Reuters is reporting that JP Morgan Chase’s CEO for their home mortgage business hightailed it out of a congressional hearing after telling borrowers they could come to him with their mortgage problems. Too bad there were some in the audience! Whoops!
Lawmakers asked David Lowman who borrowers could turn to if they felt his bank’s employees were not helping them keep their homes.
“Come to me,” he replied to Barney Frank (D-Mass.)
A few minutes later Reuters says 50 borrowers burst from the audience with papers alleging that the bank “reneged on a pledge to help struggling homeowners”
“He ran. He ran like a dog with its tail between his legs,” said Bruce Marks of the Neighborhood Assistance Corporation of America (NACA), which helps homeowners avoid foreclosure. “He was scared to death because he doesn’t really want to talk to homeowners.”
Hey maybe that’s why they call it Chase. (Ok, no, it’s for Salmon P. Chase. There, you learned something because I had to make a terrible joke.)