Chase did not make a mistake

[malaise]

It robbed the military families

http://www.mybanktracker.com/bank-news/2011/01/17/chase-bank-overcharge-4000-military-families/
<snip>
The nation’s second largest bank is in the hot-seat this Martin Luther King holiday, as the bank has admitted that they may have wrongly charged nearly 4,000 troops on the mortgage payments. On top of unjustified strain, this may have also lead to 14 wrongly foreclosed homes.

The first words that pop-up when you visit the Chase Military website are, “Your commitment is to our country. Our commitment is to you.” Marine Capt. Jonathan Rowles does not see it this way. Rowels, a backseat pilot of an F/A 18 Delta fighter jet, says he has been fighting Chase for the past five years over their mortgage payment.
Chase Bank Reevaluates Their System

This is not the first time Chase has had to double back due to faulty paperwork. After all, the foreclosure crisis was sparked due to “robo-signing” or the act of approving paperwork without evaluation. According to reports on NBC’s Today Show, it is Rowels’ lawsuit that triggered the bank to evaluate the rest of their filing systems.
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Fuck you robber barons.

add link

[Rex]

1. Is there actually a mega bank out there that hasn't commited

multpule crimes against their clients? Citigroup?

[malaise]

2. They violated a law

Give thanks for that couple - on GEM$NBC now.
This shit was going on since 2006.

[Raster]

3. A simple answer: No. The megabanks are used to doing what they want, legal or not.

And Congress has enabled them every step of the way.

[unblock]

6. behind every great fortune

there is a great crime.

[Uben]

4. Wonder if WIKILEAKS had the info?

Could this be the first of a lot of admissions by banks and corporations in order to soften the blow when it comes out?

I hope so!

[avaistheone1]

5. Chase is a sleazy bank: Chase Mortgage Memo Pushed ‘Cheats & Tricks’ To Get Liar Loans

The idea that the big banks played little or no role in the mortgage mess should now be considered thoroughly debunked.
Joe Nocera's mortgage broker documents, the 2005 'Simply Signature' mortgage ad, and the fixed income outlook document mocking the housing bubble should be enough to persuade anyone that the banks were major players.

But just in case there is a little doubt left over, we're thought we'd point out a memo that first surfaced in 2008. It was sent around between a number of Chase employees, and uncovered by the Oregonian. It explained how mortgage brokers should 'cheat' and 'trick' ZIPPY, Chase's automated mortgage system into approving stated income, stated asset loans.

If all else fails, the memo explains, simply inflate the applicant’s income. “Inch it up $500 to see if you can get the findings you want,” the document says. “Do the same for assets.”

Chase has denied that this was an official memo, and at least one employee was fired for distributing it. Chase stopped making SISA loans in 2007. But it nonetheless illustrates that the loose lending was alive and well inside of the biggest banks. With mortgage bankers typically paid commissions on loans, loan volume became as important as loan quality, particularly for the rank and file typically paid on commission

Read more: http://www.businessinsider.com/chase-mortgage-memo-pushed-cheats--tricks-to-get-liar-loans-2009-10#ixzz1BKAzrY4d

[Heywood J]

7. This just reeks of shit.

Chase knew the black letter law: it wasn't hard to comprehend. They just chose to ignore it.

Jail the fuckers and break the bank into pieces.

[Angry Dragon]

8. +1000

Until a lot of them find themselves in new housing = prison
nothing will change