Where's the flood?

[smit5454]

After people started reporting getting permanent modifications, I thought for sure the pace would pick up. In all reality one trickles in here and another there. Still just a handful as far as I can tell.

What is taking so long? Anyone know the next time lenders have to report statistics to the gov't?

I am curious about the "permanent mod" statistics.

We at Chase have permanently modified 11 out of 256,000.

[smit5454]

Interesting post from 9-13

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Browse > Home / Where's the Outrage? by Terry, Your Money / Chase Bank: Bringing Hypocrisy To A City Near You
Chase Bank: Bringing Hypocrisy To A City Near You

September 17, 2009

By Terry Smiljanich:
“Let’s Start Banking Better, Tampa” says Chase Bank in its newest ad campaign. Your city probably has similar signs. “Let’s?” You mean Chase wants “us” to do a better job of banking? Give us a break, Chase. That takes a lot of nerve coming from you, of all banks!
You remember JP Morgan/Chase. It’s the mega-bank (second largest in the country) that took over Bear Stearns as a favor to the Treasury Department last year, and then received $25 billion in TARP taxpayer dollars to help it out of its crisis.
Then, as part of the “Making Home Affordable” program it was supposed to help homeowners renegotiate their troubled mortgages and keep them out of bankruptcy. Taxpayers helped Chase out, and it would help us out in return. Well, it didn’t exactly turn out that way.

Using Taxpayer Money for Chase’s Gain

What’s the first thing Chase did with its $25 billion largesse? Help homeowners? Become better bankers? Not quite. It turned around and used this taxpayer money to buy up new banks, so it could get even bigger. The taxpayers and homeowners could wait - Chase had greedy plans of its own.
When the “Making Home Affordable” program got started, Chase was one of the big banks that promised to go on a renegotiation spree with troubled homeowners, so that they could stay in their homes and avoid foreclosure. How’s that working out?
Not so good. Like other banks CWN has reported on, Chase customers trying to renegotiate their loans ran into the usual brush-offs - dropped calls, lost paperwork, etc. At latest report, only 20% of eligible Chase homeowners had successfully renegotiated their loans. Is that what Chase means by “banking better”?
When asked where responsibility lies for the mortgage mess, CEO Jamie Dimon offered this: “You’re supposed to meet your obligations, not run from them.” It’s all our fault, right?
Chase Avoids CEO Compensation Restrictions

Chase had a problem, though. Because of the TARP loan, the government took some preferred stock in Chase and so had a say in how Chase was run and how much it paid its top executives.
As a result, Chase CEO Dimon had to worry that his multi-million compensation package was at risk. After all, he brought home $27.8 million in compensation in 2007, and the top five executives at Chase made a grand total of $95 million that year.
So, Chase bought back the preferred stock from the government later this year. Now the top floor executives can vote themselves a nice compensation package without the government looking over their shoulders.
Meanwhile, Chase continues to shelter its money from US taxpayers by maintaining 158 (!!) subsidiaries in the Cayman Islands, a notorious tax shelter.
And as for its loyal long time credit card holders, Chase more than doubled the minimum monthly payback requirements on its cards.
“Let’s bank better?” No, Chase. You’ve got a lot of room for improvement before you go telling us to do a better job!

[smit5454]

Chase Bank: Bringing Hypocrisy To A City Near You

September 17, 2009

By Terry Smiljanich:
“Let’s Start Banking Better, Tampa” says Chase Bank in its newest ad campaign. Your city probably has similar signs. “Let’s?” You mean Chase wants “us” to do a better job of banking? Give us a break, Chase. That takes a lot of nerve coming from you, of all banks!
You remember JP Morgan/Chase. It’s the mega-bank (second largest in the country) that took over Bear Stearns as a favor to the Treasury Department last year, and then received $25 billion in TARP taxpayer dollars to help it out of its crisis.
Then, as part of the “Making Home Affordable” program it was supposed to help homeowners renegotiate their troubled mortgages and keep them out of bankruptcy. Taxpayers helped Chase out, and it would help us out in return. Well, it didn’t exactly turn out that way.

