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ANTHONY6977
904 Posts |
 Posted - 05/15/2008 : 10:58:07 AM
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CHASE HAS JUST ANNOUNCED THAT WE ARE EXITING THE HOME EQUITY AND
SUBPRIME BUSINESS. PRIME WHOLESALE BUSINESS IS UNAFFECTED AS WE CONTINUE TO
MAKE MONEY FOR THE BANK AND ARE NOW #1 IN MARKET SHARE IN THE WHOLESALE
SPACE. WE ARE VERY SORRY TO LOSE OUR PARTNERS ON THE HOME EQUITY AND
SUBPRIME SIDE BUT PLEASE NOTE THAT THERE ARE NO CHANGES TO PRIME WHOLESALE.
> DUE TO CONTINUED UNFAVORABLE PERFORMANCE ISSUES WITH THE HOME EQUITY
> AND SUBPRIME PRODUCTS CHASE HAS DECIDED TO EXIT THE HOME EQUITY AND
> SUBPRIME BUSINESS THRU THE WHOLESALE CHANNEL. (CHASE WILL RETAIN SOME
> HOME EQUITY PRODUCTS THRU OUR RETAIL SPACE)
>
> CHASE PRIME BUSINESS HAS STILL BEEN EXTREMELY PROFITABLE FOR THE BANK
> AND WE HAVE GROWN MARKET SHARE TO BE THE #1 LENDER IN THE WHOLESALE
> SPACE FOR BOTH THE 4TH QUARTER OF '07 AND FIRST QUARTER OF '08. AS
> YOU CAN SEE WITH OUR AGGRESSIVE PRICING ON PROGRAMS SUCH AS OUR 30
> YEAR CONFORMING PRODUCT CHASE PLANS TO CONTINUE TO GROW OUR BUSINESS
> ON THE PRIME WHOLESALE SIDE.
>
> THESE ARE VERY CHALLENGING TIMES AND TOUGH BUSINESS DECISIONS ARE
> HAVING
> TO
> BE MADE BUT WE ARE VERY FORTUNATE THAT CHASE HAS MADE MANY OF THE RIGHT
> DECISIONS OVER THE PAST 5 YEARS WHICH ALLOW US TO STILL BE HERE AND TO BE
> YOUR PARTNER FOR MANY MORE YEARS TO COME. |
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AK__47
745 Posts |
Posted - 05/15/2008 : 11:35:33 AM
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| Knew that was coming |
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