JPMorgan Ousts Mortgage Chief Lowman
JPMorgan Chase & Co. (JPM), the second- largest U.S. bank, ousted mortgage chief David Lowman after it overcharged active-duty military personnel on loans and improperly foreclosed on other borrowers.
“Dave Lowman and I have decided he will leave the firm,” Frank Bisignano, the head of home-lending, said today in an internal employee memo obtained by Bloomberg News.
JPMorgan has been taking steps this year to repair its mortgage unit, which posted at least $3.3 billion in losses during the first quarter. Lowman, 54, who ran home-lending since leaving Citigroup Inc. (C) in 2006, was directed in February to start reporting to Chief Administrative Officer Bisignano, 51. The New York-based bank then hired Cindy Armine, Citigroup’s chief compliance officer, last month to increase oversight as chief control officer of home-lending.
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Why are these people not being prosecuted and put in jail? Fired is not good enough nor is Oops we made a paperwork mistake. These military men & women are putting their life on the line; this is not an acceptable punishment. The Criminal Bankers and Financial Terrorists need to be prosecuted. Homeowners are not settling for fines only…punish the perpetrators for their crimes. Banks are the new criminal class trying to destroy the American middle class; the American people are mad as hell; that these banks are getting away with these crimes we will not be quiet anymore.
The heartlessness scandal regarding military borrowers is very important in its own right but further as an indicator of broad abuse of the vulnerable.
Oversimplifying media may prefer the cliche of cartoonish stereotyped first time speculating borrowera, but let’s hear more about for example elderly evicted from their homes on impossible to repay loan deals in lender promoted mortgage origination via refi or mods or home equity deals etc…(not unlike but worse than common predatory home improvement schemes).
This forum speaks very well for all. eif
Criminal Chase is trying to make it look like just another isolated incident caused by the mistake of an employee and put the blame on one person when in fact it is the entire system and practice of such criminal banks for foreclosure fraud, not just the changing of one position.
It is horrible our soldiers have this battle at home, as they fight for our country. It is just as horrible for those soldiers and all Americans, that the very peoples freedoms they are fighting for over seas are loosing our freedoms here at home caused by our homeland terrorist. The bankster gangsters and our corrupt government and judicial system.
None are going to jail, even though many laws were broken. Just paying fines.
Asshat, not a new word, been around since the early 2000s. 🙂
I thought they quit giving out parachutes, was mistaken those at the top still get them, it is the rest of us that just get the unemployment line. Asshats…………new word, I like that one.
Found a person to blame it on, like we are stuid, he was just following orders
This is nothing but a big ring….a huge circle. They ALL move in an inner circle…from bank to bank…to the government….the circle never ends. None are put on the street…..they know to much….it is just a shuffle of corrupt bodies to keep the flow of ‘ knowledge ‘ within. Check out all those in the government….past working history…most or all worked in the financial industry. and not in your little community bank either. Crime breeds crime……………
Pretender Lenders foreclosing on active duty service members is despicable but everything the New World Order does is despicable. This foreign multinational tyranny are users and abusers. These men fight the wars these bastards create and then they treat them like dogs. Our soldiers should just put down their weapons and refuse to fight anymore of their illegal wars. 99% OF FORECLOSURES ARE ILLEGAL.
Welcome to Wonderland Mr. Lowman 🙂
This is great however, his scumbag a$$ will just show up at BOA or a foreclosure mill. JAIL these asshats if for nothing else, to prevent further abuse.
“Fight The Good Fight”
No great loss. I speculate he knew too much about the dirty laundry at Chase; thus the removal. Hope its Moynihan’s turn next. These overpaid CEOs always land on their feet though with their golden parachutes. Disgusting.
I wonder how much his parachute cost.. Would really like to see the docs on all of the houses he owns.