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Entries in Chase (3)

Wednesday
Mar132013

Chase Website Goes Down After Apparent Cyber Attack

STAN HONDA/AFP/Getty Images(NEW YORK) -- Chase apologized to its online banking customers on Wednesday who had a hard time logging onto the bank's website the day before.

For hours on Tuesday, if you tried to log onto the site, you were met with this message: "Our website is temporarily down, but our branches and Mobile Apps are available. Please try again later."

The bank tweeted to customers, "*ALERT* Chase Online is experiencing intermittent issues. We are working to resolve and will keep you updated."

Chase later confirmed to ABC News that it was the victim of a cyber attack called a denial of service (DOS).  The site has since been restored.

"*UPDATE* http://Chase.com  & JPMorgan Online are back up. We're sorry it was such a rough day and we really appreciate your patience," @ChaseSupport tweeted early Wednesday morning.

Copyright 2013 ABC News Radio

Friday
Jun102011

Oregon Dad Faces Foreclosure as Son Is Returning from Iraq

ABC News(BEND, Ore.) -- Chase bank is scheduled to foreclose on Tim Collette's home in Bend, Oregon in about a week.  All Collette wants to do is keep his home until his son visits in August from serving in Iraq.

With time running out, public officials are helping Collette, his son and thousands of others navigate the often frustrating mortgage modification maze in a shaky housing market.

His son Aaron, 20, has been deployed with the Army in Iraq since February and is scheduled for a temporary visit home in August for 15 days.

"All he wants is to rest and sleep in his own bed," Collette said.

Collette, a specialty contractor, said he had always paid every bill and mortgage payment on time, with a credit rating of 810, just below the highest possible score of 850.  When Collette bought his home in June 2006, he even put down $100,000 as a down payment to avoid borrowing too much.

But after the economy and the housing market took a turn for the worst, he lost his job in 2008.  Unsure how long he would be unemployed and trying to prevent future problems with his mortgage, Collette said, he sought the advice of his bank, Chase.

Collette, 59, said bank staff advised him to miss two mortgage payments in order to qualify for a loan-modification program.  In 2009, Collette said, he and Chase entered into a forbearance agreement, which is a temporary solution to delay foreclosure.

He said Chase had him jump through hoops for a year and a half before ultimately rejecting him for a modification.  The banks also demanded the full payments that he would have made.

A Chase representative Thursday said the bank is working with the Collette family on a solution.  Collette received a notice of foreclosure in October 2010 and the foreclosure will officially take place on June 20.

But Collette said U.S. Sen. Jeff Merkley, D-Ore., the Oregon attorney general and a nonprofit consumer advocacy group, Economic Fairness Oregon, have tried to assist him.

Merkley spoke during a Senate debate Thursday about Collette's situation and offered an amendment with other senators to the Public Works and Economic Development Reauthorization Bill.

The bill would require banks and other mortgage servicers to create a single point of contact for borrowers, end the dual track process of foreclosing homes while homeowners are negotiating a modification, and provide an independent, third-party review before sending a family to foreclosure, according to a statement from Merkley, Sen. Olympia Snowe, (R-ME), Sen. Jack Reed, (D-RI), and Sheldon Whitehouse, (D-RI)

Copyright 2011 ABC News Radio

Friday
Dec032010

JP Morgan Suspected Madoff Months Prior to Arrest

Photo Courtesy - Mario Tama/Getty Images(NEW YORK) -- Documents obtained by ABC News show that two months before Bernie Madoff's arrest, JP Morgan Chase suspected that his investment returns were probably "too good to be true."  The bank, however, was still doing business with Madoff when federal authorities discovered his Ponzi scheme.

Lawyers representing the victims of Madoff's massive investment fraud filed a $6.4 billion lawsuit against JP Morgan Chase Thursday, claiming the bank continued its relationship with Madoff despite having documented suspicions about him.

The lawyers' complaint remains sealed, and lawyers did not specify in a public statement on the lawsuit how JP Morgan had documented those suspicions, but ABC News has obtained a "Suspicious Activity Report" that the London office of JP Morgan Chase filed with the U.K.'s Serious Organized Crime Agency in October 2008. The document -- filed two months prior to Madoff's arrest -- specifically notes Madoff's investment returns were most likely "too good to be true."

The report shows the company was already removing its money from funds that did business with Madoff -- so-called "feeder funds" -- by the time it alerted the British government to its concerns.  The London office did not issue a similar alert to U.S. authorities, and an Inspector General's Report from the U.S. Securities and Exchange Commission issued in the wake of Madoff's arrest did not mention any warnings from JP Morgan.

The company filed the report, an attorney for JP Morgan would later say, after a representative of a Madoff feeder fund became angry when JP Morgan began removing money from the fund.  The representative of Geneva-based Aurelia Finance, which was acting as an advisor to one of the feeder funds, allegedly hinted at violence against a JP Morgan employee involving Aurelia's "Colombian friends" who could "create havoc."

But the report also emphasizes concerns about Madoff based on "the investment performance achieved by its funds which is so consistently and significantly ahead of its peers year-on-year, even in the prevailing market conditions, as to appear too good to be true -- meaning it probably is."

It also cites Madoff's "lack of transparency" surrounding his trading techniques, the "implementation" of Madoff's investment strategy, the "identity" of its over-the-counter (OTC) option counterparties, and Madoff's "unwillingness to provide helpful information."

As a result, the report says, JP Morgan has "sent out redemption notices in respect of one fund, and is preparing similar notices for two more funds -- referring funds Lagoon, Fairfield Sentry/Sigma Ltd., and Herald Fund SPC."

While the London office of the bank sent its warning letter to British authorities, and withdrew its funds from the Madoff feeder funds, it did not send a similar notification to U.S. authorities.

Copyright 2010 ABC News Radio







ABC News Radio