As I write this blog and struggle to save my home from JP Morgan Chase, the view gives me strength.
Chase has repeatedly denied my requests for a loan modification. In the last fourteen months denial 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.
Read my letter to David B. Lowman, CEO Chase Home Lending, JP Morgan Chase. Follow my search for answers.
Although it has been repaid, JP Morgan Chase received $25 billion of 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.