JP Morgan Told Judge To Stop Paying Mortgage To Become Eligible For Loan ModificationMakes you wonder just how bright he really is, or as was my first thought- a quid-pro-quo attempt? However, reading the comments at the Cleveland.com site, I found this and that and the links are worth the read.
Submitted by Tyler Durden on 01/12/2011 20:17 -0500
In the latest stunner of disclosure in what goes on just below the murky surface of the biggest scam market in the world (that would be the multi-trillion residential debt market), we learn that a Cuyahoga County Juvenile Court judge, Peter Sikora, who is facing foreclosure on his million dollar (8 room) home. But that is not what makes him unique: after all the story of your average American who buys iPads and garter belts with money that should be going into mortgage payments is all too well known by now. What is amazing, however, is that the reason for his 12 month delinquency is that according to JP Morgan, who service the loan, the only way Sikora would be eligible for loan modification would be if he were in delinquency, which is what they advised him to do. That's right - a bank formally told a client to willfully default on a mortgage.