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    Friday, March 28, 2008

    Corporate Welfare Queen Chase mortgage memo pushes 'Cheats & Tricks'

    [...]

    The memo's title says it all: "Zippy Cheats & Tricks."

    It is a primer on how to get risky mortgage loans approved by Zippy, Chase's in-house automated loan underwriting system. The secret to approval? Inflate the borrowers' income or otherwise falsify their loan application.

    The document, a copy of which was obtained by The Oregonian, bears a Chase corporate logo. But it's unclear how widely it was circulated or used within Chase.

    [...]

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    posted by TheFuriousGourmet | 7:32 AM

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