Report: #597260

Complaint Review: JPM Chase Bank Aka Chase Home Finance LLC - Internet

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Ripoff Report is Xcentric Ventures

Submitted: Tue, April 27, 2010
Updated: Tue, April 27, 2010
Reported By: JDW — Rancho Cucamonga California United States of America

Author Not Confirmed

Why?

JPM Chase Bank Aka Chase Home Finance LLC Cleveland, OH Internet United States of America

Phone:
Web: www.chase.com
Category: Mortgage Companies

JPM Chase Bank Aka Chase Home Finance LLC Chase Home Mortgage, Chase Mortgage, JPMorgan Chase Bank, Indemnity Claim for fraud and misrepresentation in Loan Origination Internet

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In mid 2005 I was approached by a Wholesale Acct Representative from Chase Home Finance/Mortgage and signed their "onesided Broker Agency Agreement" and began marketing and originating loans offering their "much dreaded" STATED INCOME/STATED ASSETS (SISA) and 100% (or No Downpayment) Loan Programs. Their representative didn't even discuss the Agency Agreement and just proceeded in discussing their great "niche products". That their loan programs/products are "no brainer" programs as it DOES NOT need INCOME nor ASSETS VERIFICATION as long as clients has Fico scores 700 and up, stable employment and reasonable work description. This is what they call "investment quality loans". This particular client is a Nursing Manager at Kaiser Permanente and has been employed their for at least 25 years. Last March 18, 2010 I got a call and letter from their "attorney" that Chase wants me to "Indemnify" them because my client had foreclosed on her property in 2009. They claimed that I committed fraud and misrepresentation on the loan of my client (Ms. Evelyn Flores) for not submitting "investment quality loans" as I've used their SISA program . Their Lawyer was asking me to settle this at a "substantial discount". They claimed Chase loss more than $195,000 which is untrue. The loan was originated in June 2007 for $135,000, how could they incur a loss of $60K in a span of 1 1/2 years. For your information and reference, I wish to discuss more about this "ridiculous claim" in a more detailed manner hoping that we can put a stop to this monsters who preys on small people/mortgage broker like me, inspite of their bailout money. I'm pretty sure that there are more brokers like me in the same situation as Chase has been very agressive in marketing their products here in Southern California since 2005. I'm more than willing to look for these mortgage brokers to join me in a Class Action lawsuit if there's any law firm willing to take this action to the next level.

This report was posted on Ripoff Report on 04/27/2010 08:46 AM and is a permanent record located here: https://www.ripoffreport.com/reports/jpm-chase-bank-aka-chase-home-finance-llc/internet/jpm-chase-bank-aka-chase-home-finance-llc-chase-home-mortgage-chase-mortgage-jpmorgan-ch-597260. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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