Mortgage Banker Mobbed by Furious Borrowers

Wednesday, 14 Apr 2010 08:38 AM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
The mortgage chief of the second largest U.S. bank was mobbed by angry borrowers after he invited customers to speak to him if they feared foreclosure of their homes.

The JPMorgan Chase executive was at a congressional hearing Tuesday in Washington when a lawmaker asked him who mortgage borrowers could turn to if they felt his bank's employees were not helping them hold onto their homes.

"Come to me," said David Lowman, chief executive for JPMorgan Chase's home mortgage business in response to the question from Massachusetts Democrat Barney Frank.

Minutes later, around 50 borrowers burst from the audience and presented Lowman with a six-page document alleging his bank reneged on a pledge to help struggling homeowners.

The activist who organized the protest said Lowman did not want to talk and left the hearing.

"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."

The incident is symptomatic of frustrations among U.S. homeowners as defaults and foreclosure filings dominate the housing sector more than three years after the property bubble began to deflate.

NACA organizes events where borrowers try to get loan modifications with lenders.

The group says JPMorgan signed up to the NACA program but dropped out in December.

A JPMorgan spokesman declined to comment on the complaint.

© 2014 Thomson/Reuters. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Economist: Unemployment Rate Worse Than Figures Show

Thursday, 02 Oct 2014 12:46 PM

Leading economist Jared Bernstein has warned that the current jobless rate does not reflect the real extent of the slac . . .

FCC Unlikely to Pull Off 'Hail Mary' on Redskins Name Ban

Thursday, 02 Oct 2014 12:38 PM

The Federal Communications Commission (FCC) most probably will not try to stop radio station WWXX-FM from referring to W . . .

Rules Change Could Force Boehner Dissenters Off Committees

Thursday, 02 Oct 2014 11:36 AM

Capitol Hill sources say a proposed rule could cause conservatives who oppose House Speaker John Boehner's re-election c . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved