Chase Chimes In About Morals

By
Real Estate Agent with International Properties and Investments LLC

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. 

HUH???

Hmmmmm, 

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? 

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the camera to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Topic:
ActiveRain Community
Groups:
Active Rain Question Of The Week
Dissent
Short Sales and Foreclosure Resource
Short Sale Specialists & Pre-Foreclosure Education
Silent Majority
Tags:
chase foreclosures short sales
strategic short sales

Comments 22 New Comment

Show All Comments
Ambassador
1,068,326
Charles Buell
Seattle Home Inspector
Charles Buell Inspections Inc.

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

July 07, 2010 07:56 PM
Rainmaker
171,739
Cynthia Bartch
Redesigned Spaces; All Round Nice Gal
Home Stager/Property Stylist & more! Granville, Ohio

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?"

 

 

 


July 07, 2010 08:07 PM
Rainmaker
563,876
Mike Saunders
Lanier Partners

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.

July 07, 2010 08:14 PM
Ambassador
1,850,515
Nestor & Katerina Gasset
Realtors, Wellington Florida Homes For Sale
International Properties and Investments LLC

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! 

July 07, 2010 08:40 PM
Rainmaker
208,014
Richard Smith
FHA VA Rural Development in TN GA

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.

July 07, 2010 09:44 PM
Rainmaker
181,596
Debbie DiFonzo
Lebanon MO and Buffalo Missouri Real Estate
Debbie DiFonzo - United Country VIP Realty, SW Missouri

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.

July 07, 2010 10:00 PM
Ambassador
883,319
Lane Bailey
Realtor & Car Guy
Century 21 Results Realty

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...

July 07, 2010 10:19 PM
Ambassador
1,850,515
Nestor & Katerina Gasset
Realtors, Wellington Florida Homes For Sale
International Properties and Investments LLC

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

July 07, 2010 11:46 PM
Ambassador
1,850,515
Nestor & Katerina Gasset
Realtors, Wellington Florida Homes For Sale
International Properties and Investments LLC

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

July 07, 2010 11:46 PM
Rainmaker
123,402
Tchaka Owen
Keller Williams Realty

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

July 08, 2010 01:52 AM
Rainmaker
589,438
Jim Hale
On the Move for You! - Eugene - Springfield Oregon Real Estate
ACTIONAGENTS.NET

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. 

 

WE ALL NEED TO REFUSE TO USE IT.

July 08, 2010 02:02 AM
Ambassador
2,342,635
Lenn Harley
Real Estate Broker - Virginia & Maryland
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate

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

This does, indeed, stir some memories. 

 

 

July 08, 2010 05:42 AM
Rainmaker
432,976
Lana Robbins Realtor ® Licensed Real Estate Broker
Tampa Bay, Florida Real Estate
Aloha Kai Real Estate

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

July 08, 2010 07:08 AM
Rainmaker
497,841
Susan Haughton, REALTOR Alexandria VA Homes for Sale

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.

July 08, 2010 08:08 AM
Rainer
88,146
Donna Quanrud
Donna Quanrud Southwest Metro Homes
Coldwell Banker Burnet

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.

http://subprimeshakeout.blogspot.com/2010/06/sec-demands-more-disclosure-from-jp.html

July 08, 2010 09:56 AM
Rainmaker
660,816
Brigita McKelvie
Rural & Horse Properties & Farms in Eastern PA
Cindy Stys Equestrian and Country Properties, Ltd.

Katerina,

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.

Brigita

July 08, 2010 03:48 PM
Rainmaker
454,368
Wendy Rulnick
Destin FL Real Estate
Rulnick Realty, Inc.

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.

July 08, 2010 07:04 PM
Ambassador
1,850,515
Nestor & Katerina Gasset
Realtors, Wellington Florida Homes For Sale
International Properties and Investments LLC

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

July 08, 2010 09:39 PM
Ambassador
2,366,571
Patricia Kennedy
For Your Home in the Capital
Evers & Company Real Estate, Inc.

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. 

July 09, 2010 12:23 PM
Ambassador
1,850,515
Nestor & Katerina Gasset
Realtors, Wellington Florida Homes For Sale
International Properties and Investments LLC

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!!!!

July 09, 2010 12:36 PM
Show All Comments
Ambassador
1,850,515

Nestor & Katerina Gasset

Realtors, Wellington Florida Homes For Sale
Search South Florida Homes!
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the umbrella to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Additional Information

\"Locations \"iCLIPART.com\"
" style="overflow:hidden;" seamless scrolling="no" id="custom-widget-content" onload="resizeIframe()">Your browser does not support iframe.