Using Taxpayer Money for Chase’s Gain

What’s the first thing Chase did with its $25 billion largesse? Help homeowners? Become better bankers? Not quite. It turned around and used this taxpayer money to buy up new banks, so it could get even bigger. The taxpayers and homeowners could wait - Chase had greedy plans of its own.
When the “Making Home Affordable” program got started, Chase was one of the big banks that promised to go on a renegotiation spree with troubled homeowners, so that they could stay in their homes and avoid foreclosure. How’s that working out?
Not so good. Like other banks CWN has reported on, Chase customers trying to renegotiate their loans ran into the usual brush-offs - dropped calls, lost paperwork, etc. At latest report, only 20% of eligible Chase homeowners had successfully renegotiated their loans. Is that what Chase means by “banking better”?
When asked where responsibility lies for the mortgage mess, CEO Jamie Dimon offered this: “You’re supposed to meet your obligations, not run from them.” It’s all our fault, right?
Chase Avoids CEO Compensation Restrictions

Chase had a problem, though. Because of the TARP loan, the government took some preferred stock in Chase and so had a say in how Chase was run and how much it paid its top executives.
As a result, Chase CEO Dimon had to worry that his multi-million compensation package was at risk. After all, he brought home $27.8 million in compensation in 2007, and the top five executives at Chase made a grand total of $95 million that year.
So, Chase bought back the preferred stock from the government later this year. Now the top floor executives can vote themselves a nice compensation package without the government looking over their shoulders.
Meanwhile, Chase continues to shelter its money from US taxpayers by maintaining 158 (!!) subsidiaries in the Cayman Islands, a notorious tax shelter.
And as for its loyal long time credit card holders, Chase more than doubled the minimum monthly payback requirements on its cards.
“Let’s bank better?” No, Chase. You’ve got a lot of room for improvement before you go telling us to do a better job!

[smit5454]

OMG are they kidding me?

Long-term Obama loan modifications prove elusive

Treasury department extends mortgage aid trial period by two months. But loan servicers are having trouble compiling all the needed paperwork.


Servicers say they are wrestling with getting the completed documents they need to put borrowers in permanent modifications.
At JPMorgan Chase, for instance, representatives call and send letters to homeowners detailing what they still need to mail in. The bank says it has improved its system for collecting paperwork so that lost documents are not the problem. The issue, it says, is that homeowners are simply not sending in what's required.
"At first blush, you'd think that for people who've made three payments, it would be a no-brainer to get the paperwork in," said Tom Kelly, a Chase (JPM, Fortune 500) spokesman. "But for some people, it just hasn't been the case."

[smit5454]

I could do this all day.

This just published within the last hour.

Watch Foreclosures, Seriously
Now for the background part. This is concerning the government's Home Affordable Modification Program, which requires a three month trial period before the mod is converted to permanent status . Treasury officials last month claimed that "almost everyone that entered [HAMP] is still paying on time," but I'm beginning to hear rumblings to the contrary. So far Treasury has given us no data on conversion rates, claiming its too early, but they did promise they would this month. Now I'm told that conversion rate will not be part of the monthly HAMP status report coming out on Tuesday, but that Treasury will give numbers "this month." According to Treasury's August 4th release on HAMP, 230,000 trial modifications were begun under the HAMP program through the end of July. So by November, i.e. now, we should have a good idea of what percentage are working, right? A delay doesn't mean doom, but two very good sources are telling me that "the numbers are low," that is, the number of permanent conversions. Granted, there have been extensions to the trial period, as lenders try to streamline all the paperwork. But I have to wonder: Treasury could hold up reporting the conversion numbers, claiming that some borrowers have been extended in order to get the paperwork in order; but by now, with over half a million borrowers in the trial mods, they must have a number of how many have fallen out because they missed payments after one or two months.
Why don't we have those numbers?

[caldwellb02]

Smit - thanks. I just contacted them. Let's let them know OUR story:

Contact Us | The Consumer Warning Network

[rachel_p]

We called to check on things today....to make sure they got our first payment and all the paper work we sent back (even though we know they did, via fedex tracking). We also asked how long we should plan on before all of our account info is updated and things are back to "normal" with our payments. The lady said we have to be patient because they have approved "hundreds and hundreds" of mods and they have to get them all updated in the system. I chuckled, and wondered just how many mods they actually have done. I will be interested to see some real numbers once they come out.