A dot, from JP Morgan Chase

Following is an email forwarded to me from a friend in the mortgage business. Names and emails have been masked to protect the innocent, but you'll get the idea:

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From: xxxx.xxxx@chase.com [mailto:xxxx.xxx@chase.com]
Sent: Thursday, May 15, 2008 2:24 PM
To: xxxx.xxxx@chase.com
Subject: Chase Home Equity


Well, many of you have asked when Chase was going to get out of the Home Equity business. The rumor is true, and the answer is- tomorrow. Chase has decided to exit the Wholesale Home Equity business effective end of business 5/16/2008----Any new loans must be submitted to underwriting by the end of business tomorrow. It sounds like you will have 60 days to close out pipelines.

I will be on the job until 5/23 and will do everything I can to help you get loans closed. It has been my pleasure to work with you, and I hope our paths will cross again very soon.

Sincerely, xxxx

I heard the U.S. has 7 to 8 million homes with negative equity now.

Thanks for posting this...

dd

Very interesting. I've been keeping an eye on Chase because we have our equity line/sole debt on our house with them. Just TODAY I received this promotional e-mail from them entitled as a subject line, "Chase Is Here To Stay":



Dear Valued Customer,

Every day, the news is filled with stories of the mortgage crisis hurting regular people. What do you do in this time of turmoil? Turn to Chase. With more than 75 years in the home finance business, Chase Loan Officers will help you consider all the options to purchase or refinance your home.

Chase's Commitment:

• Chase is a worldwide financial institution and the fourth largest residential mortgage lender in the United States. We have a solid history of helping homeowners weather economic downturns.

• Chase is committed to Fair Lending principles, and has the goal to be a top-three lender to minorities and underserved populations. We invest back in the communities we work with. Federal regulators have also recognized Chase with an "Outstanding" Community Reinvestment Act rating.

• We offer diverse financial services, home buying tools, and home mortgage products suitable for all borrowers. We're established and committed to helping people finance homeownership.

• Chase Loan Officers will help you determine how much house you can finance. We price our mortgages fairly and strive to prevent discrimination in all lending, and provide help with multiple ways for you to access and finance your mortgage.







FLF

.

Don't worry Fannie Mae just announced that they are going to do mortgages with just 3% down payment. Isn't this what got us into our mortgage mess, on another note, Keycorp bank in Ohio my state was just downgraded by on the the analysts today and the stock fell.

LOL Fannie Mae doing this is a TIGHTENING IIRC....