Letters to Jamie Dimon Chairman and CEO JP Morgan Chase

February 18, 2010

Mr. James Dimon

Chairman & CEO

JP Morgan Chase & Co.

270 Park Avenue

New York, NY 10017 

Re: Chase Loan 0********* Punishing the “Haves”

Dear Mr. Dimon,

This letter is a follow-up to my letter of January 15, 2010. I keep writing but I feel like no one’s home…will you be there when my next payment does not arrive? You may recall that I tried to get in front of my financial situation by requesting a loan modification starting in February 2009, and that I was turned down by telephone; allegedly denial letters were sent but never received by me. After six months of dogged pursuit I was finally provided a “copy” of a denial letter dated August 25, 2009 (enclosed) bearing the key phrase” Your property equity exceeds our program guidelines”.

I have now learned that at JP Morgan Chase, per Jacqueline Ham, Home Lending Executive Office Analyst, you take the current property value and compare it to the principal value left on the loan. If that property value is over 30%, the loan modification is denied.  Isn’t the American dream to own one’s home, or at least build significant equity in one’s home? So why would JP Morgan Chase want to punish the haves by refusing to modify a loan, while rewarding the have-nots by reducing principal, reducing interest rates and extending terms? Yes, I am a “have”, with a home and mortgage that exceeds President Obama’s Making Homes Affordable guidelines. I’m the “have” who paid all the tax dollars to underwrite the program and the bank bail-outs.

In a follow-up meeting with Ms. Doris B. of the Consumer Credit Counseling Service of Delaware Valley on Monday February 5, 2010, we again called Chase’s loan modification department and were advised the loan was “in review” and assigned to a Tannette McCray. Chase was unable to provide a telephone number for Ms. McCray and she has not responded to e-mails sent to: Tannette.x.McCray@jpmchase.com . We also again called the Chase Home Ownership Center in Media, PA and spoke with Jason, who refused to schedule an appointment or speak further as the loan was “in review”. 

Mr. Dimon, what the heck are you folks reviewing when my equity continues to exceed 30%? My reward for paying and following all the rules is likely to be another denial, while if I had acted irresponsibly and bought a home I could not afford or inflated my salary to obtain a loan beyond my means, you would be ready, willing and able to modify the loan.  This policy is an outrage, rewarding those who may least deserve it while punishing the haves who have paid handsomely to build equity, pay taxes and support JP Morgan Chase.   I believe this policy deserves intense scrutiny and examination by someone at your bank with a brain. A real person, not an hourly clerk in Jacksonville, Florida with formulaic rule book and a quota. I request assignment to a senior residential loan officer who is qualified and empowered to make deals, someone I can meet with face-to-face. We can work this out in a way where everyone wins. I have a 35 year track record of paying my bills and I’ll pay this one if you’ll work with me to extend the term and/or reduce the interest rate. I request your attention in elevating this matter as soon as possible.

I have copied both my senators and my congressman on this letter and am happy to meet with you or a designated associate to share full documentation of every phone call, fax and letter with Washington Mutual/Chase from 2/24/09 to date, as well as a full review of my personal balance sheet. I can be reached at (***) ***-**** or by e-mail at *******@yahoo.com. I look forward to hearing from you.

Respectfully, 

Martha Wright

Avalon NJ 08202

Washington Mutual/Chase loan #0********* 

cc: Senator Frank Lautenberg; Senator Bob Menendez; Representative Frank LoBiond0 ____________________________________________________________________________________________

January 15, 2010 

Mr. James Dimon

Chairman & CEO

JP Morgan Chase & Co.

270 Park Avenue

New York, NY 10017 

Re: Chase Loan 0********* Banks vs. Ordinary Citizens

Dear Mr. Dimon,

This letter is a follow-up to my letter of December 16, 2009. As a result of your acquisition of Washington Mutual, I am a Chase customer. I realize that in light of your fourth quarter profits of $3.3bn, the $50m to $60m per anum I remit is paltry, but I am curious as to exactly how many mortgages over $1.1 mm Chase services. I ask this because despite all of my efforts from February 2009 to date, I have not had the courtesy of a written reply from anyone at Chase.

