One woman’s relentless chase to obtain a loan modification from JP Morgan Chase.
In the last fourteen months Chase has repeatedly denied my request for a loan modification. Reasons have ranged from “lack of hardship” to “too much equity”; “unable to verify residency” and “still have three months cash on-hand”. They all add up to the same thing: Chase wants to further exploit the predatory lending practices employed by Washington Mutual, utilizing opaque banking procedures in the name of profits, all at the expense of the American taxpayer.
If I knew back in February 2009, or even August 2009, what I know today — that the investors behind my loan prefer to foreclose rather than work with me on a modification — I could have made an informed decision; instead I am scrambling to save my home with all the cards stacked against me.
Although it has been repaid, JP Morgan Chase received $25 billion in federal funding (TARP money) in a taxpayer funded bailout which helped facilitate the bank’s subsequent growth.
JP Morgan Chase also received $41 billion from the FDIC through a taxpayer backed debt issuance program. This money has not been repaid. In 2008, JP Morgan Chase absorbed Washington Mutual; the risks and costs associated with this deal were taxpayer funded.