An Open Letter to Jamie Dimon - CEO J. P. Morgan Chase

By
Real Estate Broker/Owner with Cornerstone Business Group Inc 0225086119

                                                                Cornerstone Business Group, Inc.
                                                                             P.O. Box 1864
                                                                       Winchester, VA 22604
                                                                             540-722-6029


   
December 22, 2011


Mr. James Dimon
Chief Executive Officer
J. P. Morgan Chase
270 Park Avenue, Manhattan,
New York City, New York


Dear Mr. Dimon:

I hope you and your family are preparing for a wonderful holiday celebration.  It is a magical time of year.  The Christmas season is a time when excitement and hope rise in the hearts of people.  The freshness of cool winter air and the sounds of Christmas music abound.  Children wait in great anticipation for the 25th to arrive with the promise of presents and family and hours of laughter and fun.

It is so magical, unless of course you’re a J. P. Morgan Chase Bank customer waiting on an answer to a short sale.  The economy has been good for many in our country.  Take your bank for instance.  It did receive a $25 billion dollar bailout from the U. S. Treasury.  That’s great!  No American wants to see a friend, family member or even a business fail.  I'm so glad we were able to help you out.

It’s interesting that you said, “JPMorgan would be fine if we stopped talking about the damn nationalization of banks. We've got plenty of capital. To policymakers, I say where were they? … They approved all these banks. Now they're beating up on everyone, saying look at all these mistakes, and we're going to come and fix it.”  Yet, you still accepted a bailout.

Now, I find it fascinating that your customers, who did not receive any kind of bailout, but are just trying to do the best they can to overcome a bad situation, cannot even get a returned call from your employees.  The bank who has “plenty of capital” is going to spend 60 - 90 days to determine if a young couple who are in the biggest struggle of their lives can complete a short sale.  I find it interesting that your bank, who is government “approved,” spends millions of dollars dragging their names through the mud by posting a second, third and fourth foreclosure notice in the local media.  Wouldn’t that money be better spent helping them find a solution rather than simply kicking them to curb?

They just wanted a part of the American dream.  And, speaking of the American dream, congratulations on being voted as one of America’s highest paid men in 2006.  I bet that was exciting.  A salary of $41.2 million probably looks like chump change today, right? 

Well, anyway, when you and your family sit down to a grand holiday meal, and you’re toasting your success, your family and your many blessings, please toast the families associated with J. P. Morgan Chase who are explaining to their children why there are no gifts under the tree. 

On a side note, could you please get your short sale department a second phone?  I noticed that the dozens of calls I make to that department are never answered and always go to voice-mail.  It might be good to hire another negotiator or two as well.  Since you have “plenty of capital, ” it might also be helpful to have someone return calls periodically.  My clients get testy when I can’t answer their questions.  It makes me look bad, but don’t fret over me, I do explain to them that your bank doesn’t care about its clients and Chase doesn't bother to communicate with me or anyone.

I realize your family isn’t living under the stress of a soon approaching foreclosure, but millions of Americans are today.  When your customers call your bank and your staff acts flippant or demonstrates that they really couldn’t care less about the clients, it does leave a bad taste in your mouth.

I can only hope that someone you love deeply ends up in the same place one day, and in the process calls a bank, just like yours, and receives the same sub-par services that your bank delivers.  Have a very Merry Christmas, and hopefully you’ll make that highest paid men list again.  Wouldn’t that be special?

Sincerely,
Mike Cooper, Broker

Comments (85)

Mike Cooper, Broker VA,WV
Cornerstone Business Group Inc - Winchester, VA
Your Neighborhood Real Estate Sales Pro

Thank you, Michael.  I hope you're having a wonderful Christmas!

 

Dec 25, 2011 01:51 AM
Bryan Robertson
Los Altos, CA

Great letter, Mike.  If only the banks or Congress would actually read that and take it to heart.  Of course, when the banks say "Plenty of capital", they mean to loan to new clients so they can fleece someone else.  Personally, I'd love to see the banks nationalized.  They're making money off us in so many ways, why should we have to keep doing that.

