Posts tagged as:

chase mortgage

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 [...]

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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

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Banks Say Homeowners Can’t Get Paperwork Together

by Moe Bedard

Executives at Chase and Bank of America say they are struggling to get homeowners to complete the necessary paperwork for the Obama administration’s Making Home Affordable Loan Modification Plan. These banks are claiming that only a small percentage of homeowners have completed the process.

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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 [...]

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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 [...]

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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 [...]

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Rancho Cucamonga foreclosure center is Chase’s busiest

by Moe Bedard

“The center does double the loan modification submissions than any other in the country,” said Rod Tawasha, home preservation manager.
This month, the foreclosure prevention center moved to a bigger location on Haven Avenue to meet the growing demand. At the center, customers with Chase, WaMu and EMC loans can get help in reducing interest rates, [...]

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Subprime Lenders Getting U.S. Subsidies, Report Says

by Moe Bedard

Much “of this money is going directly to the same financial institutions that helped create the sub-prime mortgage mess in the first place,” Bill Buzenberg, executive director of the center, said in a statement.
For example, J.P. Morgan Chase, Wells Fargo and Countrywide, which has been bought by Bank of America, are eligible to receive billions [...]

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Chase to Offer $1.1 Trillion in Loan Modifications

by Moe Bedard

Great news for Chase borrowers! You now have the most loan modification friendly lender in the country.

Chase announced Friday that they plan to modify a whopping $1.1 trillion in loans it services that tied up in securitizations (AKA Mortgage Backed Securities or Investor Owned Loans). They also plan to include mortgages in its portfolio .

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