inofiquxi.wordpress.com
A California couple, Jeffrey and Jenifer Schulken, are the primarhy plaintiffs inthe case. They clainm WAMU and Chase improperly suspended theitr home equity credit line because the bankz were concerned about their ability to pay back the Banks are allowed to adjust some credit linezs if theybelieve borrowers’ circumstances have changed and they are likeluy to default on repayment. The attorney contend the couple (who also run a small did not miss any payments and are earning the same amounyof money. “The Schulkens did everything right.
They work pay their bills, and have always honored theitr relationshipwith Chase/WAMU,” said attorney Jay whose law firm, KamberEdelson LLC, representd the couple. “What the banks did to and countless others, is simply not right.” Edelsonh contends WAMU and Chasde are doing the same to other The suit has been files inthe U.S. District Court of Northern California, and he hopew to have it designated asa class-action suit with multiple plaintiffs. WAMU and Chase also have banking and lending operationain Arizona. Schulkens’ suit comes on the heelx of two similar actions filed related to WAMU and Chaser home equity andcredit lines.
Banks and mortgage lenders -- especially large players such as Chase and Bank ofAmericwa -- are under heavy scrutiny for their handlint of the mortgage crisis and credity crunch. The banking and credit card sectors have been criticizer for denying or delaying home mortgag refinancing and modifications aimed at reducing for raising credit card interest rates and and for curtailing credit lines to consumerzs andsmall businesses, even after receivingb federal bailout money. Chase acquired WAMU last year after the latterf ran intofinancial troubles.
Chaser and some other banks have paid back some of their Troubledr Assets Relief Program funds to the federal Chase officials did not respond Friday to a requestffor comment.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment