JP Morgan Chase & Co.
Attention: MEMBERS OF THE BOARD OF DIRECTORS
Office of the Secretary
270 Park Avenue, 38th Floor
New York, New York 10017

Dear Members of the Board:

As a JP Morgan Chase stockholder and as a customer of Chase and WAMU, I am writing to you to bring to your attention numerous unfair, immoral and unethical business practices and policies, possibly even fraudulent practices, within Chase Bank and WAMU regarding home loan customers and credit card holders.

Customer care, good will, and trust have become nonexistent between Chase and your home loan and credit card customers. You run rough shod over your customers in ways that exhibit evil, avarice and greed beyond compare. You are an organization without any morals or ethics – an organization that demonstrates no “customer care” whatsoever. You are hurting people in ways you cannot imagine and thus hurting your investors and damaging Chase’s own future. You are not dealing in good faith with your customers.

I am a sixty-three year old Vietnam War widow, mother and grandmother. I work as a mediator and own a small bed and breakfast business. I have worked hard all my life. I have always done my best to meet my every financial obligation in a moral and ethical manner. I have been a long time customer of Chase bank as a home owner having a WAMU first and a Chase HELOC, and as a credit card holder. Like the majority of Americans – and the majority of your customers – my finances have been deeply impacted by the economy. I am struggling with my mortgages with Chase and WAMU and credit card debt. Up until a few months ago I had NEVER been late on a payment nor had I ever missed a payment. I had truly been a good paying customer of Chase and WAMU. Unfortunately the recession has deeply impacted my life and I am trying to save the home I have owned for thirty-seven years. I have tried my best to work out something with Chase. I am now at my wits end – as are countless other customers of your bank due to the banks unfair and immoral policies and practices.

Chase has and continues to generate bad will towards you customers through the following policies, procedures, and behavior:
1. WAMU and Chase Home Equity Lines of Credit (HELOC) teams make repetitious, redundant requests for documents, often within a few days of one another, for modification of first mortgages and/or HELOCs. (I.e. I have provided the same set of documents four times within one month.)
2. WAMU leads customers to believe that Notices of Default will be rescinded when the customer enters into a “trial modification agreement” with the bank and then never files the rescinded documents with the County Recorder.
3. WAMU does not provide customers with updated statements after receiving payments according to the terms of their trial modification agreements.
4. Customer must send payments by Federal Express and certified check during the trial agreement even though customer has never given a bad check to the bank at any time.
5. Unfair and unbalanced methods in filing Notice of Defaults on your customers’ homes. [For example I missed three payments and you filed a NOD on me, when other bank customers have missed twelve or more payments and no NOD has been filed against their property.] There seems to be neither rhyme nor reason, leaving one to believe that perhaps some bank officer wants the customer’s home for himself or herself as happened with a well-publicized case involving Wells Fargo Bank.
6. Threatening customers with imminent foreclosure sales when requesting updated documents for home loan modifications — implying a date for a foreclosure sale has been established when it has not in fact been set and when a trial modification agreement is in force – and even when the customer has fully complied with every payment as agreed and every document request. Or implying that the trial modification is in danger.
7. WAMU and Chase utilize blanket form letters to request documents that may or may not have any bearing on a customer’s individual situation.
8. Unfairly jacking up credit card interest rates to 29.9% without due cause just because you could do so – thus forcing customers into default, late payments, or bankruptcy.
9. The HELOC home loan representatives negotiate oral trial modification agreements with customers then never provide customers with a written trial modification agreement, thus rendering the customer’s understanding of the agreement null and void. The customer has no proof of the terms to which he/she agreed, thus rendering the trial agreement unenforceable. This is probably fraudulent behavior.
10. Unclear terms (oral terms) on HELOC trial modifications – not dealing in good faith with your customers.
11. HELOC collection calls made on a daily basis to the customer even though the customer has made payments in accordance with the so-called (oral) trial modification agreement.
12. HELOC collections personnel have no knowledge that a customer has a trial modification agreement in place.
13. Failure of the HELOC team to notify your customer in writing or otherwise if the application for modification is declined.
14. HELOC team declaring that a person is not paying as agreed after they enter into a trial modification agreement with customer and customer fully complies as agreed.
15. HELOC collecting people making threatening calls to customers during the period of the trial modification.
16. Continuing harassing collection calls from credit collections beginning at 8 o’clock in the morning up until 9 o’clock at night, seven days a week, numerous calls all day long.
17. Chase HELOC collections call customers even when trial modifications are in place and all terms have been met to date.
18. Collection representatives (foreigners and Americans) who lack proficiency in the English language and have no ability or desire to resolve any issue, who follow a script, and who deal in an antagonistic fashion with customers.
19. Collections representatives who are from India, Pakistan, Mexico, and other third world nations. They cannot be understood. They cannot answer questions. They cannot negotiate. They speak to customers like we are animals, showing no respect nor “customer care.”
20. Rudeness and mean-spirited behavior by your collection representatives.
21. Collection agents who refuse to provide customers with their name and identifying employee number or information, as required by law.
22. Collections agents who refuse to give out even the most basic account information such as the account number, balance, interest rate, or payment requested – as often as six times in one call.
23. Collection agents who use abusive tones of voice and language with customers.
24. Collection agents who demonstrate racist behavior towards Caucasian customers speaking to them in a surly and disrespectful manner.
25. Collection agents who are uneducated and cannot negotiate or reason on any level.
26. Collection calls that are meant purely to harass your customer.

