program to allow interest-only periods on reworked loans, seeking to bring more homeowners into the initiative while recognizing concern that it may only postpone defaults, according to JPMorgan Chase & Co.
“We’re working with our peers to develop a proposal to present,” Douglas Potolsky, a senior [...]

0 comments Read the full article →

Is JP Morgan Chase constructing the Great Depression?

by Moe Bedard

If our government allows this it will guarantee a GREATER DEPRESSION.  Whether it comes now or in a few years, it will happen.  This is the precise same stupidity that led to the 1930s and it will have the exact same outcome this time.
Here’s the problem folks, in one sentence:
The banks are STILL insolvent.
They are [...]

1 comment Read the full article →

Florida homeowner faces loan modification confusion

by Moe Bedard

“Some investors will not allow Making Home Affordable modifications because they cut the value of their investments too much — enough so they are losing money on their investment,” the spokeswoman said. “Investors don’t have to tell us why they decline a modification. It is not in our control.”
Now Brady is worried that the house [...]

2 comments Read the full article →

JP Morgan Chase fudging the books?

by Moe Bedard

Under U.S. accounting rules in place since 1995, banks are supposed to report the value of their mortgage-servicing rights on a fair-market basis, or roughly what they would fetch in a sale. A bank must record a loss whenever it sells MSRs for a price below where they’re marked on the books.
Because there’s no active [...]

0 comments Read the full article →

Wachovia Borrowers Face Delays In Govt Foreclosure Program

by Moe Bedard

For many of Wachovia’s struggling mortgage borrowers, getting a loan modification with Uncle Sam’s help is still out of reach.
Richard Bell, a Pick-A-Pay mortgage borrower at Wells Fargo & Co. (WFC) unit Wachovia, says he needs a government-assisted mortgage modification before his payments balloon early next year.
“This loan is blowing up on me and I’m [...]

0 comments Read the full article →

Chase sucks! Homeowners use social media to fight back

by Moe Bedard

Banks just do not get it. They may sit on all the big corporate media boards and fill political coffers in turn to pull the strings of our Senators, but they cannot control social media sites.
Their failure to do what is right is being exposed daily by homeowners and banking clients like the one below. [...]

8 comments Read the full article →

← Previous Entries