I have repeatedly requested a loan modification from Washington Mutual/Chase, starting in February 2009. This letter is to update you on the situation, share with you an article that appeared in The Philadelphia Inquirer on Sunday, January 10, 2010 and formally request your assistance.

I phoned the Chase Home Ownership Center in Media, PA on December 15, 2009 and was denied service including the right to speak with a representative or schedule a meeting as I was not 31 days past due. The need to be 31 days delinquent seemed ludicrous, so I sought help from the Consumer Credit Counseling Service of Delaware Valley by scheduling an appointment in the Camden, NJ office on Tuesday, January 5, 2010 at 9 AM.

 My counselor, Doris B., was extremely professional throughout our two-hour meeting. She said that she usually helps individuals complete and submit their paperwork – the same paperwork I have already submitted three times! She told me about the Chase Home Ownership Center in Media, PA – I said I had phoned on December 15th and they refused to  speak to me because my mortgage payment was not yet 31 days past due.

Ms. B. assured me she would be able to get through, and right then called her contact “Jason” at the Center.  Jason told Ms. B. exactly what the other Home Ownership Center rep had said to me – that he could offer no help until the 31-day delinquent mark, and also stated that I had “too much equity” in my home. When pressed to clarify exactly what that meant, his reply was, “programs change all the time,” and, “you are back in for loan review so I cannot help you or comment on your loan.” Bottom line: The homeowner must be delinquent before Chase will talk. I guess my business is not important until I can no longer make payments and that’s a shame.

Following our conversation with Jason, Ms. B. and I called Chase’s loan modification department. We spoke first with a representative to confirm that all paperwork was received in good order, and then asked to be transferred to the Imminent Default Department.  After 25 minutes on hold, we were disconnected. We then called Imminent Default back on their direct line, and were again put on hold. After 35 minutes we finally had to disconnect because my two-hour appointment was over!

Mr. Dimon, the reason I am sharing all this with you is that while my situation may not engender sympathy as others are in much more dire straits, it begs the question: Is this lack of empathy for me overshadowing the larger reality here – that your bank is not being candid or forthcoming with anyone – regardless of income, financial status, home equity – hardship or no? While it’s true that compared to most I am actually a well-off, detail-oriented follow-up fanatic, the truth is that so far it’s gotten me nowhere. If someone like me finds it daunting to jump through the hoops, what chance does the regular guy with a family, two-plus jobs, no time and no cash have to get any help? From my experience I can say flat out that there are no guidelines for this process and you hold all the cards – and all the money. I respectfully request your assistance in obtaining clarity and resolution on this matter for one and all.

I have copied both my senators and my congressman on this letter and am happy to meet with you or a designated associate to share full documentation of every phone call, fax and letter with Washington Mutual/Chase from 2/24/09 to date, as well as a full review of my personal balance sheet. I can be reached at (***) ***-**** or by e-mail at ********@yahoo.com. I look forward to hearing from you.

Respectfully, 

Martha Wright

Avalon NJ 08202

Washington Mutual/Chase loan #0********* 

cc: Senator Frank Lautenberg; Senator Bob Menendez; Representative Frank LoBiondo

___________________________________________________________________________________________

December 16, 2009

Mr. James Dimon

Chairman & CEO

JP Morgan Chase & Co.

270 Park Avenue

New York, NY 10017

Re: Bank Bail-outs & Ordinary Citizens

Dear Mr. Dimon,

As a result of your acquisition of Washington Mutual, I am a Chase customer. I am a New Jersey resident, registered and active voter, home owner, and have been gainfully employed for over 35 years.

