It appears that Chase Bank has a division that continuously checks the net for any posts or comments about them. So it shouldn’t take them long to find this one. It didn’t take them long at all to find the videos that my friends and short sale competitors, Kevin and Fred had at their site, Short Sale Power Hour.
Then the lawyers for the Chase Bully and Threats Division got involved. The videos in question had Kevin and Fred talking about their experiences and interactions as short sale agents dealing with Chase. The Chase Bully and Threats Division didn’t like the videos of Kevin and Fred talking about Chase Bank’s short sale division but there wasn’t anything Kevin and Fred were saying in the videos that Chase could claim was false or untrue or that would justify asking for them to be removed or modified. That didn’t matter.
During a very lengthy (6 hours, I am told) conversation, the lawyer from Chase told the lawyer from Keller Williams Realty International that if the videos in question, mentioning Chase, were not removed from Kevin and Fred’s Short Sale Power Hour site, Chase Bank would pull every REO listing from every single Keller Williams agent! There are 80,000 Keller Williams agents. Every REO listing that was a Chase listing from every single KW agent anywhere in the world.
Now that’s a damn nice threat!
I want one! I want Chase Bank to threaten me. Here is how they can get in touch with me so I can be threatened too.
August 19, 2010 at 9:51 am
So how did KW respond to the threat? Inquiring minds would like to know!
Jim from Massachusetts who's afraid to use his last name...
August 19, 2010 at 11:01 am
Usually Russell, your posts get a LOT of replies. This one, 2, if you count me LOL..
I suspect there are a lot of scared agents out there… afraid to even “peep” the name “Chase”…
August 19, 2010 at 1:21 pm
You go, Russell! You and Kevin and Fred are our heroes! I hope this all goes viral and that other national brokerages and NAR team up to get Chase to back down.
This is definitely a free speech issue — and probably a restraint of trade issue as well. The standard of defense against libel and slander suits is truth. I can see such a suit being thrown out on a Motion for Summary Judgment (early on in the process).
However, the threat to pull REO listings from all KW agents is vicious and underhanded — and will hopefully result in a public relations meltdown for Chase — like the ones that happened every time BP’s former U.S. CEO opened his mouth. Don’t these “too big to fail” banks know that the general public sees them as pond scum? And that the agents/brokers can be characterized as the homeowners’ advocates for them and are not the banks’ lackeys?
August 19, 2010 at 1:34 pm
Dan, sorry that wasn’t clear. The KW lawyer asked Kevin and Fred to remove the posts to protect the other KW agents.
I believe that rather than trying to simply suppress free speech – why not actually encourage dialogue for improvement. If you allowed people to voice their frustrations, you could learn what people are saying about you and do something about it. Or you could just shut them up and cost yourself future business and be openly mocked and cement permanently a terrible reputation.
August 19, 2010 at 4:26 pm
Darn! I would have liked to see the KW broker stand up to them and threaten to go public with this demand. If they went through with it I would threaten them back with the promise of calling for an industry wide boycott of Chase REOs, short sales, and new loans. Seems like they would have more to lose.
August 19, 2010 at 4:07 pm
Russell, I have only met you a few times. Fred and Kevin, I know a little better. I can’t ask for better role models in this business then you guys and how you handle stuff like this. Keep up the good work guys.
August 20, 2010 at 8:54 am
I have been in the Real Estate Industry for over 20 years, I have seen many changes, but none like this. I would be happy to have some Chase Short Sales, why do they only give them to Keller Williams Agents, send me some and I’ll show you how to sell them without all the drama!
August 23, 2010 at 10:26 am
Bill – Maybe you don’t understand the post or how short sales are obtained but I will challenge you to re-read his the post and your comment as it makes no sense. Chase doesn’t had out short sales and no banks gives all REOs to one brokerage or company.
August 20, 2010 at 5:35 pm
You’re right this is one big threat. I guess it just reminds you to be careful of what you say, especially if you’re part of a big organization.
August 21, 2010 at 10:14 pm
I love it and I hope it happens. We have a KW office that is big on REOs and what they have been accused of doing is that once they know they are getting the reo listing they go in and rape the home of everything possible. In my case they even took the granite back splash. Then when they get the listing they put the home back together again and bill the bank for repairs/rehab.
August 22, 2010 at 7:11 pm
Chase has a problem out there….
August 24, 2010 at 12:19 am
Where is the National Association of Realtors when our industry is being threatened? I am disappointed that we are not taking a stand against this kind of abuse. Chase bank is threatening the 3rd largest Real Estate Company in the nation and we just get down on our knee’s…. What????
August 24, 2010 at 6:16 am
I admire your stand on the issue and join the previous commentator that said “you are our hero”. What Chase did is pure communism; they killed one of the core values of America, the free speech. I just think it is a pity that KW decided to withdraw the videos rather than pursuing the legal course. As a Realtor, I would have joined a boycott. Moreover, “we, the people” must fight for our values, not cave in every day for yet another economic benefit. While I understand KW’s concern and care for the welfare of their agents, I also believe that we, as an industry, missed the opportunity to make justice to the country, on one hand, and to level off the Realtors’ relationships with the banks.
