JP Morgan Chase sued - for FRAUD - Again !!!

Two (2) Major Lawsuits seek close to $ 1 BILLION DOLLARS 

Mounting evidence of outrageous behaviour and even more examples of outright FRAUD (committed by JP Morgan Chase?) has become so overwhelming & obvious, that soon, we'll need "State Scorecards" to track the sheer volume and huge numbers ...of lawsuits... being filed against JP Morgan Chase.

Getty Images -WSJ

JP Morgan Chase may end up... making Bernard Madoff....look like a "Penny Stock" broker.
The latest legal actions, seek a combined total of almost $1 BILLION dollars, and come from two lawsuits filed by the National Credit Union Association (NCUA)

Today's Wall Street Journal story (Link HERE) states in part:
......The National Credit Union Administration lawsuits, filed in the U.S. District Court in Kansas, are the most aggressive action to date by federal authorities seeking to recover more than $800 million tied to the sales of bonds backed by (FRAUDulent) risky mortgages to failed credit unions. The lawsuits filed Monday allege that the offering documents provided to credit unions in conjunction with the sale of mortgage-backed securities by.... J.P. Morgan contained (LIES and FRAUD) "untrue statements of material fact," or  (hid the fraud for corporate greed and short selling)"omitted to state material facts"  in violation of state and federal securities laws, according to the complaints. (oh - did we tell you? - the bogus mortgages we helped create - never transferred - to the trust?)

Today's Business Insider (Clusterstock) story (Link HERE) states in part:

......At first glance, the lawsuit seems to take issue .... that ratings agencies used "credit enhancement" to give shoddy mortgages high ratings. The NCUA was not aware of the credit enhancement.Here's one key sentence from the lawsuit against JP Morgan:

If the Credit Unions had known about the Originators’ pervasive disregard of underwriting standards - contrary to the representations in the Offering Documents - the Credit Unions would not have purchased the certificates

JP Morgan CEO...JAMIE DIMON.....could have possibly resolved this (in the past) by calling his friend - John Kasich (OHIO Governor). Unfortunately, OHIO governor Kasich was too busy golfing with "Crying" OHIO speaker John Boehner and the President of the United States.

Looks like the JP MORGAN CEO will have to prepare for this crisis ...by once again notifying the "Riot Police" to "protect us" from the truth!  Columbus Dispatch 5/17/11:
..."There was heavy security at the meeting with police, some on horses, blocking the protesters at the five entrances to the massive complex."
The Chase executives will be safe (from news media) behind the police protected - moat surrounded - walled off Columbus OHIO COMPOUND complex (Polaris Circle)

Recent actions by Showdown in America Groups* included trying to Foreclose on a Chase Bank Branch in Illinois. Hopefully someone will be successful in this endeavor as we (The People) may need the collateral property value ($$$) of the Chase Bank buildings...to settle some of the Billions needed ....for "Restitution" to pay all the alleged defrauded investors. (subject of the lawsuits)

Picture **

By hiding - at least no one has to make any "official comments" regarding the 
(186 pages of documented) allegations. Please download a copy of this lawsuit. 
It's a great education and read (PDF copy HERE) (Courtesy link from Wall Street Journal)


* Showdown (In Ohio) Groups were organized by National People’s Action (NPA) and the Ohio Organizing Collaborative, part of the New Bottom Line Campaign 
**  Picture Courtesy of Chase Morally Bankrupt dot Com

Other groups to contact include: Illinois Taxpayers Demand that Wall Street Pays Their Fair Share

Golfing Ohio leaders "out of touch" with main street

Two OHIO leaders spend day golfing & drinking beer with PRESIDENT

 President with OHIO's Governor (John Kasich) & US House Speaker (John Boehner) 

The two OHIO leaders spent hours golfing at the Joint Base Andrews Naval Air Facility course located in suburban Maryland. After a relaxing day, they retired to the patio of the luxurious clubhouse where they enjoyed beers while watching coverage of the U.S. Open being played at the nearby Congressional Country Club in Bethesda, Md.

A Republican consultant and former Boehner aide, Terry Holt, claimed the House speaker was having fun while being “very relaxed and easy-going.”  

Meanwhile in OHIO thousands spend day homeless as FORECLOSURES ravage Kasich and Boehner's communities

A new report by National People’s Action shows that nearly 1 of every 20 housing units in Cleveland, Cincinnati, and Columbus have been lost in foreclosure and became bank-owned properties in the last 3 years.