I have twice requested a loan modification from Washington Mutual/Chase, starting in February 2009, and have been turned down, first for “lack of hardship” and the second time because I had “too much” equity in my home.  You, as Washington Mutual/Chase, my note holder, are one of the banks enjoying a bail-out at the expense of ordinary citizens. You are getting government funding, money at 0% interest, yet you are unwilling to in turn lend that money at 3%, 4% or even 5%.

Mr. Dimon, I request your help and intercession on this matter. I have written both my congressman and my senators seeking intervention and have copied you. Washington Mutual/Chase needs to answer to the American citizens. I have sought answers to no avail, and ask that you answer with transparency what you are doing with the government bail-out money, and how ordinary citizens such as myself can obtain the relief President Obama promised. I am happy to meet with you or a designated associate and share full documentation of every phone call, fax and letter with Washington Mutual/Chase from 2/24/09 to date, as well as a full review of my personal balance sheet. At this point I have nothing to lose, except my home.      

I can be reached at (***) ***-**** or by e-mail at ********@yahoo.com. I look forward to speaking with you.

Respectfully, 

Martha Wright

Avalon NJ 08202

Washington Mutual/Chase loan #0*********

28 Responses

  1. God knows I needed to come across this web site. Finding someone else to have experienced the same issues with thier loan. This gives me more to go on fighting for those whom or having such a time with thier loans. Don’t give up I will stand for you and others like me who are having troble getting help, even if it takes me standing out side Chase bank with a picket sign for help since talking hasn’t help.

    • I have been fighting with Chase and their home modification loan for 2 1/2 years now. I am getting no where fast. I have rec’d letters of intent to foreclose and numerous calls. I am ready to throw in the towel! Is it worth the mess and hassle??

      • time to throw in the towel; it’s not worth the stress and toll on your health; going through it not-let chase have the home-begin to live free! be rid of what all of us cannot change, the ridiculous government and big business that owns us all!

    • Would you be willing to travel with others to Ohio the Home office and protest to sit down with an Executive of Chase? If I can gather enough people media may follow and make it national news.

      Please email me at lindaw2849@hotmail.com

  2. Finding this shows others are fighting this fight, but Chase is the BIG machine we are all up against. I am guessing few loans have been modified. I started my request about July 2010. I have sent the loan modification papers 3 times now with all the requested documents. Once they tried to say the request was closed but due to intervention from a local consumer advocate and congressmen, they rescinded that, but now again are playing around and I have no idea where I stand. Has anyone who has written to the CEO gotten more than a form letter? Has it helped the situation? It seems the Chase representatives are answerable to no one and can say and do whatever they want. In once instance the representative told me she had called me when in fact she had not. Now they won’t call me back at all.

    • I have done all I feel is humanly possible. I get no where, except being told they will have a decision soon. Then, more excuses come. Chase is a huge bank and I don’t see the taxpayers winning this. I can’t get another bank to take my loan because Chase has ruined my credit! I wish I knew how to take them down and make them do what is right before everyone is homeless!

      • I have contacted NBC. Would you be willing to travel with others to Ohio the Home office and to sit down with an Executive of Chase? If I can gather enough people media may follow and make it national news.

        Please email me at lindaw2849@hotmail.com

        Reply
        UnhappyChaseCust, on February 23, 2011 at 6:27 pm said:
        Finding this shows others are fighting this fight, but Chase is the BIG machine we are all up against. I am guessing few loans have been modified. I started my request about July 2010. I have sent the loan modification papers 3 times now with all the requested documents. Once they tried to say the request was closed but due to intervention from a local consumer advocate and congressmen, they rescinded that, but now again are playing around and I have no idea where I stand. Has anyone who has written to the CEO gotten more than a form letter? Has it helped the situation? It seems the Chase representatives are answerable to no one and can say and do whatever they want. In once instance the representative told me she had called me when in fact she had not. Now they won’t call me back at all.

