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Loan Modification Worst Approval Rate By Bank JP Morgan Chase Says Rep. Marcy Kaptur

Loan modifications are not in the interest of the big banks – so reveals an indepth TV interview on a recent Bill Moyer’s Journal segment. (video below)

Marcy Kaptur, House Democrat from Ohio, reveals in this interview with Bill Moyer, that J.P. Morgan Chase is the worst bank in her district for homeowners to deal with to negotiate a loan modification.

Realtors have told Kaptur that in Toledo, Ohio, foreclosures have gone up 94-percent.

The other guest, Simon Johnson, former International Monetary Fund Chief Economist, explained that it’s not in the interest of the banks to negotiate loan modifications. It’s not where the money is.

So while homeowners are being thrown into the streets after losing their homes, the head of J.P. Morgan Chase told shareholders at their shareholders meeting, with regard to 2008, the year regarded as the greatest financial crisis, an absolute human tragedy, that for shareholders this was perhaps their best year ever.

This is why you must be prepared with the right tools and a “do not give up attitude” to negotiate a loan modification.

Mike Rockwood has modified five of his own loans, including his personal residence and investment property. He has created a top-notch workbook to walk you through the steps of fighting to get the best terms on your loan modification.

Click here to get proven help with your home loan modification

Watch the interview in it’s entirety below. Just click on the image.

Here’s some snippets of the conversation from the transcript that will give you chills

BILL MOYERS: Let’s look at this story that I just read from the Associated Press this week about how Treasury Secretary Geithner is on the phone several times a day with a select group of very powerful Wall Street bankers, especially Citigroup, J.P. Morgan, Goldman Sachs. He will talk to them when Members of Congress have to leave a message on the answering machine. And these are the bankers who helped bring on this calamity and who are now benefiting from it. What does that say to you?

MARCY KAPTUR: That says to me that Wall Street and Washington is a circuit. And because Mr.Geithner headed the New York Fed that that historic relationship, unfortunately, continues. And it gives them special access and special power to influence policy.

SIMON JOHNSON: Well, I think it really tells you how the system works. The system is based on access and is based on what on Wall Street shaping Washington’s view of what’s important.

MARCY KAPTUR: I think that my region of the country, which is suffering so heavily from these decisions that were made by Wall Street and Washington, we need to have voice. And our bankers, who didn’t do the bad things, our community bankers, who are having to pay higher fees shouldn’t be treated this way. Why should the people who did it right be penalized for those that did it wrong?

SIMON JOHNSON: They (Wall Street Bankers) persuaded us to allow them to take incredible risks. And then they pushed all the downside, all those losses onto us, the taxpayer, at the same time as really hammering hard all the people who were duped, essentially, into taking out loans. People lost their houses. It’s an absolute tragedy.

SIMON JOHNSON: …Now we’re down to four big banks that have a lot more market power and a lot more political power. They make the campaign contributions. They shape agendas in ways that are that are really quite scary.

MARCY KAPTUR: Let me give you a reality from ground zero in Toledo, Ohio. Our foreclosures have gone up 94 percent. A few months ago, I met with our realtors. And I said, ‘What should I know?’ They said, ‘Well, first of all, you should know the worst companies that are doing this to us.’

MARCY KAPTUR: I said, ‘Well, give me the top one.’ They said, ‘J.P. Morgan Chase.’…So, I go to this meeting in a fancy hotel, fancy dinner, and everyone is complimenting him (Jamie Dimon, the head of J.P. Morgan Chase). I mean, it was just like a love fest…

They finally got to me, and my point to ask a question. I said, ‘Well, I don’t want to speak out of turn here, Mr. Dimon.’ I said, ‘But your company is the largest forecloser in my district. And our Realtors just said to me this morning that your people don’t return phone calls.’ I said, ‘We can’t do work outs.’ And he looked at me, he said, ‘Do you know that I talk to your Governor all the time?’ He said, ‘Our company employs 10,000 people in Ohio.’

He said, ‘Well, we’ll have someone call you.’ And he gave me a card. And they never did. For two weeks, we tried to reach them. And finally, I was on a national news show. And I told this story. They called within ten minutes. And they said, ‘Oh, we’ll work with you. We’ll try to do some workouts in your area.’

We planned the first one after working with them for weeks and weeks and weeks. Their people never showed up. And it was a Friday. Our people had taken off work. They’d driven from all these locations to come. We kept calling J.P. Morgan Chase saying, ‘Where’s your person? Where’s your person?’ And they finally sent somebody down from Detroit by 3:00 in the afternoon. But out people had been waiting all morning and a lot of people that’s how they treat our people.

BILL MOYERS: What’s your explanation as an economist. And a student of this financial system as to why the banks are taking so long to help the homeowners when Congress has allocated funds for that purpose?

SIMON JOHNSON: I’m afraid that it’s pretty obvious and it’s very tragic. That they have no interest in helping the homeowners. They make money with what they’re doing. Bill, they’ll expected a lot of these mortgages they made to default, okay? It was in their models. A high default rate. Now, they didn’t expect house prices to come down so much. That’s where they got their losses. But they absolutely made these loans expecting they would have to foreclose on people. And figuring they would make money on that.

SIMON JOHNSON: These are very smart, very profit-oriented people. I can assure you, if there was money in it for them. They would be negotiating you know, very various kinds of re-schedulings of these loans. They don’t want to do it. They it’s not in their interest. It’s not where the money is. Follow the money. The money is where Jamie Dimon says it is. Jamie Dimon says, ‘You ain’t seen nothing yet,’ in terms of his lobby in Washington. He’s on the record as saying, he’s this is his big initiative right now.

BILL MOYERS: To?

SIMON JOHNSON: To spend more time in Washington, more time cultivating all those relationships on Capital Hill and in the executive branch. And you know what else Jamie Dimon said to his shareholders? To his shareholders meeting this year, he said, with regard to 2008, the year of what we regard as the greatest financial crisis, an absolute human tragedy. He said, Jamie Dimon said to his shareholders, ‘This was perhaps our best year ever.’

Before completing and sending in a loan modification package, you may want to obtain some coaching to combat the stall tactics banks/servicers are using to cut to the front of the line of other applications and get approved faster

Click here to get proven help with your home loan modification

Homeowners – Need Some Sound Advice?

Get Out of Debt Workbook
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Stop Foreclosure
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Also get the latest foreclosure news around the country, read Q&As and other resources.

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Facebook comments:

2 Responses to Loan Modification Worst Approval Rate By Bank JP Morgan Chase Says Rep. Marcy Kaptur

  1. www.buzzflash.net on 01/01/2010 at 13:36

    Loan Modification Worst Approval Rate By Bank JP Morgan Chase Says Rep. Marcy Kaptur…

    Loan modifications are not in the interest of the big banks – so reveals an indepth TV interview on a recent Bill Moyer’s Journal segment….

  2. Stocks Forum on 26/07/2010 at 15:50

    I found your site via yahoo thanks for the post. I will bookmark it for future reference. Thanks Mutual Funds is a great site for related tips.

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