In mid 2005 I was approached by a Wholesale Acct Representative from Chase Home Finance/Mortgage and signed their "onesided Broker Agency Agreement" and began marketing and originating loans offering their "much dreaded" STATED INCOME/STATED ASSETS (SISA) and 100% (or No Downpayment) Loan Programs. Their representative didn't even discuss the Agency Agreement and just proceeded in discussing their great "niche products". That their loan programs/products are "no brainer" programs as it DOES NOT need INCOME nor ASSETS VERIFICATION as long as clients has Fico scores 700 and up, stable employment and reasonable work description. This is what they call "investment quality loans". This particular client is a Nursing Manager at Kaiser Permanente and has been employed their for at least 25 years. Last March 18 I got a call and letter from their "attorney" that Chase wants me to "Indemnify" them because my client had foreclosed on her property in 2009. They claimed that I committed fraud and misrepresentation on the loan of my client (Ms. Evelyn Flores) for not submitting "investment quality loans" as I've used their SISA program. Their Lawyer was asking me to settle this at a "substantial discount". They claimed Chase loss more than $195,000 which is untrue. The loan was originated in June for $135,000, how could they incur a loss of $60K in a span of 1 1/2 years. For your information and reference, I wish to discuss more about this "ridiculous claim" in a more detailed manner hoping that we can put a stop to this monsters who preys on small people/mortgage broker like me, inspite of their bailout money. I'm pretty sure that there are more brokers like me in the same situation as Chase has been very agressive in marketing their products here in Southern California since 2005. I'm more than willing to look for these mortgage brokers to join me in a Class Action lawsuit if there's any law firm willing to take this action to the next level.
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