JPMorgan Chase (NYSE: JPM) Home Mortgage Chief David Lowman was mobbed by angry borrowers on Tuesday after he invited customers to speak to him if they were afraid that their home would be foreclosed upon at a congressional hearing in Washington.
Lowman was asked by a lawmaker who borrowers could turn to if they felt that the bank’s employees were not helping them hold onto their homes.”Come to me,” said Lowman in response to the question from Massachusetts Democrat Barney Frank.
Minutes after the statement, around 50 borrowers came out from the audience and presented Lowman with a six page document contending that his bank has not lived up to its pledge to help struggling homeowners.
“He ran. He ran like a dog with its tail between his legs,” said Bruce Marks of the Neighborhood Assistance Corporation of America (NACA), which helps homeowners avoid foreclosure. “He was scared to death because he doesn’t really want to talk to homeowners.”
NACA creates events where borrowers attempt to get loan modifications from lenders. The organization said that JPMorgan signed up for the NACA program but dropped out in December.
