Chase Chimes In About Morals

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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? 



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Charles Buell
Charles Buell Inspections Inc. - Seattle, WA
Seattle Home Inspector

Unbelievable----it is no wonder they got themselves into the fix they are in---we are in :)

Jul 07, 2010 12:56 PM #3
Cynthia Bartch
Home Stager/Property Stylist & more! Granville, Ohio - Granville, OH
Redesigned Spaces; All Round Nice Gal

That is hoot Katerina..."Are they going to give the tax payers back the profits they were able to gain from our bail out money?"




Jul 07, 2010 01:07 PM #4
Mike Saunders
Lanier Partners - Athens, GA

Well there's the proverbial pot calling the kettle black. Unfortunately, we don't get to judge Chase, or to make them meet their contractual and, since a VP brought it up, moral and ethical obligations.

Jul 07, 2010 01:14 PM #5
Katerina Gasset
Get It Done For Me Virtual Services - Wellington, FL
Get It Done For Me Virtual Services

Mike- The part that really cracks me up is that Chase is going to judge whether a homeowner mismanaged their funds! Huh! Yeah, from what point of reference? Maybe from their own experience? LOL! 

Jul 07, 2010 01:40 PM #6
Richard Byron Smith, NMLS #184479
Mortgage Loan Officer, Fairway Independent Mortgage Corporation NMLS #2289 - Chattanooga, TN
Mortgage Loan Officer

Katerina, I'm with you on this. Banks really do not need to speak of doing things because they are right. Banks are grabbing all they can get, Chase right there in the front of the line.

Jul 07, 2010 02:44 PM #7
Debbie DiFonzo
Debbie DiFonzo - United Country VIP Realty, SW Missouri - Lebanon, MO
Lebanon MO and Buffalo Missouri Real Estate

Bulls eye! Katerina, you really need to send this response to the media. I'd like to know when I should expect my check from Chase - my slice of the profit pie. Hoping it's before the holidays, I could use the extra money then.

Jul 07, 2010 03:00 PM #8
Lane Bailey
Century 21 Results Realty - Suwanee, GA
Realtor & Car Guy

Too bad that there aren't reporters that are willing to confront the thieves... That would be the thieves operating with the blessing of the government...

Jul 07, 2010 03:19 PM #9
Katerina Gasset
Get It Done For Me Virtual Services - Wellington, FL
Get It Done For Me Virtual Services

Debbie- This is right from the Orlando Sentinel!!!! 

Jul 07, 2010 04:46 PM #10
Katerina Gasset
Get It Done For Me Virtual Services - Wellington, FL
Get It Done For Me Virtual Services

Yep, the next post I write is about the idiocy of the reporter who wrote this story! 

Jul 07, 2010 04:46 PM #11
Tchaka Owen
Galleria International Realty - Hollywood, FL

I'm eager to read that post as well, Katerina!!  LOL.

Jul 07, 2010 06:52 PM #12
Jim Hale
Eugene Oregon's Best Home Search Website

Chase (and most of the other Banksters) wouldn't recognize moral high ground if they saw it.  It's been far too long since they stood on it.


They have been pushing this term "strategic default" in the media for over a year now. 



Jul 07, 2010 07:02 PM #13
Lenn Harley
Lenn Harley,, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

The word morals coming out of the mouth of a bank executive is tough to stomach. 

This does, indeed, stir some memories. 



Jul 07, 2010 10:42 PM #14
Lana Robbins Realtor ® Licensed Real Estate Broker
Aloha Kai Real Estate - Clearwater, FL
Licensed in Florida and Washington

Hi Katerina. They mismanaged their funds. This is very frustrating yet amusing.

Jul 08, 2010 12:08 AM #15
Susan Haughton
Long and Foster REALTORS (703) 470-4545 - Alexandria, VA
Susan & Mindy Team...Honesty. Integrity. Results.

Rubino's statement was one that made me stop and say, "HUH?  What did he just say?"  I really didn't know whether to laugh or cry. It's simply a stunning statement.

Jul 08, 2010 01:08 AM #16
Donna Quanrud
Coldwell Banker Burnet - Eden Prairie, MN
Donna Quanrud Southwest Metro Homes

Let's see what Jamie Dimon has to say to the SEC about their repurchase liabilities.  Being told they were irresponsible and mismanaged their funds may be the least of their worries.

Jul 08, 2010 02:56 AM #17
Brigita McKelvie, Associate Broker
Cindy Stys Equestrian and Country Properties, Ltd. - Lehigh Valley, PA
The Broker with horse sense and no horsing around


A neighbor of mine recently lost his home to one of the big banks.  He had temporarily fallen on bad times and recently was able to slowly catch up on the mortgage.  The bank refused to work with him.  Maybe the government should have said "NO WAY!" to the bail out.


Jul 08, 2010 08:48 AM #18
Wendy Rulnick
Rulnick Realty, Inc. - Destin, FL
"It's Wendy... It's Sold!"

Katerina - I read that and wondered how they could make those remarks public?  Chase is brutal - asking for physicians; statements for one of my sellers to substantiate illness, the bills were not enough.

Jul 08, 2010 12:04 PM #19
Katerina Gasset
Get It Done For Me Virtual Services - Wellington, FL
Get It Done For Me Virtual Services

Wendy- Yes, they are brutal. Too bad they don't believe in do unto others... 

Jul 08, 2010 02:39 PM #20
Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

Katerina, I did a short sale course for my continuing ed.  It was taught by a loan officer from Wells.  He got so moralistic about the bad poeple doing short sales that I almost upchucked on his notes.  Yikes. 

Jul 09, 2010 05:23 AM #21
Katerina Gasset
Get It Done For Me Virtual Services - Wellington, FL
Get It Done For Me Virtual Services

Patricia- What a person to teach the class to realtors?????? Where does the CE people get off thinking we need WF to teach us? Amazing! They NEVER know what is really going on at their own bank!!!!

Jul 09, 2010 05:36 AM #22
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