Tuesday, May 10, 2011

OHIO - JP Morgan Chase - We're # 1 in Foreclosures

JP MORGAN CHASE & CO - We’re Number ONE !!!! (1)
What:   A Celebration of  Foreclosure as a Business Model
When:  Tuesday May 17th - 2011
Where: Columbus, OHIO – Corporate Headquarters
Event:   Shareholder Meeting - Showdown In Ohio
Who’s invited: Public Shareholder’s of  JPMorgan Chase (JPM)
Why: Why have this celebrations & shareholder meeting in OHIO?
We know your probably thinking - this type of business celebration and fiscal success should be held somewhere in New York or at a Wall Street firm. But, OHIO is ground zero and proof positive of the success that JP Morgan Chase has had with Foreclosure as a Business Model. Remember the famous quote by actor Michael Douglas as Gordon Gecko in Wall Street.. 
"Greed is Good"
A recent report on foreclosures in Ohio’s 3 largest cities* helps show that..
 FORECLOSURE - as a business model - is Good !!
The biggest and most exciting News: As an owner of JPM stock you share in the wealth of the REAL ESTATE OWNED (REO) portfolio.  JPM & Co. recently presented** their very successful foreclosure business model.  As of 6-10-10, JP Morgan & Co., had a staggering $ 19 BILLION in foreclosed properties(1) (under their management)  and were able to  lay claim to a status, prestige and title:
Who knows, this may be another hit television show in the making - "America’s Foreclosure Kings": We want to own your home - we evict deadbeat homeowners - WE LOVE vacant properties. Read along ....all this week ....as we report
FORECLOSING on OHIO – a litmus test for financial success 

** 6 months ago, (Nov 4, 2010) while being questioned about Chase's "temporary delay" in foreclosure filings, Charlie Scharf, head of Chase retail financial services unit, sought to calm a group of worried analysts and investors during a presentation in Boston MA.  The investors were worried as only 3 weeks prior to the conference; Chase had suddenly stopped foreclosures in 40 states, and on roughly 127,000 loans. Additionally, they had stopped 8,200 eviction proceedings (of occupied) REO (Real-Estate-Owned) properties. It appeared Chase had massive exposure to the so called robo-signing scandal.
Scharf stated that most of the paper problems were simple "affidavit issues" but confirmed it could cost the company a few million dollars for every month that foreclosure proceedings were delayed. However, Schaff quelled investors’ worries by stating that re-filings with fraudulent new paperwork would begin in a few weeks and would only take three to four months to complete.
Moreover, Scharf stated all the company’s foreclosure decisions were "based on materially accurate information" and Chase had multiple controls in place to assure that all property records had been properly assigned and transferred.
Finally, Scharf's presentation showed that JPMorgan’s default employees (currently numbering around 17,000) had independent "operational processes" in place - to assure - all foreclosures were proper. That process was checking a loan status - twice.  First before a loan was  referred to a Mill Firm attorney for foreclosure and then again, before the final foreclosure sale. This process obviously doesn't apply, if you live in Arizona!

Below are excerpts from the 41 page report (full report linked at bottom): 
….The ability to continue to foreclose is critical to continued economic and real estate recovery (translation we have 375+ billion dollars worth of exposure, and we need to unload this crxx - as soon as possible – we’ll simply call it Economic Real Estate Recovery) Will $56 Million help? for Chase overcharging 6,000 active military
….We strongly believe foreclosures should not be delayed any longer than necessary (translation: Judges…go back to sleep…and get back to Rubber-Stamping our foreclosures as we have profit margins and analysts’ projections to meet. Our stockholders & investors can’t be delayed by any legalities or Rules of Law.)  JP Morgan will foreclose - even if your an Ohio Judge  
….{Any} further foreclosure delays will damage communities and the economy(what? - silly me - of course any delays to the emptying of occupied houses and further blighting cities will damage the economy! Our drug-dealers need safe-houses to store and sell drugs in order to quickly stimulate the economy
…..{F}acts and circumstances supported {our} decisions to foreclose but if we become aware of any fraud exceptions, we will fix them (translation: hopefully this Robo-Signing thing will blown over quickly….and we can FRAUDulently create needed transfers and bogus assignments)
......Pg 29....{All} the following are ...…Misconceptions:
{that} liens were not properly transferred
{that} foreclosures are pursued too aggressively and completed without sufficient review
{that} foreclosure decisions are not supported by underlying facts and circumstances
{that} servicers were not willing or able to staff up to cope with volumes....Inspector General to ask Chase to testify - only has modified 67,000 of the 204,000 eligible. + 2011 Class Action
.....Pg 6….by the way... JP MORGAN CHASE & CO has a Nationwide footprint (over 5,000 branches & 16,000 ATMs in 23 states) and “We operate from a position of strength” and “We will be appropriately paid for the services we provide

* ShowdownInAmerica-Foreclosing_on_Ohio

**Presentation of November 4, 2010

(1) SNL Finacial report 6-10-10 - JP Morgan Chase had the highest dollar value, 19.5 Billion, of 1-4 family homes in foreclosure. JP Morgan Chase had an additional 54.5 BILLION in foreclosure properties which it serviced for others.

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