Pharaoh's of Greed Street, Chase Bank a JP Morgan Chase & Company holding announced they may have overcharged US Military Servicemen Hundreds of thousands dollars in home mortgages. At least 14 military families were foreclosed and tossed into Americas streets they defend.
The news came after a Marine FA-18 Pilot Johnathan Rowles filed class action suit against the bank.
Chase, today conceded the Marine Pilot had done everything right and Chase was wrong across the board. Hence the belated apology.
Chase announced foreclosures have stopped and those displaced would be returned their homes, dignity, neighborhoods and schools. Over 2 million dollars will be paid out in refunds. Chase has over 2 trillion of assets.
Honestly, the time for apology was in 2006 when The Captain was called to service. The SRCA Act requires home mortgages be lowered to 6% when the Captain is called to service. Chase took months to recognize the law and then reluctantly lowered the payments to reflect the correct interest rate. Months past and Chase reverted back to another higher rate and the court battle took precedents over our nations wars overseas. I have always questioned the sincerity of apology when regrets are court inspired remorse.
Not surprising Chase Bank can trace it's roots back to one of their founders Arron Burr.
Arron Burr who killed Alexander Hamilton in a duel before taking over Alexanders Bank of New York. Arron Burr charged with murder and treason sought refuge in South Carolina and was never convicted.
In 2008 Chase took 25 billion of Bush TARP Booty and repaid the debt June 17 2009 to avoid Government complications with executive bonuses. After leveraging the funds on the DOW Jones Wheel of Fortune for a year the money was repaid. The DOW Jones during this time grew from 6600 to over 10,000 from the TARP Houdini Dollars.
In addition Chase has been charged with unfair fees and obscene penalties in checking accounts and savings account banking. Their credit cards holders were victims of unexplained increases of interest rates.
During the past three years Goldman Sachs settled out of court for 500 million for lying to customers on mortgage derivative investments. Bank of America faced similar charges of lying to shareholders in the Merrill Lynch acquisitions.
It's apparent the modern day banker has brought new meaning to the term Bank Robber in the 21 century. In light of the behavior of the Banksters in the last decade, it can only make me ponder "what are the criminals doing".
I think America was much safer when we prospered from math and science technology. Our focus on becoming a banker nation has taken on the business model of Alfonse Capone of Chicago Illinois 1930.
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