JPMorgan Chase Fined, Again, for Defective Foreclosures
JPMorgan Chase is back in the news for failing to comply with a government foreclosure settlement. It is being fined $48 million.
Back in 2013, banking giant Chase paid $2 billion to settle claims related to illegal foreclosures that it had conducted on millions of homeowners, including homeowners in Massachusetts.
As part of that settlement, Chase was required to clean up its mortgage servicing processes, including providing eligible homeowners with loan modifications. These loan modifications are a key part of fixing the housing crisis that occurred as a result of the economic collapse in 2008.
But Chase still has not complied with the clean-up requirements. As a result, it has been fined $48 million more. Notices that Chase sent, the government says, constitute “unsafe or unsound banking practices.”
Other banks that are still under government scrutiny related to their mortgage and foreclosure practices include HSBC, U.S. Bank, and Wells Fargo. These banks are being required to provide loan modifications and fix their foreclosure procedures before foreclosing on homeowners.
Our office has extensively litigated against all these banks. If you and your family have a problem with a mortgage, loan modification, or foreclosure, contact Culik Law for a no-cost case evaluation.