Thank you very much for posting the issue and congratulation for your formidable position.
With all my respect,
August 24, 2010 at 12:46 pm
I am a Realtor also. I had a home built and Chase is the morgage company. The home has Chinese Drywall and my family was getting sick ( nose bleeds head aches and respitory isues) so we had to move out. I listed the property with another agent as a short sale. (per Chase guide lines) She brings in a contract for $199,000.00 the BPO comes in at 129,000.00. The cost to repair is over $440,000.00 and its been eight months since that has happen and Chase has made me fax them all documents at least 30 times. And I just heard from my agent and they need the same documents re faxed again… And still no approval or closing date I have spoken with them on the phone at least a hundred times and they have accused me of planning this??? I am fed up with all large banks that are to big to fail. I pay my taxes to bail them out but they could care less about my issues and refuse to do anything in a timely matter. I have done over 40 short sales last year and cant get my own done with Chase they are the most incompitent bank on the planet and the goverment bails them out. Let them FAIL!!!… I will never do any business with Chase or have any of my past and future clients deal with them either..
They get the Gold Mind and we get the Shaft…
August 24, 2010 at 7:39 pm
My assistant and I have been doing short sales for over 4 years. Chase has been the most difficult to deal with. I understand they want their money, but they are beating a deal horse with my poor clients.
August 25, 2010 at 7:14 pm
Russell, while BoA takes the cake for Retards, Chase takes the cake for BULLIES! I totally agree!
here are a few things CHASE has done to my short sale sellers:
1) used “skip tracing” to get “other” phone numbers where my sellers could be reached and LEFT Messages that “Chase is calling on a very important business manner” on my our seller’s CLIENT’S Personal Home Phone!
2) used “skip tracing” to call out of state relatives and friends (even on cell phones!)
3) must have employed thug-like collection agency has-beens to use mafia like threats
4) had people show up at clients front doors
and many more nasty, Mafia-Boss, DLevel Collection type tactics. It’s just awful!
I HOPE AND PRAY THEY DO READ THIS!
August 26, 2010 at 11:28 am
Chase is the worst. these banks will pay someday. What goes around comes around.
August 26, 2010 at 6:06 pm
Has anyone sent this to one of the major media players. MSNBC would probably take it up as well as perhaps Bob Herbert of the NY Times – maybe Paul Krugman? You may not like these guys ( I do like them) but a Paul Krugman, Ed Schultz, or Rachel Maddow would be infuriated by something like this – and would just possibly take it up and give it the mainstream publicity it deserves. I haven’t seen this in the mainstream yet. Just a thought.
August 29, 2010 at 9:10 pm
Are you kidding me? Have you forgotten that Barry Obama owns part of this bank (ala our money)? These hacks would never do anything that would put him in a bad light. Pure and simple, your government is now doing the same type of things. That is the model.
August 27, 2010 at 11:33 pm
Too bad KW and the broker didn’t have the guts to stand up to these threats. By bowing to their demands, it just gives the banks more reason to try to pull this sort of bullying on others.
August 29, 2010 at 10:26 pm
This could be one of the disadvantages of working with a large company that may have something to lose.
September 2, 2010 at 8:21 pm
We remember. We remember the next time we go to recommend a loan officer or bank to someone. We remember the next time we consider doing a refinance. Does Chase seriously think that we would recommend to any of our clients that they use their institution when they can’t take a little constructive criticism to improve their customer service?? They need to take a lesson from BofA. I used to physically cringe when I passed a local BofA bank on the corner. Their handling of short sales was the stuff night mares was made of. However, we dogged on them and we dogged hard – they listened and have done a 180. I ENJOY doing a transaction with BofA now. Chase needs to stop acting like an insecure sniveling bully, admit they have dropped the ball and plan and implement change to better service their clients. That is all.
CHASE BANK THE WORSE BANK IN USA AND OBAMA ADMINISTRATION IS OK WITH IT.
November 7, 2010 at 10:54 pm
CHASE BANK LIE TO PEOPLE OFFERING THEM A MODIFICATION AFTER THEY GET YOU THERE THEY SEND YOUR FILE TO THE ATTORNEYS TO FORECLOSE ON YOUR PROPERTY. THIS IS THE GAME OF OBAMA’S MODIFICATION GAME. THAST IS ALL IT IS A GAME FOR THEM. MEAN WHILE CHASE IS TAKING PEOPLE’S HOME. DESTROYING FAMILIES. DISGUSTING AND CORRUPT GOVERNMENT TO LET THIS HAPPEN IN THE USA. SHAME ON YOU OBAMA AND SHAME ON YOU CHASE.
CHASE BANK THE WORSE BANK IN USA AND OBAMA ADMINISTRATION IS OK WITH IT.
November 7, 2010 at 10:56 pm
CHASE BANK DISGUSTING SHAME ON YOU. YOU WILL PAY SO OBAMA’S ADMINISTRATION FOR LYING TO THE PEOPLE AND USING THEIR MONEY TO BAIL OUT THE BANKS LOL WHAT A JOKE LOL THANKS CHASE