OHIO is ground zero and one of the states hardest hit by the epidemic of foreclosure and joblessness caused by Wall Street. It is a state where unions have been under attack, and where hard-won labor rights that built the middle class have been stripped away from teachers and public sector workers.  Big banks (like Columbus-based JP Morgan Chase) are destroying neighborhoods across the state with record foreclosures. 

More than 280,000 homes are expected to go into foreclosure in Ohio by the end of next year, putting even more families out on the streets and depleting the tax base further. JP Morgan Chase had rejected 354,822 families from the Obama Administration’s Home Affordable Modification Program (HAMP) almost as many as Bank of America and Wells Fargo combined. 

Photos: courtesy of  Washington Times and AP Photographer Charles Dharapa, and The DailyCaller

CHASE - Time is up - buses are rolling - LIVE UPDATES

National People's Action - New Bottom Line -  Make Banks Pay - Americans

                                   SHOWDOWN IN OHIO

      Tuesday May 17^th - 2011 - 10:30am - 1111 Polaris Parkway - Columbus Ohio

Buses are rolling!!! Americans are coming !!!                  We spoke LIVE at 11:00am - to two separate state contingents - they have full buses of concerned Americans, they're bringing the message to J P Morgan Chase:  Time is up. Its now time for your big bank to pay their fair share of TAXES!, Invest in our communities, and help stimulate the economy with real loans & real jobs.

 STOP the FRAUDclosures!

Chase- The following groups are bringing a message:
Ohio - Policy Matters Ohio, Northeast Alliance for Hope,
Mahoning Valley Organizing Collaborative
Empowering and Strengthening Ohio's People
Ohio State Baptist Convention, CWA District 4
CCISCO: Contra Costa Interfaith,
United Students Against Sweatshops,
National WAMU Homeowners Support Group
UFCW Local 75, Local 1059
SEIU Local 1, SEIU District 1199
Northeast Alliance for Hope, The AMOS Project,
Alliance to Develop Power, Kirwan Institute,

Illinois -  Illinois People's Action ,



Communities United for Action
Working in Neighborhood
Iowa - Citizens for Community Improvement
Minnesota- Take Action Minnesota
Michigan - Michigan Organizing Project
Grass Roots Organizing
Community Voices Heard' Lakeview Action Coalition
Southsiders Organized for Unity and Liberation
New York - PUSH Buffalo
Northwest Bronx Community & Clergy Coalition
South Austin Coalition Community Council
Sunflower Community Action, Syracuse United Neighbors
Voices of Community Advocates and Leaders
Farm Labor Organizing Committee
Single Payer Action Network
HVLGBTQ Community Center, The Carpe Diem Voice
Bailout Films, LLC, M.O.M.S. Movement

Allies:
OHIO FRAUDclosure, Virginia Organizing, Tubman Institute
Neighborhood Economic Development Advocacy Project
Communications Workers of America
Moveon.org, USUncut
Center for Community Change

The Showdown in Ohio is organized by National People’s Action and the Ohio Organizing Collaborative, and is part of the New Bottom Line Campaign.
twitter: @NBLcampaign, @streetactionNPA

Mahoning Valley Organizing Collaborative tweet:
We're on the way down to Columbus for a #newbottomline for our economy. Going to #makewallstpay at the chase shareholder meeting.

Update - Showdown in OHIO - Update

                JP MORGAN CHASE & CO 
Clergy, Homeowners, Workers travel to Columbus for 
                        - Showdown in Ohio -
When:  Tuesday May 17^th - 2011

Where: Columbus, OHIO – Corporate Headquarters
 1111 Polaris Parkway, Columbus, OHIO (Google Map Link)

Time:  10:30AM - until..... JP Morgan CHASE "listens to Americans"

Event:   Shareholder Meeting
Who’s invited: Public Shareholders of  JP Morgan Chase (JPM)

Why OHIO?

OHIO is ground zero and proof positive of the success in which JP Morgan Chase has had with Foreclosure as a Business Model. The cost of JP Morgan Chase foreclosures to the State of Ohio taxpayers is estimated at $5.4 billion.
Ohio is one of the states hardest hit by the epidemic of foreclosure and joblessness caused by Wall Street.  It is a state where unions have been under attack, and where hard-won labor rights that built the middle class have been stripped away from teachers and public sector workers.  Big banks like JP Morgan Chase are destroying neighborhoods across the state with record foreclosures.  More than 280,000 homes are expected to go into foreclosure in Ohio by the end of next year, putting even more families out on the streets and depleting the tax base further. JP Morgan Chase had rejected 354,822 families from the Obama Administration’s Home Affordable Modification Program (HAMP) almost as many as Bank of America and Wells Fargo combined. 

