Daily Archives: June 25, 2016

Long Island couple sues Chase Bank after their $25K savings account disappears

LONG ISLAND — For Long Island couple Anna and Salvatore Russo, when it came to keeping track of their savings account at Chase Bank, they relied on their signature card, paper withdrawal and deposit records.

That was in 2002.

But now, there’s a big problem.

“They lost it. They don’t know what happened to it – and they can’t explain it,” Salvatore Russo said. “And they feel they don’t have any obligation even though we have a book. I don’t see any right in that.”

The Russos are now suing J.P. Morgan Chase, one of the largest banks in the country.

After they opened the savings account 15 years ago, the couple acknowledges they left the money in the account for several years.

It was a long-term investment.

“So I told her the same thing. I said, ‘you must be kidding.’ And then I started laughing because I was friendly with them. I said there’s gotta be someone in that bank who knows something about my money.” Russo said.

The Russo’s attorney, Kenneth Mollins, also claims no one at the bank told them they needed to actively reach out to Chase and check up on their funds.

“They made the deposit. They told the bank they were putting it in there long term. Nobody ever told them to come back and check on it in a year or two,” Mollins said. “And now that money is missing. All my clients want back is their money. They’re not looking for punitive damages.”

Read on.

How the late basketball player Len Bias’OD death was used to usher in era of mass incarceration

Len Bias is drafted by the Celtics and dies of a cocaine overdose two days later.

Len Bias is drafted by the Celtics and dies of a cocaine overdose two days later.(AP)

Hundreds of thousands of people would never have gone to jail if Len Bias had not died.”- Eric Sterling, former Counsel to House Committee who drafted 1986 Substance Abuse Act

Like Len Bias, many athletes will celebrate after Thursday’s NBA Draft and live to play another day. This week marked the 30th anniversary of the death of Len Bias, the great University of Maryland basketball player who died of a cocaine overdose just two days after he was selected with the No. 2 pick in the 1986 NBA draft by the Boston Celtics.

Bias’ use of cocaine sparked a seizure and he collapsed around 6:30 a.m. while talking with Maryland teammate Terry Long. Several attempts by an emergency medical team to restart his heart and breathing were unsuccessful, and Bias was pronounced dead by hospital staff at 8:55 a.m., June 19. Four days later more than 11,000 people packed the Cole Field House, Maryland’s recreation and student center, for a memorial service. At the service, Celtics president Red Auerbach stated that the city of Boston had not been so shocked since the assassination of John F. Kennedy.

Over the years, Len Bias, whose talent has been often compared to Michael Jordan’s, has spawned many more hypotheticals on the future of the Boston Celtics than the would-be future of the United States. But his impact on the latter vastly outweighs whatever he may have achieved in Beantown.

Just as Jackie Robinson helped bring an end to old Jim Crow laws of segregation, the death of Len Bias, which sparked the 1986 Ant-Drug Abuse Act, helped usher in “The New Jim Crow” of mass incarceration in America. The 1986 Act’s harsh focus on mandatory minimum sentencing and disparity in crack vs. cocaine penalties led to an explosion of black bodies in prison.

Read on.

 

What???Quicken Loans now offering 1% down mortgages

Here are the details on the program that no one is talking about

While megabanks like Bank of America, Wells Fargo, and JPMorgan Chasegrabbed the headlines earlier this year by separately announcing plans to offer mortgages that only require a 3% down payment from the borrower, there is another major lender that is quietly requiring even less from borrowers.

Unbeknownst to many in the market, Quicken Loans began offering an even better deal for borrowers late last year – a 1% down mortgage.

But, here, the company opens up for the first time about the product.

First, Quicken’s 1% down mortgage program isn’t for everyone, as there are several stipulations and requirements, but a 1% down payment is still a 1% down payment.

It’s still 66% lower than what Bank of America, Wells Fargo, JPMorgan Chase, and many other major lenders are offering.

Read on.