It's Your Call - Bank Response to Mortgage Crisis

Broadcast 8/7/09 - KVCR had guests Rod Tawasha, associate vice president and home preservation manager for Chase bank, and Larry Sharp, president & CEO of Arrowhead Credit Union, in the studio to answer host Roger Bowman's questions about their banks' responses to the mortgage crisis. The discussion included the foreclosure process, short sales, deeds in lieu, principle reduction, forbearances, and other means of helping home owners retain their homes or exit gracefully. They candidly discussed which options were viable and which were not widely offered. Additionally, Chase discussed their 28 regional home ownership centers in which a distressed owner can obtain and appointment and meet with a loan modification advisor for Chase, who becomes that person's primary point of contact during the modification and/or foreclosure process -- a real person with a desk, a direct extension and email address.

Category:

News & Politics

Tags:

• Roger Bowman
• KVCR
• PBS
• CPB
• Socal
• Mortgage Crisis
• Foreclosure
• Chase
• Arrowhead

[luv2clrndraw]

I went through a lot of back and forth and the all too familiar lost paperwork before finally getting the loan modification. When we finally recieved the modification they only took $100 off our monthly payment!! How is that supposed to help? My husband and I have faithfully paid our loan payments for the last ten years before my husband lost his job twice in two years. We went through all of our retirement money to keep the morgage current. We needed a little more help than $100 dollars off!!

[oc1285]

People are fighting desperately for their homes and the banks are literally playing with them and not even trying to hide that fact.

Chase is one of the worst. Employees of Chase openly admitted that they are told to give applicants the run-around. The number of people who get mods is staggeringly low.

Recently, there was a piece in the news saying close to 50% of the people trying to get into the program drop out. Do you think that they suddenly lost interest in trying to keep their homes?