The Real Deal New York

JPMorgan sued for foreclosure fraud

November 09, 2010 12:15PM

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JPMorgan Chase is facing two class-action suits alleging foreclosure fraud after the bank temporarily halted foreclosures nationwide in September, the Wall Street Journal reported. JPMorgan also became the latest big Wall Street bank to disclose a list of lawsuits it is facing that allege that the bank underwrote mortgages used in securitizations which harmed investors. The lawsuits allege “common law fraud and misrepresentation, as well as violations of state consumer fraud statutes.” JPMorgan said it encountered the same lawsuits that other banks — including Citigroup and Bank of America — have said they face. JPMorgan also said it was facing suits from nine Federal Home Loan Banks, Cambridge Place Investment Management and Charles Schwab. [WSJ]

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