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Foreclosures in Violation of the Servicemembers' Civil Relief Act

posted by Adam Levitin

A few months ago, after the robosigning scandal broke, the banks assured us that they had done a thorough review of their foreclosure processes and everything was in order.  I seem to recall JPMorgan Chase's CEO Jaime Dimon stating in an Oct. 13, 2010 earnings call, "for the most part by the time you get to the end of the process we're not evicting people who deserve to stay in their house." Thus, by mid-fall, the banks had sounded the all clear sign, and said it was safe to go back in the waters. 

And yet now we learn that JPMorgan Chase has been engaged in wide-scale violations of the Servicemembers Civil Relief Act, including overcharging active duty military members on their mortgages and wrongfully foreclosing on their homes.  That's a lot of egg on JPM's face right now.  I guess, given the scope of JPMorgan's foreclosures, Dimon's "for the most part" statement is true, but it hardly instills confidence that our foreclosure process is working properly.

Banking is a business based on trust, and the farther we go down the foreclosuregate rabbit hole, the harder it becomes to believe the banks.  How many times are we going to keep believing the "there's nothing to see here folks" line?  Can we trust Jaime Dimon when he tells us that the situation is under control?  What happens to our financial institutions when they lose their credibility with the public?

Footnote:  anyone want to specultate on whether JPM as a servicer is liable for FDCPA violations? How about FCRA?

Comments

Alot of people think we are doomed, but there are still great ways to make money. Even while the economy is collapsing around us.

I subscribe to the guy from australia and his FFT economic newsletter at http://www.forecastfortomorrow.com that guy has called many big events before they have happend, including the stock market crash in 2008 and the current financial collapse of the US. (currently happening) I found him from a friend last year, and he has some important work.

His oil calls are insane, and I have been making good money with them. He is well worth a look, if you want to keep two steps ahead of the sheeple out there.

I am worried about my financial future. Is anyone else nervous out there?

I have been blogging against Chase Bank and Jamie Dimon's tactics since April of 2009 when I started my first Chase Bank protest blog http://www.daily-protest.com

Since then, I have started http://www.bloggersagainstchasebank.com http://www.thecatwhoatechasebank.com, http://www.robotsagainstchase.com and http://www.parallelforeclosure.com

Parallel Foreclosure dot com resulted in http://www.swarmthebanks.com and http://www.unfairforeclosures.com

http://www.unfairforeclosures.com has a theme of the month, January is Foreclosing on Cancer patients month, and ironically, February is foreclosing on our soldiers, police and fire personnel month.

It never ends with Chase, and Chase never "Changes".

Jamie Dimon and Barack Obama are good buddies. The progressives in the democratic party will never admit that Hillary Clinton should have, and would have been the 2008 democratic nominee if they had played fair.

No pre-paid credit card donations that cannot be traced, no funny business in the democratic caucus contests, no funny business of moving up Illinois's democratic primary date from the end of March to the beginning of February while denying an obviously desperate Michigan a chance to have its votes count.

Progressive democrats did a number on this country and the middle class is paying or it.

Unfortunately, unless something has changed while I wasn't looking, FDCPA only applies to servicers when the servicer inherits a loan that was already non-performing when they obtained the servicing rights to it. Schlosser v. Fairbanks comes to mind... Of course, that doesn't necessarily apply to the FC mills handling the action on behalf of the servicers....

Just put up the files from the Servicemembers case...

Jonathon Rowles v. Chase Home Finance, LLC

FULL COMPLAINT, PETITION FOR TRO, CHASE HOME FINANCE, LLC’S RESPONSE TO PETITION FOR TEMPORARY RESTRAINING ORDER, and REPLY MEMORANDUM IN SUPPORT OF MOTION FOR PRELIMINARY INJUNCTION

Link to files: http://wp.me/pFWnq-4qA

I agree completely with the author. These banks seem attractive from a distance, but the closer you go, more you feel cheated. You don't tend to trust these banks anymore.

A very sad state and disregard to soldiers and their families. As a veteran, I say a disgrace across the board and to those who participated from the bottom all the way up, the penality should be 8 weeks of military basic training for starters. Though over the age limit I will volunteer to be the drill instructor.

I really hope they get it for this. Taking advantage and "possibly" violating our service members rights is about as low as it gets in my opinion.

Here's a blog on a few key parts of the SCRA
http://www.mycreditgroup.com/blog/scra-military-credit-repair/

The banksters do what ever they want and in the long run they get away with it because the government and the courts depend on reelection funds etc from the banks. i.e. Phony affidavits used in debt collection lawsuits and foreclosures --- Banks call it a "paper glitch" --------- if you or I were to use phony affidavits it would be called a felony.

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