… When the foreclosure and credit crisis threatened to crush banks such as Goldman Sachs, JP Morgan, Morgan Stanley and Bank of America, the American taxpayer and the taxpayers of other countries rushed to their aid with bailouts.  In return, we have seen foreclosures increase, bankruptcies increase and consequently, banker bonuses have increased for “performance” during 2009.  As we have all suspected, the bank’s definition of good performance is radically different from …

Tags: American International Group Bailout Bank of America France General Motors Goldman Sachs JPMorgan Chase Kenneth Feinberg Morgan Stanley UK United States

… a bankruptcy. Sankaty Advisors LLC is raising $400 million for a fund to invest in DIP loans, JP Morgan is raising a distressed debt fund, and Colony Financial Inc (CLNY.N) plans to use some of the money from its initial public offering this week to invest in bankruptcy finance.”

Bankruptcy loans received during a Chapter 11 bankruptcy can mean the difference between liquidation and the ability of a company to restructure their debt obligations and survive economic troubles in the …

Tags: Chapter 11 JP Morgan Chase

… includes giving the agency broad authority to restrict or eliminate consumer arbitrations…J.P. Morgan Chase will no longer submit credit card disputes to arbitration and is re-evaluating the inclusion of arbitration provisions in its consumer contracts. Bank of America also has dropped a requirement that consumers settle disputes through arbitration. In addition, the American Arbitration Association is no longer handling consumer-debt-collection disputes until new guidelines are …

Tags: American Arbitration Association Arbitration Bank of America Business Credit card JPMorgan Chase

According to an article in the Star-Telegram, Chase Bank has caved in to pressure from their customers and consumer advocacy groups and has agreed to refund $4.4 million of what some called illegal fees to 184,000 customers. In January, Chase imposed a $10 monthly fee on 184,000 customers who were holding balances on their low-interest Chase credit cards. Chase also raised the monthly minimum payment from 2 percent to 5 percent. The …

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… they make on overdraft fees.

The article said:

“Bank of America, Wachovia and JPMorgan Chase & Co. said they will limit the number of fees they charge and make it easier for customers to refuse overdraft protection… JPMorgan Chase will provide overdraft protection for debit cards only for customers who opt in. And rather than debiting withdrawals and purchases in order of size, from largest to smallest, they will be debited in the order in which they were made. Overdraft fees …

Tags: Bank of America Debit card JPMorgan Chase Overdraft Wells Fargo

… didn’t have one of those toxic subprime mortgages with a teaser rate that suddenly reset. … Chase didn’t alter the 4.9 percent interest rate. Instead, it ratcheted up his minimum payment from 2 percent of principal to 5 percent.”

Just the other day, credit card companies were promising that they would avoid increasing interest rates ahead of the new law, now they’re increasing minimum payment requirements even on their best customers.  A matter of fact, it’s the best …

Tags: Bank Credit card Financial services Interest rate JPMorgan Chase

According to an article in the Star-Telegram, credit card lenders such as Bank of America, Chase and Discover have switched many credit card customers from fixed rate credit cards to variable rate credit cards ahead of the new credit card legislation that will limit the credit card industry’s ability to increase rates in the future. But in an effort to counteract the bad press received about their actions, several credit card companies have pledged to not increase credit card …

Tags: Bank of America Credit card Interest rate JPMorgan Chase

… took a look at the behaviors of the top eight credit card companies, Citigroup, Bank of America, JP Morgan Chase, Capital One, HSBC, Discover, American Express, and Wells Fargo.

One of the harmful practices that these companies are engaging in is applying consumer payments to the least costly balance first and allowing the most expensive balance to grow. For example, if a consumer charged an item costing $100 to their Citigroup credit card and then took out a cash withdrawal of $200, the …

According to an article in the Dallas Morning News, JPMorgan Chase & Co., Morgan Stanley and Bank of America announced that they would halt all foreclosures on owner occupied homes until a government plan devised to stem foreclosures is finalized or until March 6th, whichever comes earlier. The article also said that Citigroup will extend its current foreclosure moratorium until the administration comes up with a plan to stop the rising rate of …

… and her son who are 3 months behind on their mortgage, have been trying to negotiate a deal with JP Morgan Chase but haven’t made much head way in avoiding foreclosure. Despite making current payments on the mortgage, JP Morgan Chase seems to be stuck, unable to strike any kind of deal in time to save the home from foreclosure. Barrow and her son say they will give it their best shot; but if they can’t strike a deal with the mortgage company they will file for bankruptcy on Monday. …

In the Chapter 13 bankruptcy case of Janssen, Richard D.; In re (Janssen v. Chase Home Finance LLC), the bankruptcy ruled against a debtor who changed his mind about an oral creditor/debtor settlement agreement.

The details of the bankruptcy case:

After he received a Chapter 13 discharge, the debtor sued Chase Home Finance alleging that the lender failed to abide by the terms of his confirmed plan. On March 9, 2009, approximately six months after filing the …

… a bankruptcy plan that transferred almost all its stock to senior lenders, including JPMorgan Chase & Co in return for cutting its debt. But the Avenue Capital supported bankruptcy plan would include a $150 million revolving credit facility, a $680 million term loan, and a financing commitment of $150 million from Time Warner Inc. Time Warner characters, such as Bugs Bunny, are featured at the company’s theme parks.  Also, Six Flags’ bankruptcy plan includes a $450 million …