        Reply
        Dawn, on May 17, 2011 at 1:18 pm said:
        I have done all I feel is humanly possible. I get no where, except being told they will have a decision soon. Then, more excuses come. Chase is a huge bank and I don’t see the taxpayers winning this. I can’t get another bank to take my loan because Chase has ruined my credit! I wish I knew how to take them down and make them do what is right before everyone is homeless!

        Reply
        Gary, on February 22, 2012 at 12:29 pm said:
        I addressed my letter to Mr. Dimon, CEO and Chairman on February 13, 2012, and to my surprise received a call several days later from the Executive office. Of course, after his research, the end result was nothing can be done to excalate my modification, and that “2 years is not the oldest modification on the books”.

        Gary

        Reply
        Gary Hickey, on March 6, 2011 at 7:09 pm said:
        I have been trying to get a loan modification since May 2009 and have experienced all or part of what these other people have. Very frustrating. I just want someone from Chase to talk to me!! It is a shame what Obama is letting the banks do to the American people.

        Reply
        debbie, on April 11, 2011 at 6:29 pm said:
        I too have tried to get CHASE to a) examine my documents for LENDER FRAUD, b)modify my loan, c) call the loan. I have complained about a bait/switch tactic and predatory lending since March 2008. Despite all my complaints, CHASE forclosed on me and is FORCING my family out on the street, for CRIMES they committed! I have proof. I have complained to Office of Comptroller of Currency, Senator Barbara Boxer, the attorney general, then Governor Swartzeneggar and of course CHASE. Nobody cares….I need to get this to the media!

        Reply
        Linda Williamson, on April 26, 2012 at 12:35 pm said:
        Debbie

        I have contacted NBC, would you be willing to travel with others to Ohio the the Home office and protest to sit down with an Executive of Chase? If I can gather enough people media may follow and make it national news.

        Please email me at lindaw2849@hotmail.com

        Reply
        amy jones, on April 28, 2011 at 4:09 pm said:
        I agree with all. I pay on time, struggle though, yet they continue to only help those they gave mortgages out of greed, and as a result made our home values decline and now cannot be refinanced etc.
        I am now considering filing a lawsuit against Chase for negligence. Maybe then they will do something.

        Reply
        Linda Williamson, on April 26, 2012 at 12:43 pm said:
        I have contacted NBC, would you be willing to travel with others to Ohio the the Home office and protest to sit down with an Executive of Chase? If I can gather enough people media may follow and make it national news.

        Please email me at lindaw2849@hotmail.com

        Reply
        Roni M, on August 5, 2011 at 1:52 pm said:
        I am in the same boat as you all are..I have been trying to get a loan modification since August 2008. I have recieved the same letters you have and have heard all of the same information you were given. I have written to Jamie Dimon and he reopened my application, only to find out today it was denied again. I am still trying to find out the reason why, but the representative I have been working with has not been returning my calls. I have no idea what to do now…any suggestions?

        Reply
        cd, on November 11, 2011 at 11:36 am said:
        Wow… I also have Tannette McCray as my modification specialist, and she has NEVER returned my calls. I called once about a month ago with a question and she never responded. After a few weeks, in frustration, I called their general number and spoke to someone who was able to answer my question. Then I had to call Tannette again regarding payments. All I get is her answering machine. Again, someone else from the general number answered my question. I just received a letter on 10/31 stating that I needed to send in the same forms that I sent in nearly a MONTH ago and which their website shows they already have, so I called Tannette a few days ago and no returned call – and this is a time-sensitve issue. I just left Tannette a message thanking her for never returning my calls and for never being helpful. At this point, I’m ready to stop paying and let my home go into foreclosure. I don’t want to, but my finances are such that without a modification – or having to wait far too long to get one – I may have no other option.

        Reply
        Carlene Julian, on December 5, 2011 at 5:40 pm said:
        Keep fighting…. We are with you all.
        This is a disgrace.
        Carlene Julian
        Julian Mortgage Corp.

