Wednesday, July 14, 2010
JPMorgan Chase & Co - Sometimes Bigger is Better
Many people believe that once a business grows too large they lose that vital connection to the consumer, worrying more about their bottom line than anything else. However, with over 200 years of experience under their belts, JPMorgan Chase & Co uses their experience to their advantage. Not only are they one of the oldest and largest financial services firms in the world, they are also an award-winning corporation, using their sheer size and buying power to keep businesses afloat and help reshape the economy.JPMorgan Chase & Co, as the name is today, traces its roots all the way back to 1824 when it was called the Chemical Bank of New York. It grew over the years through various mergers with various banks like Texas Commerce Bank in 1986 and Manufacturer's Hanover Trust Company in 1991. As the mergers continued, Chemical Bank of New York was gaining a reputation for financing buyouts and was often the largest bank in the United States. It wasn't until 1996 that the Chemical Bank of New York acquired the Chase Manhattan Corporation and changed their name to the familiar Chase." In 2000, they acquired JPMorgan & Co, uniting the names into what we know today as JPMorgan Chase & Co. They have also merged with Bank One Corporation and acquired Bear Stearns and Washington Mutual as a result of the collapse of the financial sector.
One visit to the Chase website gives you a small glimpse of the many services they provide to their customers. They range from personal checking and savings accounts to auto and homes loans and retirement/investment plans. If you own a business, there's even something for you too. The simple interface gives you all the information you need to know. To learn more, simply click the link to see the many ways you can benefit from their products.
Just because JPMorgan Chase & Co is a bank doesn't mean they don't know how to have fun. They are the official sponsor of the US Open and also sponsor Major League Soccer. They built Chase Field for the Arizona Diamondbacks and Chase Auditorium in Chicago. Of all these, the most exciting is probably the operating of the JPMorgan Chase Corporate Challenge. This is the largest corporate road-racing series in the world, beginning in 1977. It is held in twelve cities in six countries on five continents, boasting over 200,000 participants.
Usually when people think of a bank, the word "charitable" doesn't come to mind, but with JPMorgan Chase & Co that is far from the truth. In 2008 alone, they gave over $100 million to thousands of non-profit communities across the world. In addition, they strive to provide world-class education to school-aged children, giving them the tools necessary to succeed. JPMorgan Chase & Co also has programs in place for its employees who want to help by matching their employee's gifts and their volunteer programs. In the wake of the horrendous earthquakes that have left Haiti and Chile devastated, JPMorgan Chase & Co has set aside more than $1 million to help the victims rebuild. Even the JPMorgan Chase & Co customers can benefit from the philanthropic efforts of this financial giant. They have Homeownership Preservation offices all over the United States, helping keep homeowners in their houses and giving them the necessary tools to prevent the situation from happening again. They pride themselves in being there for their customers in their greatest time of need, and work to find a solution that best benefits all involved.
Chase Bank finally gets around to underwater information sessions– ForeclosureConnections Read more: http://www.articlesbase.com/business-articles/ch
- Chase Bank is finally becoming proactive in the troubled housing market
- But, will it be able to make up the backlog in time?
- And how will Americans best remember it, and other banks, in future?
As HAMP finally begins to get its claws through the American banking industry's thick hide, a face-saving scramble has started to ripple through Wall Street. Chase Bank seems to be catching up with the mood of America, and will be funding a series of foreclosure prevention counseling events starting in Chicago on May 17th, and continuing through Atlanta, Washington, D.C, New York, Northern California, Orlando, Phoenix, and Southern California at dates to be announced.
The intention of these information sessions, which could be staffed by up to 40 counselors, is to assist troubled Chase clients apply for loan modifications or obtain approval for short sales. The venues will also serve as temporary Chase offices for customers needing to sign documents or submit applications for relief.
These sessions are not a totally new idea – the Bank kicked off with the idea early in 2009 and has already provided face to face advice to many who have fallen behind with payments or face underwater situations. In Florida, for example, 3,200 clients were serviced and many were able to be assisted almost immediately.
