Once you read the allegations in the cases included in this post, I strongly suspect you will agree that the “ruining lives” in the headline is not an exaggeration. And as important, these two cases, with very similar fact sets, also suggest that these abuses are not mere “mistakes”. These are clearly well established practices that Chase can’t be bothered to clean up, since cleaning them up costs money and letting them continue is more profitable.
Both cases took place in Alabama. In both cases, the borrowers had made every mortgage payment on time. One was a couple with three children, the Barnetts. The second is a widow, Besty Barlow, but her husband was still alive when this ugly saga started.
Read the rest over at Yves blog here. Basically, the allegation is that these two people had homes and were making every payment on their mortgage. They were not in arrears. Their homes burned down due to no fault of their own – that is, they didn’t commit arson, they had an ordinary house fire.
And there things went sideways – it is alleged Chase intentionally dickered around with the payment from the insurance company, thereby forcing a default that would not have otherwise happened, and then foreclosed, effectively stealing the insurance proceeds and the property.
Yes, Chase is getting sued, as they should be.
The better question is why the OCC isn’t in there and why the executives of this organization aren’t being led away in irons.
Of course we know the answer, right? The Obama administration, just like the Bush administration, is perfectly happy to watch banks steal.
We live today with a literal criminal government.