I was under the impression it had to do with the London transactions (failure to supervise) but also there have been many other suits with illegally lowering since 2007 HE lines of credits, I know of a person whose mtg was bought out by Chase so she purchased MO's for over a year and sent the MO's in and they were not credited to her account and they forclosed. She had copies of the checks and they were cashed. I also have a friend who was forclosed but some of her documents were evidently falsified by people not authorized to sign them. This loan was from Chase in the city I live. INVESTMENT BANKING
SEPTEMBER 9, 2013, 7:35 PM 2 Comments
JPMorgan and Insurer Settle Suit BY REUTERS
JPMorgan Chase and a large insurer have agreed to a $300 million settlement to resolve accusations that they forced homeowners into buying overpriced property insurance and entered into kickback arrangements that inflated policy prices.
The class-action lawsuit being settled — one of several against large banks over such so-called force-placed insurance policies — said the improper practices unjustly enriched JPMorgan and the insurer, Assurant Inc.
, by more than $1 billion since 2008.
Then there was the case with the overdrafts and how they were processed. Also the printing of SS numbers on documents.
According to the NYT article not all of the mtg belonged to the acquired banks. Only about 70 to 80% did. Also it said Chase had the best lawyers and they knew what they were getting. They were not forced to buy. example Lehman. They agreed to take on the legal entanglements in the deal. They took a chance and lost. Everything you need to know about JPMorgan’s $13 billion settlement