On a personal note let me share with you my situation. In July 2009 I made an appointment to come into a Chase Home Modification Center in Oakland, California, to present my application for loan modifications on my WAMU first mortgage of $1,247,000 and my Chase HELOC of $198,000. The bank officer did not note the appointment or our conversation in my file so Chase immediately moved to begin foreclosure proceedings on my property (a home I purchased with my late husband’s Veterans benefits and that I have owned since 1972). This caused and continues to cause me unbelievable stress. I obtained a trial modification with WAMU and have complied with every request and every payment as agreed; and I obtained a trial modification with Chase on the HELOC and again complied with every request and every document as agreed. I have given up trying to deal with Chase on my credit card issues. I still do not have a permanent modification in place on either the WAMU first or my Chase HELOC.

I have been subjected to non-stop, daily credit collections call on my HELOC, even though I have complied with every payment. When I have called Chase HELOC customer care, my calls have been set into the ethers. I finally used money reserved to pay my medical bills to bring the HELOC current though according to the trial modification agreement it was current. I have been treated with utter scorn, disdain, and disrespect even though I have done my very best to cooperate with Chase and to make my trial payments as agreed. I feel utterly harassed by Chase Bank and your collection people; so much that I sent a “cease and desist” letter to HELOC collections.

Chase’s policy of harassment and besieging the customers is not helping Chase Bank. It is not helping your customers meet their obligations. It does not engender good will or make for good “customer care.” If your customers could pay, they would. No one wants to be subjected to the hell that you are raining down on your customers.

May God forgive you for the evil you are perpetrating on your investors and your credit customers.

May God provide a way for me and your other countless customers to be free of your unethical policies and practices and for us to be able to retain our homes and peace of mind.

Sincerely,

Michael, I will one up you, I,m ready to go door to door and get signatures. I have access to talk radio and meeting halls. I am ready to assist in a class suite. I will organize others to use these tools. I want these thugs to pay for their inability to function because of their rampant corruption.

Oh, yeah, I’ve gone commando!

Every chance this will go to Class Action now. Already talking to an attorney, as a matter of fact. Please contact me – mwalsh (at) smad. com

Every chance now that this will go to class action. Already talking to a lawyer, as a matter of fact. Please visit my blog to contact me: http://chasebankwillscrewyou.blogspot.com/