Dec 25, 2011 02:21 AM
Eric Michael
Remerica Integrity, Realtors®, Northville, MI - Livonia, MI
Metro Detroit Real Estate Professional 734.564.1519

Awesome! Nothing more needs to be said.                                                                                          

Dec 25, 2011 02:46 AM
Mike Cooper, Broker VA,WV
Cornerstone Business Group Inc - Winchester, VA
Your Neighborhood Real Estate Sales Pro

Bryan and Eric, thanks for your comments.  I hope you both are having a wonderful Christmas Day!!

Dec 25, 2011 03:00 AM
Anonymous
Betty Vonn Snapp

 

 

Well done, Mike!!!!    You know how to rattle their cages and get results.   I am so proud of you.    You are a real leader.

Dec 25, 2011 01:27 PM
#71
Mike Cooper, Broker VA,WV
Cornerstone Business Group Inc - Winchester, VA
Your Neighborhood Real Estate Sales Pro

Thanks, Betty!  I can definitely rattle cages.  8-)

Dec 25, 2011 01:31 PM
Andrea Swiedler
Berkshire Hathaway HomeServices New England Properties - New Milford, CT
Realtor, Southern Litchfield County CT

41.2 million DOLLARS? Wow.... and then there were bonuses on top of that? Say it ain't so!!!!

Great letter, they do need more than one phone in the short sale department.

My last conversation with a Chase short sale person (yes, I actually spoke to one, I swear). No deal, we will MAKE MORE MONEY ON THE PMI AND FORECLOSURE.

Screw you Chase. You loaned way to much money on a house that has had HUGE ISSUES all along, on a BPO (which by the way is against license law in CT, we can't do BPO's unless it is in the active pursuit of a listing). The house was a piece of crap from day one, and you didn't know?  Water pours in the basement, the moat around the house should have tipped you off something was wrong, but no one got out of the car. It was a drive by BPO you say?

Your investors say go for the foreclosure, collect the mortgage insurance. I have a buyer that will give you cash today. Despite everything. It will cost this buyer twice more than what he is willing to pay (which is more than fair) to fix the issues you never knew about.

Sorry, had to get that off my chest. I will be quiet now. I love love love your letter.

41.2 million dollars, HA! With that kind of salary comes social responsibility... can you say....

chase short sales

Dec 27, 2011 10:47 PM
Mike Cooper, Broker VA,WV
Cornerstone Business Group Inc - Winchester, VA
Your Neighborhood Real Estate Sales Pro

Andrea, I don't think I can add a thing to that one.  8-)  Have a great week!

Dec 27, 2011 11:04 PM
Marnie Matarese
DWELL REAL ESTATE - Sarasota, FL
Showing you the best of Sarasota!

Wow! What an incredible letter and thanks so much for stating it so eloquently.  I do not know when or if these banks and their minders will ever be brought to task for their actions but I hope so and it cannot come soon enough.

Dec 27, 2011 11:08 PM
Mike Cooper, Broker VA,WV
Cornerstone Business Group Inc - Winchester, VA
Your Neighborhood Real Estate Sales Pro

Well said, Marine.  Have a great week!

Dec 27, 2011 11:10 PM
Coral Gundlach
Compass - Arlington, VA
Real Lives. Not Just Real Estate.

Wow.  I am glad to see this letter got the results you needed.  It's absolutely brilliant and biting.  Merry Christmas!

