Dec 09

“will not file the documents,” Jamie Dimon,

Take you hands away from your eyes Mr. Dimon.

Mortgage industry executives say homeowners simply are not complying with the program’s requirements, despite their best efforts to reach out. Homeowners “will not file the documents,” Jamie Dimon, JPMorgan Chase & Co.’s CEO, said this week. “We need the documents. We are trying to simplify it.”

There are so many storys of people sending paperwork into Chase and Chase will lose it. Mr. Dimon only blames the home owner and never his company. Chase has lost my paper over 4 times in last year.

Dec 04

Chasing JPMorgan: Picture the Homeless Takes Aim at Chase Bank

JPMorgan Chase head Jamie Dimon better watch out this Christmas?the homeless are coming to town.

At least 30 homeless and housing activists rallied outside the headquarters of banking giant Chase December 2 to demand that the bank utilize their ownership of vacant property in New York City to create housing for poor people and the homeless.

Activists at the rally, organized by the grassroots organization Picture the Homeless, scoffed at the $25 billion bailout received by Chase after Wall Street crumbled while the numbers of homeless people in the city are at its highest level since the Great Depression. Chase paid back the bailout money last June.

Picture the Homeless, an organization founded and led by homeless people, is pushing for the creation of a Homeless People?s Trust Fund and a Community Land Trust to create and maintain affordable housing for low-income people from the vacant property the bank owns.

?The whole point of this action is to get Chase to give up the vacant lots that they got, to us, and we?re going to turn it into housing for people who can?t afford? it, said Herberth Rodriguez, a Picture the Homeless member who is currently homeless and in the shelter system.

Demonstrators picketed outside JPMorgan Chase?s headquarters at 270 Park Ave. in midtown Manhattan as they chanted, ?Chase Bank needs to share the dough? and ?JPMorgan Chase, you?re too big for the human race.?

During last year?s financial meltdown, Chase acquired the investment bank Bear Stearns and Washington Mutual. The bank?s investment arm has earned $7.6 billion so far this year, and is scheduled to dole out over $20 billion in bonuses, according to a New York State Comptroller report. JPMorgan Chase?s high earnings are part of a larger trend of big profits on Wall Street while unemployment across the country continues to rise.

?The money they have for these vacant lots, they could be using that to build homes. Homes for families, homes for single men and women,? said Picture the Homeless member Maria Walles, who currently lives in a shelter in Brooklyn.

Outside their headquarters, the entrance was barricaded while private security and the New York Police Department stood guard. At one point, the head of security met with members of Picture the Homeless and received a letter addressed to JPMorgan Chase investment officer Lauren M. Taylor from Picture the Homeless. Rob Robinson, a formerly homeless board member and housing campaign leader with Picture the Homeless, warned the security head that as long as they hold vacant property and refuse to meet with homeless people, the bank will be hounded by activists? presence.

The letter reads, ?we are here today seeking a meeting with you or whomever you suggest to discuss the disposition of vacant lots and buildings currently held by your bank to be placed in a Community Land Trust, which when coupled with sufficient bank resources placed within a Homeless Peoples Trust Fund, could enable the construction of housing that is truly affordable for our people.?

?They have over a hundred million dollars in property [in the city], let ?em go,? said Robinson. ?There?s 39,000 people sleeping in the shelters every night, and untold numbers on the streets. They have a moral obligation, since taxpayers bailed out these banks, to house people.?

The action follows Picture the Homeless? takeover of a vacant lot that JPMorgan Chase is a party to in East Harlem last July. Ten people were arrested at that action, but the charges were dropped this fall. In an October interview, Robinson speculated that JPMorgan Chase didn?t press ahead with the charges because they wanted the whole episode to go away.

There is no precise accounting of the amount of warehoused property Chase owns, but a City Council bill introduced by Councilwoman Melissa Mark-Viverito (D-East Harlem, Manhattan Valley, Mott Haven) would require the city to conduct a census count of vacant property every year, and to publish information online and in print concerning who owns the vacant property and when the property became vacant.

