JPMorgan Hit With Homeowner Class Action

Law360, New York (September 14, 2010, 2:18 PM EDT) -- Homeowners facing foreclosure have taken JPMorgan Chase Bank NA to court over the bank’s alleged failure to abide by the Troubled Asset Relief Program and offer permanent loan modifications to eligible borrowers.

The class action complaint, lodged Monday in the U.S. District Court for the Southern District of Illinois, claims that JPMorgan Chase, doing business as Chase Home Finance LLC, has subverted its TARP obligations and exploited homeowners in order to pocket as much money as possible from strapped borrowers.

While Chase accepted $25 billion in...
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