        I see this everyday and I am ashamed of how the banks of this country are treating people.

        Reply
        Billy, on December 18, 2011 at 1:45 am said:
        Chase is the worst bank in the whole world. I hope all American people know this.This bank is the most greedy and so are the people that work here. I know for sure they cannot bring all the money from poor people that they fooled when they’ll die. If I were them I will share and help who are in need. They should think about how many people who are jobless and homeless because of their greediness. So CHASE BANK better be nice or else the cry of the poor Americans who ask help for their loan modification will come back to you million times. Think about your family soon…

        Reply
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        Pages
        Letters to David Lowman CEO Chase Home Lending Division
        Letters to Jamie Dimon Chairman and CEO JP Morgan Chase
        Letters to Senator Frank Lautenberg Regarding Mortgage Modifications
        The “Wright” mortgage is not “right”
        The bayfront home Chase wants to take
        The New York Times Joe Nocera asks when will banks give loans?
        The Philadelphia Inquirer reports on loan modifications
        Why won’t JP Morgan Chase modify my loan?
        Blog at WordPress.com. Theme: Digg 3 Column

    • I addressed my letter to Mr. Dimon, CEO and Chairman on February 13, 2012, and to my surprise received a call several days later from the Executive office. Of course, after his research, the end result was nothing can be done to excalate my modification, and that “2 years is not the oldest modification on the books”.

      Gary

      • Gary would you be interested in traveling to Ohio to sit down with others to talk with an Executive and possibly have media (NBC) follow this story for national viewing?

  3. I have been trying to get a loan modification since May 2009 and have experienced all or part of what these other people have. Very frustrating. I just want someone from Chase to talk to me!! It is a shame what Obama is letting the banks do to the American people.

  4. I too have tried to get CHASE to a) examine my documents for LENDER FRAUD, b)modify my loan, c) call the loan. I have complained about a bait/switch tactic and predatory lending since March 2008. Despite all my complaints, CHASE forclosed on me and is FORCING my family out on the street, for CRIMES they committed! I have proof. I have complained to Office of Comptroller of Currency, Senator Barbara Boxer, the attorney general, then Governor Swartzeneggar and of course CHASE. Nobody cares….I need to get this to the media!

    • Debbie

      I have contacted NBC, would you be willing to travel with others to Ohio the the Home office and protest to sit down with an Executive of Chase? If I can gather enough people media may follow and make it national news.

      Please email me at lindaw2849@hotmail.com

    • An issue to scrutinize. Chase has been reporting my real estate taxes paid over a month prior to the funds actually being received at the county Tax Assessor’s office. By intentionally recording the taxes paid on average over 40 days early, my escrow analysis is short a month’s payment and my escrow is almost always short. This increases my mortgage payment generally by about $100 a month though had the tax payment been recorded when it was paid my escrow account would be less than $100 shy for the year. This has happened every year but one in the last ten, it’s intentional, it’s thievery, it’s a violation of RESPA.

  5. I agree with all. I pay on time, struggle though, yet they continue to only help those they gave mortgages out of greed, and as a result made our home values decline and now cannot be refinanced etc.
    I am now considering filing a lawsuit against Chase for negligence. Maybe then they will do something.

    • I have contacted NBC, would you be willing to travel with others to Ohio the the Home office and protest to sit down with an Executive of Chase? If I can gather enough people media may follow and make it national news.

      Please email me at lindaw2849@hotmail.com

  6. I am in the same boat as you all are..I have been trying to get a loan modification since August 2008. I have recieved the same letters you have and have heard all of the same information you were given. I have written to Jamie Dimon and he reopened my application, only to find out today it was denied again. I am still trying to find out the reason why, but the representative I have been working with has not been returning my calls. I have no idea what to do now…any suggestions?

    • Roni would you be interested in traveling to Ohio and sit down with others to talk to an Executive with national media present?

