CHASE is in the foreclosure business, not the modification business.”
I read the article
I can't vouch for the accuracy of this article, and it wasn't written by CNN, NewYork Times, Wall Street Journal or the Los Angeles times, however in the article is even 50% accurate it gives great insight on why our short sales and loan modifications are NOT being approved, despite Billions of our Tax Dollars being pumped into big banks to help homeowners.
This is an interview with a PREVIOUS CHASE employee who was young, thought he was getting a nice coushy job at a bank.
What he discovers is that his bonuses are based on pushing homes through to foreclosure as fast as possible. Short Sales and Loan Modifications only delayed the process.
He states that a lot of investors have claimed bankrupsty, and so they are liquidating their portfolio. Yes, you read that right, they want LIQUID FUNDS, not a short sale, not a loan mod, they want CASH. How do you get cash if the home owner is not paying their loan payments. Yes, you guessed. Auction, Foreclosure, etc.
Jared even goes on to say
“A perfect foreclosure was supposed to take 120 days,” Jared explains, “and the closer you came to that benchmark, the better your numbers looked and higher your bonus would be.”
My guess is IF these are the procedures at CHASE, the other banks' procedures are similar.
I'd love to hear your opinion. Read the article and let me know what you think? Do you think we can do anything to change this? Chase Bank, do you want to chime in.
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