?Given the fact that it?s our tax money and that it?s human beings who are going on the street, I think it?s important that we protest them and make clear our opposition to what?s happening,? said Max Rameau, a founding member of the Miami-based organization Take Back the Land.

Next Tuesday, Picture the Homeless plans to continue targeting and protesting Chase while CEO Jamie Dimon gives a speech at the Goldman Sachs Conference Center.

Nov 29

Treasury wants more lender leeway on loans

WASHINGTON (Reuters) ? The Treasury Department wants lenders and companies that process monthly mortgage payments to do more to rework troubled home mortgage loans and will announce new measures on Monday aimed at achieving that goal, a department spokeswoman said on Saturday.

The New York Times in its Sunday edition quoted Michael Barr, the Treasury Department’s assistant secretary for financial institutions, as expressing dissatisfaction with lenders over the slow pace at which they are amending loan agreements to help borrowers make their monthly payments.

“The banks are not doing a good enough job,” the Times quoted Barr saying in a Friday interview. “Some of the firms ought to be embarrassed, and they will be.”

Treasury spokeswoman Meg Reilly said on Saturday the department was “taking additional steps to enhance (mortgage) servicer transparency and accountability as part of a broader focus on maximizing conversion rates to permanent modifications.”

That could include new resources for borrowers, Reilly said without offering details. The department will announce new measures on Monday, Reilly added.

The Treasury Department has said lenders have boosted efforts to modify mortgage payments — essentially by reducing monthly payments so that chances of foreclosure decrease. But there are widespread reports that borrowers continue to have problems negotiating with banks and mortgage brokers to get their payments lowered.

Most loans modified by banks under a program that Treasury monitors remain in a trial stage, and only a small percentage have become permanent.

Barr was quoted by the New York Times as saying that the Obama administration will try to shame lenders by publicly naming institutions that fail to move quickly enough to lower mortgage payments permanently.

“They’re not getting a penny from the federal government until they move forward,” Barr told the Times.

White House spokeswoman Jennifer Psaki told the Times the Obama administration would continue to refine the mortgage program as needed. “We will not be satisfied until more program participants are transitioning from trial to permanent modifications,” Psaki was quoted as saying.

(Reporting By Glenn Somerville, editing by Will Dunham)

Oct 14

Loan Modification Process With Obama’s Home Affordability 2% Rate

Homeowners who are struggling with loss of income, increased expenses or some other financial hardship may be able to get help with a government rescue plan paid for with $75 billion in stimulus money. President Obama’s Home Affordability plan is available for borrowers who can no longer afford their mortgage and are facing the possibility of default or late payments. Learn how the loan modification process works and just what it takes to qualify for this federal assistance program.

Would a 2% interest rate on your home loan help you to be able to afford your mortgage? When a borrower qualifies for Obama’s program, one of the standard methods of reaching an affordable monthly payment is to reduce the interest rate to as low as 2%, as well as possibly extending the loan term out to 40 years. In some cases where the home has lost a significant amount of value, some of the principal balance may be deferred or even forgiven.

The loan modification process has been streamlined under Obama’s plan so that a qualified homeowner can get results quickly. The first step is to gather all of your financial information together so that you will be able to complete your forms correctly. You will need your paycheck stubs, bank statements, tax returns and your monthly bills and expenses. It is critical to be prepared before you call you bank-the loss mitigation counselors do not want to sit on the phone while you rummage through your files! They are swamped with desperate homeowners, and if you can present your financial situation quickly, concisely and accurately you will get your answer much faster.

The loan modification process under Obama’s plan has standard approval guidelines-this means that if you can meet the criteria, you have a good chance of getting your interest rate reduced to as low as 2%. The trick is to know what those standard guidelines are and then use that information to fine tune your own application. There is a 4 step formula that lenders have been told to use under the Obama plan. Learn this formula, make any necessary adjustments to your application, then contact your lender with confidence.