FedUpUSA

SEATTLE — A Seattle bar owner is so angry at Chase Bank that he’s offering a free steak to anyone who can prove he or she has closed his or her account at Chase this week.

Stephen Mollmann, who owns Twilight Exit in the city’s Central Area, told KIRO 7 Eyewitness News he’s fed up with Chase because he said the bank has dragged its feet over his application to refinance his home mortgage. His offer was reported on CapitolHillSeattle.com.

“I can use the Twilight Exit as my soapbox and my weapon,” Mollmann said. “I can just load it full of steak.”

He said the bank is stalling “or hoping I just go away and keep paying my mortgage” because “I’m a cash cow to them.”

A Chase representative said the bank is trying to work through Mollmann’s application, but Mollmann said he’s hoping new banking regulations passed by Congress on Thursday will speed that along.

Tighter rules for big banks and financial institutions are among the key provisions of the new law, along with stricter regulations for real estate and mortgage transactions.

“It’s a win-win for consumers,” said Bruce McClary, with Clearpoint in Seattle — a nationwide, nonprofit consumer counseling service.

McClary said the Consumer Protection Agency that will be established under the new law will help rein in fraudulent banking practices of the past few years.

“I think the big benefit is where the teeth come in and the enforcement mechanism that’s put in place based on this legislation,” McClary said.

The new agency will promote consumer financial education. It will help protect seniors from lending abuse. It will require clear, understandable language on all financial documents.

And it will eventually offer a free, 800 number for consumers to call for help.

McClary said consumers should start seeing the new rules of the legislation later this summer, but that the 800 number may not come along until sometime next year. SEATTLE — A Seattle bar owner is so angry at Chase Bank that he’s offering a free steak to anyone who can prove he or she has closed his or her account at Chase this week.

Stephen Mollmann, who owns Twilight Exit in the city’s Central Area, told KIRO 7 Eyewitness News he’s fed up with Chase because he said the bank has dragged its feet over his application to refinance his home mortgage. His offer was reported on CapitolHillSeattle.com.

“I can use the Twilight Exit as my soapbox and my weapon,” Mollmann said. “I can just load it full of steak.”

He said the bank is stalling “or hoping I just go away and keep paying my mortgage” because “I’m a cash cow to them.”

A Chase representative said the bank is trying to work through Mollmann’s application, but Mollmann said he’s hoping new banking regulations passed by Congress on Thursday will speed that along.

Tighter rules for big banks and financial institutions are among the key provisions of the new law, along with stricter regulations for real estate and mortgage transactions.

“It’s a win-win for consumers,” said Bruce McClary, with Clearpoint in Seattle — a nationwide, nonprofit consumer counseling service.

McClary said the Consumer Protection Agency that will be established under the new law will help rein in fraudulent banking practices of the past few years.

“I think the big benefit is where the teeth come in and the enforcement mechanism that’s put in place based on this legislation,” McClary said.

The new agency will promote consumer financial education. It will help protect seniors from lending abuse. It will require clear, understandable language on all financial documents.

And it will eventually offer a free, 800 number for consumers to call for help.

McClary said consumers should start seeing the new rules of the legislation later this summer, but that the 800 number may not come along until sometime next year.

KIROTV – Seattle, WA

Note:  Sadly hoping that the financial regulation bill just passed will help him with this is futile.  It’s actually going to help the big banks avoid having to do further mortgage modifications.

Comments are closed.