According to ProPublica (a non-profit investigative organization) JP Morgan Chase subsidiaries have already modified over 43% of the 431,000 loans available for loan modification in terms of HAMP. This sounds impressive, particularly as Chase ranks second highest loan lender behind Bank of America.
The news would be even better if Chase had as a good a track record in this regard as some of its opposition. The latest Treasury Department league table of major lenders (with at least 5,000 eligible loans) reveals the following:
- Eight have modified a significantly larger proportion than Chase
- Wells Fargo is right on Chase's heels
- Bank of America (the largest lender) lags far behind with a paltry 26.6%
Although big banks may argue that it's the sheer volume of the work that's holding them back, more skeptical observers claim that bigger also means more idle hands to help, and its really just a combination of the bigger the tougher, and those with least to lose heading the pack.
The question in my mind is whether Americans will still remember how their favorite banks are treating them in these tough days, when, at some time in the future, the housing markets finally turn, and the banks are back on television purring like cute kitty cats with 100% loans on offer.
Mortgage Modification - JP Morgan Chase Bank Loan Modification
The Chase Bank Mortgage Loan modification is a great break-through for many suffering homeowners by saving their homes from auction due to non-payments of their monthly dues. The bank stipulates certain terms and conditions which are user friendly. The bank insists on informing the mortgagor before they default a payment. This will help the bank to depute a representative for a free and frank discussion with the borrower. The borrower shall be ready with his last two-month bank statement, income tax statement along with the pay slips and hardship letter. Each customer is treated as a separate entity and their income and expenses assessment are used to draw a suitable plan to avoid defaults.
The Bank's Foreclosure Rescue program is unique by preventing foreclosure before 5 days of foreclosure by holding it through reviewing the customer file. The other Enhanced Streamline Refinance Program rescues the borrowers from its adjustable mortgage rates to fixed mortgages rate with full ease. The banks get the help of the community group to meet the borrowers in public places like hotels and churches. Such efforts help the borrowers to get themselves clear on the banks efforts to save their homes by suitable retrieval packages. Project Lifeline needs a mention here in which the bank also joined which have a unique package to save the homeowners who are ninety days behind their payments from stopping the foreclosure process for a period of thirty days. It has bailed out many homeowners who have problems in repaying their dues for primary homes and not just the sub-prime borrowers through refinance deals.
J.p. Morgan Chase Buyout of Bear Stearns – a Trillionaires Delight Read more: http://www.articlesbase.com/finance-articles/jp-morgan-chase-buyout-of
Yes, Mayer Amschel Rothschild, J. P. Morgan and John D. Rockefeller, patriarchs of three of the most powerful family fortunes in history have waited nearly two centuries to see their dreams fulfilled. Perhaps such patience is why their families have remained successful by steadfastly maintaining the rules of the game as set down by their founders.
It was 248 years ago, in 1760 that Mayer Amschel Rothschild created the House of Rothschild that was to pave the way for international banking and control of the world’s resources on a scale unparalleled and somewhat mysterious to this date. He disbursed his five sons to set up banking
operations throughout Europe and the various European empires.
"Give me control of a nation's money and I care not who makes the laws."
Mayer Amschel Rothschild
In time the House of Rothschild was able to take control of the Bank of France and Bank of England and relentlessly pursued an effort over two centuries to control a national bank in the USA. By 1850 it was said the Rothschild family was worth over $6 billion and owned one half of the world’s wealth.
From oil (Shell) to diamonds (DeBeers) to gold (from 1919 until 2004 a Rothschild was permanent Chairman of the London Gold Fixing committee which met twice a day in the Rothschild offices in London) the Rothschild’s quietly accumulated a foothold in critical industries and commodities throughout the world.
A master at building impenetrable walls around his family assets the current value of the Rothschild holdings are estimated to be between $100 and $300 trillion, yes that is trillion dollars! Now for a point of reference the current United States National Debt is $9.4 trillion.
