Homeowners Win Class Cert. In WaMu Home Equity Row

Law360, New York (January 6, 2012, 2:19 PM EST) -- A California federal judge on Thursday certified a narrowed class of homeowners who claim that Washington Mutual Bank, now a part of JPMorgan Chase Bank NA, improperly suspended their home equity lines of credit.

The lawsuit alleges that JPMorgan improperly suspended borrowers after it took over Washington Mutual's home equity line of credit business when they didn't provide certain income verification documents and that the bank suspended some lines of credit without verifying that borrowers had experienced a material, adverse change in their financial footing....
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