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$25 Billion Mortgage Settlement Is Just The First Step Toward Cleaning Up Mortgage Mess
By Chris Morran on February 9, 2012 4:31 PM
64 Comments
There are a lot of good things about today's $25 billion settlement between the five largest mortgage servicers, the Dept. of Justice and the attorneys general of 49 states. But in spite of the huge price tag on the deal — which could grow even larger if other lenders sign on — it's only the beginning of cleaning up the aftermath of housing market collapse. More »
(afagen)
DOJ, 49 States Reach $25 Billion Settlement With Five Largest Lenders Over Robosigning
By Chris Morran on February 9, 2012 10:48 AM
36 Comments
More than a year after several of the nation's largest mortgage lenders temporarily suspended foreclosures after it was revealed that they had been using untrained, unqualified "robosigners" to process foreclosure documents, the U.S. Justice Dept. and the attorneys general of 49 states have announced a $25 billion settlement that will result in mortgage reductions to some homeowners. More »
Banks Realize Short Sales Are Better Than Foreclosure, Pay Homeowners To Sell Now
By Chris Morran on February 7, 2012 12:34 PM
79 Comments
It's been nearly a half decade since the housing market imploded like an old stadium packed with explosives and the ground is still rumbling from the impact. Realizing it's better to recover some money now rather than trying to get all their cash back eventually, more banks are making it easier for homeowners to unload their houses for less than what is owed on the mortgage. More »
(RAWRZ!)
Almost All States Sign On To Massive Mortgage Settlement
By Chris Morran on February 7, 2012 12:15 PM
53 Comments
Last night was the deadline for the attorneys general of each state to sign onto a massive settlement with the nation's five largest mortgage lenders, and more than 40 of the states opted to join in the pot-sharing. More »
Big Banks Pinky-Swear To Overhaul Lending & Foreclosure Practices
By Chris Morran on January 23, 2012 3:15 PM
28 Comments
Nearly a half-decade after the U.S. housing market collapsed like something that collapses really badly, the country's five biggest mortgage providers — Bank of America, Chase, Wells Fargo, Citi and Ally — are oh-so-close to reaching a settlement with the states that could include overhauls to how they operate when it comes to the whole lending/servicing/foreclosing process. More »
Chase To Cut Checking Account Fee Disclosures From 100+ Pages To One
By Chris Morran on December 15, 2011 10:15 AM
17 Comments
When the charitable folks at the Pew Charitable Trusts first suggested that banks could condense their overly complicated fee schedules from over 100 pages to one simple page, it seemed unlikely that any major bank would follow suit. But this morning, JPMorgan Chase announced it would do just that. More »
Bank Of America & Chase Continue To Be Penalized For Sucking At Loan Modifications
By Chris Morran on December 7, 2011 5:12 PM
26 Comments
For the third quarter in a row, the Treasury Dept. has released its report card detailing how the country's largest mortgage servicers are doing with processing loan modifications. And for the third consecutive quarter, both Bank of America and JPMorgan Chase will not receive incentive payments from the Treasury because the banks are doing such a craptastic job at complying. More »
(Eva_Deht)
An Important Message From Chase: We Would Like To Sell You Stuff
By Laura Northrup on December 2, 2011 9:00 AM
60 Comments
Doug has a Chase credit card, but doesn't bank with them. His local Chase branch left him a message asking him to call back by the end of the business day about something that was "important" but "not an emergency." Fearing a credit card breach, he called them back right away. Turns out what was so "important" was the branch employee trying to sell Doug on opening a checking or savings account at that local branch. More »
Chase Admits To Accidentally Deducting Payments Multiple Times
By Chris Morran on November 18, 2011 5:00 PM
62 Comments
In the last few days, we've received a couple of e-mails from readers who were getting strange explanations from Chase about why automated payments had been deducted twice from their accounts. But before we could figure out what was going on, the bank has issued a "my bad" to affected customers, and thrown in $25 in "we're sorry" cash. More »
(dooley)
Name Change On A Car Loan Completely Confuses Chase
By Laura Northrup on November 18, 2011 9:00 AM
105 Comments
Every day, people in America get married. Some of them change their last names. Evidently, though, no one in the history of Chase Bank has ever done this while they were in the middle of paying off their car loan. See, until the loan is paid, the bank has a lien on your car's title. If you want to change the name on your car title and the loan hasn't been paid off yet, Chase won't let that happen. This isn't a problem unless you have to move and register your car in a different state after your name change but before the car is paid off. That's what happened to Michael's wife, and how she ended up in a loop of bureaucracy sending them back and forth from Chase to the Maryland Vehicle Administration. More »
