J.P. Morgan Chase Faces New Foreclosure Fraud Lawsuits

By Kyle Chezum Updated on 11/9/2010

11/09/2010

J.P. Morgan Chase halted many home seizures and foreclosure filings in September after suspecting that some of their documents were flawed.  But the bank stated last week that it plans to continue foreclosing on homes, and this week it faces two class action lawsuits as a result of this decision.  The lawsuits were filed in California and Illinois.  Bank of America Corp and Citigroup, Inc., are also facing similar suits.

J.P. Morgan Chase also faces lawsuits from investors related to the packaging of mortgage backed securities.  These suits have been filed by hedge fund Cambridge Place Investment Management and brokerage Charles Schwab Corp.

For full story, click here.