J. P. Morgan began as the New York agent for his father’s business in London in 1860 and by 1877 was floating $260 million in US Bonds to save the government from an economic collapse. In 1890 he inherited the business and in 1895 bought $200 million in US Bonds with gold to again save the US economy.
“If you have to ask how much it costs, you can't afford it.”
J. P. Morgan
By 1912 he controlled $22 billion and had started companies such as US Steel and General Electric while he owned several railroads. Morgan was also an American agent for the House of Rothschild in London and used the Rothschild resources to help people like John D. Rockefeller.
Rockefeller, who started Standard Oil in 1863 with the help of Morgan, grew his company into the largest oil company in the world and by 1916 Rockefeller was the first billionaire in American history. In 1909 he had set up the Rockefeller Foundation with $225 million and donated nearly a billion more dollars to various causes. The Rockefeller family fortune is estimated to be around $11 trillion today.
“The way to make money is to buy when blood is running in the streets.”
John D. Rockefeller
So what did they have in common these extraordinary capitalists? They all were dedicated to owning a national bank in America so they could determine the fiscal policies of the nation and earn interest on the debt of the nation.
Rothschild agents in 1791 formed the First Bank of the United States but intense opposition to foreign ownership by President Jefferson and others helped kill it by 1811. A Second Bank of the United States was formed in 1816 once again by Rothschild agents and this time they secured a 20-year charter. However, President Andrew Jackson was also opposed to foreign ownership and withdrew the federal deposits in 1832 as part of his plan to kill the bank charter in 1836.
An attempt to assassinate Jackson in 1834 left him wounded but more determined than ever to stop the central bank. Thirty years later President Lincoln refused to pay international bankers extremely high interest rates during the Civil War and ordered the printing of government bonds. With the help of Russian Czar Alexander II who also blocked a similar national bank from being set up in Russia by the international bankers they were able to survive the economic squeeze.
Lincoln said, "The money powers prey upon the nation in times of peace and conspire against it in times of adversity. The banking powers are more despotic than a monarchy, more insolent than autocracy, more selfish than bureaucracy. They denounce as public enemies all who question their methods or throw light upon their crimes. I have two great enemies, the Southern Army in front of me and the bankers in the rear. Of the two, the one at my rear is my greatest foe. Corporations have been enthroned, and an era of corruption in high places will follow. The money power of the country will endeavor to prolong its reign by working upon the prejudices of the people until the wealth is aggregated in the hands of a few, and the Republic is destroyed."
Both Lincoln and Alexander II were assassinated. In 1881 James Garfield became president and he was dedicated to restoring the right of the federal government to issue money like Lincoln did in the Civil War and he was also assassinated.
Finally along came 1913 and the US was again suffering from a weak economy and there was a threat of another costly war, a world war this time, and business tycoons J.P. Morgan, John D. Rockefeller and E.H. Harriman were part of a group that got Woodrow Wilson to sign into law the Federal Reserve Act creating a network of 12 privately owned banks as part of a new Federal Reserve network.
One of the largest stockholders in the new Federal Reserve was the House of Rothschild through their direct and indirect holdings. A few years later it was disclosed that the Rothschilds also owned about 20% of J. P. Morgan. In time Morgan would merge with the Chase Manhattan Bank of the Rockefellers.
Years later John F. Kennedy opposed a private national bank and was assassinated in 1963 and Ronald Reagan opposed a private national bank and in 1981 an attempt was made to assassinate him. Coincidence or not the opposition to a privately owned national bank was a common characteristic to all these successful assassinations and assassination attempts.
Which brings us full circle to the present bailout of Bear Stearns by J.P. Morgan Chase & Company and we find the Rothschild, Morgan and Rockefeller families are all conveniently part of the same group benefiting from the bailout and the $30 billion guarantee by the Federal Reserve. This is the third time the J. P. Morgan Company has come to the rescue of the American banking system and economy.