If you haven’t already heard, David Lowman, Chief Executive Officer of the Global Mortgage business at JP Morgan Chase was on Capitol Hill Tuesday to answer questions before lawmakers. Barney Frank asked him directly who homeowners could turn to if they felt that bank employees were not helping them to try and save their homes. Anyone wanna guess what he said?
“Come To Me.” says David Lowman, chief executive for JPMorgan Chase
Well, Davie got what he asked for because little did he know that Neighborhood Assistance Corporation of America (NACA) had dozens of representatives and supporters in the audience. Immediately after the hearing adjourned, one of the representatives from NACA presented Lowman with a 6-page document alleging his bank reneged on a pledge to help struggling homeowners.
You see, NACA is an advocacy group that, among other things, tries to help people get loan modifications successfully completed with their banks. Chase signed up to participate in the NACA program, but decided to change their minds and drop out in December.
You would have thought that Lowman would have taken a minute to live up to his words, but unfortunately he decided to get out of the room as quickly as possible rather than stand behind the words he had spoken only moments earlier.
I don’t necessarily agree with all of NACA’s ideologies and methods of operation, but I’m proud of them for at least making the attempt to stand up for struggling homeowners and trying to force David Lowman to be true to his word. At the end of the day, loan modifications are simply not profitable for banks, and Lowman was a model example of why people hate banks these days. Who can blame them?
Video of David Lowman testifying to Barney Frank and NACA confrontation:
