Daily Archives: January 21, 2014


Santa Clarita Family Claims Home Was Foreclosed Upon Illegally: Military vet sues JP Morgan Chase

Santa Clarita Family Claims Home Was Foreclosed Upon Illegally: Military vet sues JP Morgan Chase

About 16 months after Habitat for Humanity volunteers rehabbed his Stevenson Ranch home, a military veteran is suing JP Morgan Chase over what he claims was an illegal foreclosure.


Tom McDivitts, a 10-year Army veteran and trained nurse, filed suit against JP Morgan Chase after, he says, the bank gave him no opportunity to follow through on a program he signed up for that he thought would help his family keep their home.

The McDivitts worked hard to save the home that the family purchased in 2001, said Mark Young, attorney with Donahoe and Young, the firm representing the McDivitts.  

McDivitt said his family had financial trouble after his wife, Stacey, became ill.

“We reached out for help, and had to declare bankruptcy so that we could keep our head above water,” he said.

When he contacted the bank, he began a HAMP program, he said, which he thought would let the family keep their home.

The Home Affordable Modification Program is “part of the Obama Administration’s comprehensive plan to stabilize the U.S. housing market by helping homeowners get mortgage relief and avoid foreclosure,” according to the program’s website.

For those in financial trouble, like the McDivitts, the program offers assistance to avoid foreclosure and ways to lower the monthly payments to prevent families from losing their homes.

However, the bank used it to engage in a practice called “dual tracking,” according to the lawsuit. This is when a bank works with a customer who is behind on a mortgage while going forward with foreclosure proceedings on the same home. 

The practice is considered illegal in California under a bill signed into law by Gov. Jerry Brown in July 2012.


JPMorgan Chase & Co. : Former JP Morgan executive was questioned by FBI – Bloomberg

JPMorgan Chase & Co. : Former JP Morgan executive was questioned by FBI – Bloomberg

A former JPMorgan Chase & Co executive who ran the banks operations in Asia was questioned by FBI agents late last year about a bribery probe related to the bank’s hiring practices, Bloomberg reported on Monday, citing a person briefed on the matter.

Gaby Abdelnour, who left the bank in 2012, was questioned by the investigators in a New York-area airport, the report said. According to the report, Abdelnour and JP Morgan have not been accused of wrongdoing.

Abdelnour could not be immediately reached for comment. JP Morgan declined to comment.


Cuomo to Split JPMorgan N.Y. Settlement Funds With Schneiderman

Cuomo to Split JPMorgan N.Y. Settlement Funds With Schneiderman

Governor Andrew Cuomo and Attorney General Eric Schneiderman agreed to split the first $163 million of New York’s $613 million share of a settlement with JPMorgan Chase (JPM) & Co., according to their offices.

The two Democrats had been dueling over the funds, a piece of a $13 billion federal-state settlement with the bank. The deal directs about $81.5 million to Cuomo’s control, where it’ll go toward housing programs, according to Rich Azzopardi, the Cuomo spokesman.

The remaining $81.5 million will be distributed by Schneiderman’s office to anti-foreclosure programs, Matt Mittenthal, a spokesman for Schneiderman, said in a statement.

“This agreement on the first year of funding for the JPMorgan settlement will provide help to those who have been hurt most by the housing crisis, and make certain that this money will be dispersed with maximum accountability and oversight,” Azzopardi said in an e-mailed statemen


Farage: We Are NOW Run By Big Business, Big Banks & Big Bureaucrats