Dec 28, 2011 12:55 AM
Mike Cooper, Broker VA,WV
Cornerstone Business Group Inc - Winchester, VA
Your Neighborhood Real Estate Sales Pro

How about that, Coral.  Sometimes, you bite'em.  8-)

Dec 28, 2011 01:17 AM
Tni LeBlanc, Realtor®, J.D.
Mint Properties, Lic. #01871795 - Santa Maria, CA
Tenacious Tni (805) 878-9879

Hi Mike,

I got here late but I'm so glad to read in the comments that they finally took action.  Great letter.   In my opinion CHASE is one of the worst offenders. I've had one great short sale with them and it was a Fannie Mae loan which proved to me that they can act right with the right incentives/threats. All the others were about 5 months which is an incredibly long time, especially when you consider that you know you are being completely ignored until the last two weeks. Which tells me that they can really do short sales in about 30 - 45 days but just choose not to.  Just recently they took 36 days to approve a "pre-approved" HAFA short sale, which requires a 10 business day turn around.  We lost that buyer, but CHASE is continuing the trend by playing "Who's on First?" with the second offer.  Their interpretaion of HAFA guidelines is that the 10 day period for review doesn't begin until they choose to appoint a negotiator.  Right.  And they are being paid to process these files!  Ridculous.  I guess HAFA doesn't have enough teeth for CHASE. 

Personally, I could never send a client through CHASE's front doors without relaying how they may be treated down the line if they ever run into financial trouble. I feel obligated to pass along the details of those experiences because they stand out among short sales. I just heard that CHASE is finally going to switch over to using Equator this year. It's been a long time coming -- I hope they make the most of the new technology, since they seem committed to understaffing their short sale department.

I hope they begin to make some moves in the right direction.  Your letter is a great start to their exposure.  The other major banks are running circles around them.

Tni

Jan 01, 2012 08:33 AM
Mike Cooper, Broker VA,WV
Cornerstone Business Group Inc - Winchester, VA
Your Neighborhood Real Estate Sales Pro

Tni, I hear these types of horror stories all the time.  It seems to me that it would be to their advantage to take a more proactive role in these short sales.  It's money on the books when they act more quickly.  It makes everyone crazy in the process.  Thanks for commenting, and I hope you have a phenomenal year!

Jan 01, 2012 09:51 AM
Gina Chirico
Lattimer Realty - Fairfield, NJ
Real Estate Agent - Essex County, New Jersey

Hi Mike, just came over here from your other post, this is letter is great!!  I love it!!  I don't know how I missed this featured post the first time around!

Once again, I will say I've dealt with them on a personal level and pure idiots work there and you never speak to the same person twice!! 

Jan 22, 2012 03:29 AM
Mike Cooper, Broker VA,WV
Cornerstone Business Group Inc - Winchester, VA
Your Neighborhood Real Estate Sales Pro

It's amazing, Gina.  I just want to help my clients and the bank get through a rough time.   They can't seem to get it.  We're not enemies as Amy said on the other post.  Oy!

Jan 22, 2012 04:12 AM
Tina Gleisner
Home Tips for Women - Portsmouth, NH
Home Tips for Women

Folks, Just imagine if we didn't have ActiveRain to share this story ... and I never thought about publishing this type of letter here but it makes absolute sense if you're not getting action through normal channels. It's what makes AR great!!!

Jan 22, 2012 09:01 AM
Mike Cooper, Broker VA,WV
Cornerstone Business Group Inc - Winchester, VA
Your Neighborhood Real Estate Sales Pro

Absolutely, Tina.  I put it on AR, Truila, NewTown Blogs, LinkedIn and Facebook at the same time.  It got lots of attention.  8-)

Jan 22, 2012 12:11 PM
Ed Silva, 203-206-0754
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Oh Mike, you are going to be my Christmas in January. When you see my re-blog this week, you will know my issue and I can only hope it gets the type of attention this got.

Jan 24, 2012 12:45 AM
Mike Cooper, Broker VA,WV
Cornerstone Business Group Inc - Winchester, VA
Your Neighborhood Real Estate Sales Pro

Excellent, Ed.  Shoot me a link as soon as it goes up.  The blog roll and zip by pretty fast sometimes.  I don't want to miss it!

Jan 24, 2012 12:51 AM