  7. Wow… I also have Tannette McCray as my modification specialist, and she has NEVER returned my calls. I called once about a month ago with a question and she never responded. After a few weeks, in frustration, I called their general number and spoke to someone who was able to answer my question. Then I had to call Tannette again regarding payments. All I get is her answering machine. Again, someone else from the general number answered my question. I just received a letter on 10/31 stating that I needed to send in the same forms that I sent in nearly a MONTH ago and which their website shows they already have, so I called Tannette a few days ago and no returned call – and this is a time-sensitve issue. I just left Tannette a message thanking her for never returning my calls and for never being helpful. At this point, I’m ready to stop paying and let my home go into foreclosure. I don’t want to, but my finances are such that without a modification – or having to wait far too long to get one – I may have no other option.

  8. Keep fighting…. We are with you all.
    This is a disgrace.
    Carlene Julian
    Julian Mortgage Corp.

    I see this everyday and I am ashamed of how the banks of this country are treating people.

  9. Chase is the worst bank in the whole world. I hope all American people know this.This bank is the most greedy and so are the people that work here. I know for sure they cannot bring all the money from poor people that they fooled when they’ll die. If I were them I will share and help who are in need. They should think about how many people who are jobless and homeless because of their greediness. So CHASE BANK better be nice or else the cry of the poor Americans who ask help for their loan modification will come back to you million times. Think about your family soon…

  10. Have you filed complaints with OCC? Have you contacted your Attorney Generals Office? Hve you reported this to RESPA?

  11. why doesn,t he just step out he has no respect left

    • Dimon is not going to quit. He has a bonus coming that is worth $23M. The FBI is investigating Chase, however their different divisions are so far apart, lending, investing, banking…there are too many to blame for all of Chases failures which does come down to Dimon. However, if Obama would step in and force him to resign maybe there would be changes. Out of luck…. Dimon is there to stay. He doesn’t care about you or me or any other American. All he wants is his bonus.

  12. After reading all the comments re: loan modifications I refuse to waste any more of my precious time. I’m almost 72 yrs old and if I wait for a modification, I’ll be pushing up Daisys….I haven’t read anything about short sales or the time one has until foreclosure…please let me know.
    Thanks,
    J. Freedman

  13. OMG!!!!!!!!!!!!!! I have POA for a relative and you would not believe what Hoops I had to jump thru to get an answer, I wrote to the president, JAMES Dimon and got a call from some-in in the executive office only to learn that JPMORGAN CHASE has sold their services for mortgage once again, but letters also sates who my contact is at chase concerning my laon re-modification Mr. John Neff he is never avail able, mortgages are being bought up by the SAUDI. taxes are paid current per their agreement house is occupied and still no-one can answer status of loan remodification. you have to go to the TOP but the TOP gets a minion to dO its dirty work..

  14. I been trying to get a loan modification with chase since 2011as of today they still keep denying it. I provided the income and still keep getting denied, everyone need to get an attorney and have the attorney ask chase to present the note, I gurantee you they cant, and if they cant present the note, they cant fourclose you got a free house…chase need to be sued its sad and all they going to do is give it to someone else for a little bit of nothing. why wont chase reconstruct the loan as other banks are doing for there customers in distrees, lower the interest rate band base the price of the house of what its worth todayand stop trying to get old back money,because rather you fourclose or not your going to take a huge loss..CHASE NEED TO BE STOPED AND HIGHER UPS INVESTORS NEED TO BE FIRED…I live in Newark Delaware do anyone know a good attorney to assist me with sueing chase

  15. I recently heard the Banks do this on purpose. There is a book to tell you how to obtain the modification. Read these articled found on google. http://tawebster.wordpress.com/2014/02/18/banks-still-out-cheating-their-customers-and-everyone-else/

    Goggle “How banks cheated us on our mortgages.”

    Call your Attorney General and ask for assistance and keep calling Chase!

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