JPMorgan Chase review: bait & switch refi rates ( 1 comment)

Bait & switch! Chase bank mortgage loan officer locked a 4.25% rate with a 1/8 pt back to us on a 5/1 arm on july 26, 2009 after we paid what they required — a $750 application fee which they said was non-refundable, but we were not worried as we were "pre-approved" (We should have realized it was a scam at that point — but chase bank?).
After repeated verbal "you're pre-approved" and after all our documents had been in their possession for over 45 days, chase finally returned our call on october 8, 2009 (2.5 months had elapsed with their loan officer telling us we were "pre-approved" repeatedly) to tell us that we could not have the 4.25% rate 5/1 arm based on our documents, but they were offering us a 30yr fixed loan at 5% — bait & switch! A difference of approx. $150/mo.in payment!

Shame on them! This is not what president obama intended for banks to do with his consumer oriented banking assistance!

Everyone interested in a class action law suit against chase bank for similar behavior please email me at [protected]@hotmail.com. I will be looking into hiring an excellent attorney as well as sending this scam information to fannie mae, freddie mac and president obama officials to look into chase's greedy and very likely illegal actions.
Zully s. — danbury, ct