[Occupymendocino] Credit Card Collections As Fraudulent As Mortgage Collections?

[Richard Karch]

http://readersupportednews.org/opinion2/279-82/18388-focus-credit-card-collections-as-fraudulent-as-mortgage-collections
Credit Card Collections As Fraudulent As Mortgage Collections?
By Matt Taibbi, Rolling Stone
13 July 13
 
 piece in the Wall Street Journal dug up yet another damning fact about Jamie Dimon's J.P. Morgan Chase. This time, reporters got hold of an internal bank survey of its credit-card collections suits. It turns out that Chase's own survey found that huge numbers of lawsuits filed by the bank contained errors.

From the article:

The bank studied roughly 1,000 lawsuits and found mistakes in 9% of the cases, said people familiar with the review.

"Any rate above zero is high," said one person familiar with the bank's conversations with regulators.

Thirteen states, as well as the Office of the Comptroller of the Currency, a primary banking regulator, are investigating Chase's insanely sloppy practices in the area of credit-card collections. I've been following this for years thanks to an acquaintance with former Chase VP and whistleblower Linda Almonte, who saw horrific abuses firsthand (I have a chapter on Linda's crazy experiences coming out in my next book). The piece mentions her case:


The case credited with jump-starting investigations into J.P. Morgan's pursuit of credit-card debt was a federal-court lawsuit filed in 2010 by a former J.P. Morgan...



https://www.facebook.com/rizerd?fref=ts




-------------- next part --------------
An HTML attachment was scrubbed...
URL: http://lists.mcn.org/pipermail/occupymendocino/attachments/20130713/880b6563/attachment.html 
-------------- next part --------------
A non-text attachment was scrubbed...
Name: rsn-A.jpg
Type: image/jpeg
Size: 682 bytes
Desc: not available
Url : http://lists.mcn.org/pipermail/occupymendocino/attachments/20130713/880b6563/attachment.jpg 
-------------- next part --------------
A non-text attachment was scrubbed...
Name: PastedGraphic-5.tiff
Type: image/tiff
Size: 34968 bytes
Desc: not available
Url : http://lists.mcn.org/pipermail/occupymendocino/attachments/20130713/880b6563/attachment.tiff