In a move meant to help repair its reputation, leadership of JPMorgan Chase forced out David Lowman, head of their mortgage unit. As bank “fraudclosure” and bank blunders are coming to light during federal regulators’ examination of bank practices surrounding foreclosure, someone had to take the hatchet.
One of the biggest mistakes JPMorgan Chase made in their haste to foreclose on hapless lenders, was to overcharge military personnel on their mortgages, and to foreclose on the homes of 27 active duty military personnel.
For those families who sent their husbands, wives, and children off to war, to protect our country, it is really too much to ask that they need to worry about the homes that they live in here. In most cases, military wives are almost single moms raising their kids here while their husbands are in active duty.
While I don’t know the personal circumstances for each of the 27 families that were affected, not to mention those who were overcharged, it is good to know that the federal government is chasing down the culprits. However, it would be even nicer if we didn’t all have to worry about banks trying to steal from hard working American families of any stripe, as most people are just trying to keep their families fed and clothed as the economy languishes, in part due to the negligence of the banks and of law makers in regulating them.
At the very least, why not have the banks hire the people they are throwing out of their homes to replace the uneducated robo-signers that they have had signing overblown mortgages. Maybe then, Ohioans and other Americans will be able to pay their mortgages, and the financial world will be set back in its feet again.
In the meantime, it is good to know that JPMorgan Chase is finally being taken to task for its huge blunders, and hopefully they will do more than just sacking the chief of the mortgage unit, and actually clean house, foreclosing on their part in this dismal chapter in financial history of the United States.