Chase chimes in about what is moral.
Lenn, you are going to have a field day with this one!
Frank Rubino Vice President of Chase Homeownership Center in Orland said that Chase is participating in the HAFA program but that the program is "not meant for homeowners who can afford their mortgage but want to walk away from an upside- down loan." (reported in the Orlando Sentinel)
The holier than thou Vice President goes on to say:
"It's not right. It's not moral. It's not the right thing to do. Why would customers look to the bank to substantiate a loss for the house they bought? If they bought the house and sold it for $100,000 more than they paid, they wouldn't share those profits with the banks."
He then goes on to say that one of the things Chase looks at is if the homeowner 'mismanaged' their funds.
Is this a satire comedy we are watching?
Is this an oxymoron?
Or is this hypocrisy?
Let's see- who is Chase to speak on morals?
Isn't Chase the one that was accused of defrauding commodities and manipulating the silver market?
Didn't Chase profit from Tim Geithner orchestrating turning Bear Stearns over to Chase in a tax payer funded fire sale?
Then Chase used Bear Strearns' liquid assets to shield Chase assets from being seized because of their scandalous toxic mortgage debt involvement.
Chase settled a case with Jefferson Alabama in November of 2009 in which Chase was accused of paying close friends of the commissioners involving bribery, money laundering and tax evasion by the then Mayor of Birmingham Alabama.
And this is not to even mention the cronyism that Rockefeller started with the New York state government when he was involved with JP Morgan bank.
Who's talking about morals?
Well, then why did we bail out Chase? And are they going to give the tax payers back the profits that they were able to gain from the bail outs and the cushy deals they were given in spite of their poor management, their lack of responsibility and their not being able to keep from going belly up without the tax payers bailing them out?