JPMorgan Accused Of Sham Mortgage Modifications

Law360, New York (August 18, 2011, 8:04 PM EDT) -- A homeowner on Thursday filed a class action in New York accusing JPMorgan Chase Bank NA of offering mortgage borrowers “illusory” loan modification programs as a way to squeeze more money out of them.

Plaintiff Linda Ross claims several mortgage-related arms of the bank promised to modify struggling borrowers' mortgages if they would make “trial payments,” then foreclosed on them anyway.

The loan modification program was a scheme to get homeowners who were nearly underwater on their mortgages to make payments they would not have otherwise...
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