Honestly, when we’re still reading stories about 4-year olds getting mortgages, it’s really heartening to hear that banks are actually showing some semblence of credit discipline.
Drew Peterson, the alleged wife killer, is suing JPMorgan (JPM), because he claims the bank improperly cut off his Home-Equity Line Of Credit (HELOC)
CBS2 Chicago: The suit claims in May 2005, Peterson received a home equity credit line from Chase for $220,000. The credit line — which the former Bolingbrook cop now wants to use to post part of his bond, pay his attorneys and hire expert witnesses — was suspended by the bank in May 2009.
The bank cited “imprisonment” as the cause of the suspension, the suit said.
“If he doesn’t get the money and his assets are frozen he’ll have to petition the court to allow him to use tax money to be able to hire all these expensive expert witnesses,” said Walter Maksym, who is representing Peterson in the suit.
Peterson says that with the more than $100k a year he gets from his Police Pension and social security, he’s totally good for the money.
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