The Law office of Kenneth Eade has announced a possible precedent setting case by granting a preliminary injunction preventing Chase bank from either collecting or reporting to a credit bureau any HELOC collection or credit reporting.
Please click here to read more about the United States District Court for the Central District of California granting a preliminary injunction in Case No. CV-116809 DSF.
I'm not a lawyer but one thing this case could do is expose the insanity of Chase Bank being able to acquire WAMU for literally a few pennies on the dollar when the amount of equity WAMU had was well beyond what Chase Bank paid.
Furthermore, Chase Bank put a HELOC freeze on many homeowners which caused some people to default on their HELOC's when they may have had several years worth of HELOC funds still available to them.
In essence, is it possible that Chase Bank buys WAMU for a couple of pennies on the dollar, then suffocates former WAMU HELOC customers into defaulting on their HELOC's, followed by foreclosure on the home! Wow!
Don't forget, the Cat Who Ate Chase Bank, the book, coming out some day.