Mahoning Valley Organizing Collaborative spokeswomen Sybil West:
    "[They've]...had a devastating effect on Ohio and America’s economy, and they need to start being part of the solution. Chase needs to modify mortgages to keep people in their homes and needs to start lending to small businesses to create jobs and rebuild the economy.”

Since the financial industry bailout, Chase reduced small business lending in Ohio 75%, resulting in increased unemployment and a diminished tax base.  Protesters will draw the connection between Wall Street abuses and Ohio’s revenue crisis. This action comes as the Attorneys General and the big banks are negotiating whether the banks will be required to offer principal reductions to homeowners - the single most important tool that would help resolve the foreclosure crisis. The protest in front of JP Morgan Chase shows, homeowners around the country will not accept a settlement agreement that does not include principal reductions or lets the banks off the hook!

A new report by National People’s Action shows that nearly 1 out of every 20 housing units in Cleveland, Cincinnati, and Columbus have been lost in foreclosure and have become bank-owned property during the last 3 years.

According to SEIU, JP Morgan made $125 million in savings and checking fees in Ohio in 2010 with $.33 per $1 going to compensation and bonuses. That means JP Morgan Chase took $41 million out of Ohioans’ bank accounts in 2010 and gave it directly to fund big bonuses.

Attendees:  1,000 clergy, homeowners, unions, and members of National People’s Action and Ohio Organizing Collaborative. Speakers include the SEIU President Mary Kay Henry. 

Ohio Governor: Newly elected Ohio Gov. Kasich has long relied upon Wall Street to fund his political career.  Between 1990 and 2000, when Gov. Kasich served in the U.S. House, he raised $320,646 from the securities & investment industry, and 3 of his top 5 corporate patrons were banks! Among them Bank One – a company he used to lobby for -- which gave him a total of $47,500 (now owned by JP Morgan Chase) JP Morgan also contributed $10,000 to Kasich’s inaugural [governor] committee.

Why JP Morgan Chase: Despite being bailed out with public tax dollars after almost destroying the global economy with their recklessness, JP Morgan Chase and its CEO Jamie Dimon are back to making record profits by any means necessary.  In Ohio, JP Morgan Chase is gouging state and local governments with toxic interest rate swaps that siphon tens of millions of public dollars from Ohio to Wall Street, cheat counties out of mortgage recording fees, destroy communities through foreclosures, ship jobs out of Ohio, cut off lending to small businesses, and charge Ohioans millions in fees.  Instead of lending to small business to create jobs and keeping families in their homes, JP Morgan Chase is blaming the middle class for the sins of Wall Street.
As of June 2010, JP Morgan Chase had $19.5 billion worth of foreclosed homes on its books—more than any other bank in the country.  Another $54.5 billion of mortgages that the bank services for other lenders were also in foreclosure.  Despite large incentives from taxpayers, as of January 2011.

Visuals:  10’ puppets, huge banners and signs

Read BOTH of the below linked stories, and then ask yourself..
Can I really sit back ...and continue....to do nothing!
Stories are well written and courtesy of Martin Andelman blog "Mandelman Matters"

INSIDE CHASE and the perfect foreclosure:

"JPMorgan CHASE is in the foreclosure business, not the modification business’."  That, according to Jerad Bausch, who until quite recently was an employee of CHASE’s mortgage servicing division working in the foreclosure department.....Bonuses were based .......on how quickly you were able to foreclosure on someone,” Jerad says. ... It was all about being able to show that foreclosures were being processed as efficiently as possible.”

HOMEOWNER suffers horrific injustice at the hands of JP MORGAN CHASE

As a warning… this story is not for the squeamish.  If you’re pregnant, or have heart disease, or just want to go on pretending that your country is still a place of which you’re proud… it’s better that you click off now… because this one is NOT going to make you laugh.....by M. Andelman 

P.S. Hey bloggers… Facebookers….. please help me get the word out on this… post, re post, tweet, re-tweet.  We can’t save everybody, so let’s save one at a time. I’m hoping Chase sees this and stops the eviction… otherwise this couple could be fighting this from a homeless shelter.  

Showdown In America - Chicago 5-12-2011

Showdown In America - Chicago 5-12-2011

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 17^th - 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:

CHASE – NUMBER ONE - in AMERICA - for FORECLOSURES(1)

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} defects in title transfer - compromise title insurance

{that} foreclosures are pursued too aggressively and completed without sufficient review

{that} borrowers current (on loans) have been foreclosed upon; (oops in AZ)

{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.