(Eva_Deht)
Chase Pulls Plug On Tests For Two New Fees
By Chris Morran on November 15, 2011 3:00 PM
31 Comments
Like several of its fellow mega-banks, Chase has been testing out various new checking account fees in different regions of the country. But a pair of those tests have come to an end — and will hopefully never be seen again. More »
Thank You For [Not] Being A Chase Customer, Here Is Your Junk Mail
By Laura Northrup on November 9, 2011 9:00 AM
40 Comments
Jonathan received a letter from Chase thanking him for being a customers, and asking him to send it back in order to opt out of receiving promotional mailings. Which is interesting, because Jonathan not only isn't a Chase customer, he doesn't live at that particular address full-time or normally receive mail there. Concerned about identity theft, he learned that he wasn't the only non-customer being thanked for patronizing Chase. But they won't let him get off their mailing list, either. More »
Chase Sends Letter To Non-Customers To Tell Them They Have To Opt Out Of Receiving More Unwanted Mail
By Chris Morran on November 1, 2011 12:15 PM
69 Comments
It's one thing to receive unwanted mail from a bank you don't patronize. It's another to receive a letter from that bank telling you that if you don't reply to the letter, you're opening the floodgates to even more unsolicited shredder-fodder. More »
SunTrust Drops Monthly Debit Card Fee
By Chris Morran on October 31, 2011 3:39 PM
15 Comments
With banks taking more and more heat from the banking public — and oodles of people reportedly switching accounts to more consumer-friendly credit unions — SunTrust announced today that it is eliminating the monthly debit card fee for Everyday Checking and will be refunding that fee to customers who have already paid. More »
(ataq411)
Bank Of America, Chase, Wells Fargo, Visa, MasterCard Sued Over ATM Fees
By Chris Morran on October 19, 2011 3:15 PM
31 Comments
Have you ever glared angrily at the ATM, knowing that you're going to be saddled with fees and wishing you could sue everyone involved? Well, it looks like more than one person has followed through on this idea. More »
Chase Freezes Couple's Account, Screws Up Their Life, With No Explanation
By Chris Morran on September 21, 2011 4:20 PM
55 Comments
A Washington state couple with tens of thousands of dollars in their Chase checking, savings and retirement accounts recently came home to find a letter from the bank telling them that, oh, by the way, your accounts are now frozen. More »
Slew Of Foreclosed Homes To Hit The Market In Early 2012
By Chris Morran on September 15, 2011 1:31 PM
32 Comments
Last year, several of the country's largest mortgage servicers — Bank of America, GMAC/Ally, JPMorgan Chase, among others — were forced to hit the pause button on foreclosure procedures after it was revealed that many foreclosure documents were being rubber stamped by untrained, ill-informed "robo-signers." This delay caused a bottleneck of foreclosure-worthy properties waiting to be reviewed. But now it looks like those homes are starting to trickle out into what could be a flood in early 2012. More »
More Towns To Withdraw Millions From Chase Over Mortgage Mod Practices
By Ben Popken on September 13, 2011 1:00 PM
57 Comments
We know the story. Chase and other banks got billions in bailouts that they were encouraged, but not required, to use to help people modify their mortgages. Instead they sat on it and smiled like cheshire cats. Now a movement has sprung up to punish Chase for its intransigence by withdrawing money from their accounts. On the individual account level, that's not much. But in New York state, entire towns are getting in on the act. More »
JP Morgan Explains Euro Debt Crisis With Legos. Really.
By Ben Popken on September 7, 2011 11:00 AM
46 Comments
In order to explain the Euro debt crisis, Michael Cembalest, the Chief Investment Officer of JP Morgan's private bank, sent around a research note that used Legos to depict the different players. The Legos were fashioned by his 9-year old son. This really happened. Here's the legend to explain which parties each figure represents, or you can play a fun game and guess on your own first. More »
Can You Access BofA & Chase Credit Card Account Info With Just 4-Digits And A Phone Number?
By Chris Morran on August 23, 2011 3:39 PM
36 Comments
Last week, ConsumerWorld.org claimed that anyone could access credit card account info for Chase and Bank of America customers armed only with the customer's phone number and the final four digits of their credit card. That's certainly alarming, so MSNBC tested it out. More »
