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A federal judge has ruled that JPMorgan Chase must face a class action lawsuit that claims it defrauded New Jersey residents who applied for the Home Affordable Mortgage Program, a federal program designed to help homeowners in danger of defaulting on their homes.
Chase opted into HAMP through Fannie Mae shortly after the plan was implemented in 2009. The plan is designed to lower homeowners’ monthly mortgage payments to sustainable levels, but New Jersey homeowners say they never got the benefits of the program. Instead, they say, Chase took the federal money designed to bail out homeowners and systematically rejected HAMP applications based on false claims that homeowners did not provide the appropriate documentation, even though many homeowners claim they did.
Lead Plaintiff Johny Thomas claims in the JPMorgan Chase mortgage fraud class action lawsuit that in October 2009, he and his wife were struggling on their home mortgage loan and requested a HAMP modification. Later than month, he claims Chase sent them a letter telling them they were eligible, but that they should sign up and pay for a trial-period plan.
Thomas says he and his wife made these trial payments for about six months, until they received a letter from Chase stating their application was declined because it did not meet an unspecified requirement, even though Thomas says he met all the requirements necessary. Chase then refused to apply several of the payments Thomas made before foreclosing on their home on August 2, 2010.
A second Plaintiff, Johnny Fields, makes the same allegations in the Chase HAMP class action lawsuit, saying that, just like Thomas, he applied for a HAMP modification on his mortgage in December 2009 and made trial payments. Just as in Thomas’s case, Chase eventually declined his application, citing inadequate documents, which Fields says he field. A year later Chase sent him a notice of intent to foreclose.
Thomas and fields filed separate class action lawsuits but later joined forces in a consolidated case against JPMorgan Chase in February, charging 10 separate claims. Last week, U.S. District Judge Shira Scheindlin dismissed eight of them, but ruled that JPMorgan Chase must stand trial for counts of violating the New Jersey Consumer Fraud Act and engaging in negligent misrepresentation.
The JPMorgan Chase Mortgage Fraud Class Action Lawsuit case is Johny Thomas and Johnny Fields, et al. v. JPMorgan Chase & Co. and Chase Home Finance, LLC, Case No. 10-cv-08993, U.S. District Court, Southern District of New York.
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117 thoughts onJPMorgan Chase Mortgage Fraud Class Action Lawsuit Continues
I lost my home to the financial terrorist practices of Chase bank, and would like to join a lawsuit. The extortion and fraud tactics practiced by Chase bank are criminal, and if allowed to continue their denial will ruin the fabric of America.
I’m tiring to work on a modification with Chase and all of a sudden my loan was sold to select profolio servicing . I talked to them once and I was treated like criminal. Telling me all kinds of lies .. This company is nothing by criminals . I would love to sue them, this is scam..
Chuck Myers
cem1947@att.net
We live in Michigan us to were advised to Modify our home we sent in all of the information to Chase and everytime I would call them they advised not to make the payments it would hurt our modification – also everytime I called it would be someone new – and something else that they needed – finally after 9 months we get a letter from Chase increasing our payments – then forclosure – we filed a claim with the Comptrollers office who in return sent it over to Chase Executive office they verified that they knew they had a problem with the modification department however since I reinstated my mortage they cant help me – We received very little money from the Russ Consulting not even enough to pay for the attoney fees that was included in our bogus foreclosure – It is unfair that our ( Occ ) lets these people get away with this – The executive department at Chase is the same way they dont care !!!! Something needs to be done
Am still waiting for the class action lawsuit against j p Morgan chase bank, to be working out with my attorney office in Newark, n,j please if you have any information on this class action lawsuit against j p Morgan chase, contact me at my email address. johnyleroy@gmail.com thanks very much!!!
When my wife was on Chemo in 2007 I asked Chase for a loan modification and they said they could only negotiate with people who were behind on their mortgage.
When treatment costs finally caused me to fall behind, I asked for a loan modification. They said they could only negotiate with those who were up-to-date on their mortgage.
Needless to say, they foreclosed and sold the home for a tiny fraction of the mortgage value.
I now owe them hundreds of thousands of dollars and have ruined credit.
Thanks Chase, great job.
I would gladly join any lawsuit you have or bring against JPMorgan CHASE home loan, I have applied for a home loan modification 10 and have never even been offered a trial modification period. On some I was never even notified of any decision they had made until I called them and was told “oh yeah it was denied”. I have sent them every bit of information they have ever requested and all for nothing as I am now facing foreclosure on my home. Please let me know should you/your firm bring any kind of lawsuit against them, especially if it pertains to the HAMP home affordable modification program/making home affordable.
Thank you,
Lynn Cole
My story is the same as the lawsuit , and Kelly Conlin and many others. Mod started in 2009 I was denied in 2010 after making 9 forebarence payments and receiving the modification paperwork to sign. Chase denied the mod stating I hadn’t made the forebarence payments . They were certified checks through my bank . It cost me almost $100.00 to get the “Cashed ” copies of these checks to fax back to Chase to prove I made them. Just received my Foreclosure summons and the next day Chase put me back in Mod process while the foreclosure is moving forward. I have all my documents and filed a complaint with CFPB about Chase.
Just when i thought i was the only one in the world going through this mess with chase-not only did they advise me to fall behind so that i could qualify for the presidents program-but the added 10 years onto my 30 year loan- i did receive some settlement money but chase is robbing the heck out of us. ive been in my home for 10 years and the principal bal is still the same as when i purchased it-and i have a 5% intrest rate-omg! how are they still in business with work ethics like this???
There is an old adage “Liars figure but figures don’t lie”
JP Morgan Chase, a case study in Liars that figure.
This is a story that rivals the criminal activities of Enron’s Executives (“the smartest men in the room”) with one major difference, Enron’s victims were primarily investors, whereas Chases victims are vulnerable and financially distressed Chase customers. This includes US servicemen and their families and thousands of others facing foreclosure, with chase “gaming” the Obama MHAP program to steal from, and foreclose on, seniors seeking help from the federal program designed to provide financial relief.
Chase says it will pay more than $2 million to about 4,000 service member mortgage holders that were overcharged in interest while they were on active duty. The bank’s decision is linked to a five-year legal battle with Marine Capt. Jonathan Rowles, an F/A-18D weapons system officer who sued after the institution continued to charge him 9 or 10 percent interest on his mortgage — a violation of the Service members Civil Relief Act — and threatened to take his home. .
This is just the tip of the iceberg.
This is a story that will not be welcome or embraced by politicians influenced (if not corrupted) by big banking lobbyists.
This is a story that can change the way elected officials will level the playing field for the most vulnerable of our citizens victimized by the US banking system.
This is a story that needs to be pursued by the institutions that are chartered to challenge the criminal activities aimed at our most vulnerable and least protected citizens.
This is a story that should culminate in the prosecution of responsible Chase management under the “RICO Act’.
The Racketeer Influenced and Corrupt Organizations Act (commonly referred to as RICO Act or RICO) is a United States federal law that provides for extended criminal penalties and a civil cause of action for acts performed as part of an ongoing criminal organization.
Under RICO, a person who is a member of an enterprise that has committed any two of 35 crimes—27 federal crimes and 8 state crimes—within a 10-year period can be charged with racketeering. Those found guilty of racketeering can be fined up to $25,000 and sentenced to 20 years in prison per racketeering count treble damages.Despite its harsh provisions, a RICO-related charge is considered easy to prove in court, as it focuses on patterns of behavior as opposed to criminal acts.
Although its primary intent was to deal with organized crime, Blakey said that Congress never intended it to merely apply to the Mob. He once told Time, “We don’t want one set of rules for people whose collars are blue or whose names end in vowels, and another set for those whose collars are white and have Ivy League diplomas.”
On March 29, 1989, financier Michael Milken was indicted on 98 counts of racketeering and fraud relating to an investigation into insider trading and other offenses. Milken was accused of using a wide-ranging network of contacts to manipulate stock and bond prices. It was one of the first occasions that a RICO indictment was brought against an individual with no ties to organized crime. Milken pled guilty to six lesser offenses rather than face spending the rest of his life in prison.On September 7, 1988, Milken’s employer, Drexel Burnham Lambert, was also threatened with a RICO indictment under the legal doctrine that corporations are responsible for their employees’ crimes.
“Experience hath shown, that even under
the best forms of government those
entrusted with power have, in time, and
by slow operations, perverted it into
tyranny.”
– Thomas Jefferson
Where are the “protectors’ of our most vunerable?
Robert Barry Hall, just another victim of “Liars that figure”.
I live in Michigan and the exact same thing. Is it too late to sign up for the lawsuit.