Homeowners Say JPMorgan Illegally Marked Up Servicing Fees

Law360, New York (July 27, 2012, 7:57 PM EDT) -- A group of homeowners hit JPMorgan Chase & Co. with a putative RICO class action in California federal court Tuesday, alleging the financial giant used automated mortgage loan management systems to cheat borrowers by charging them unnecessary servicing fees.

Named plaintiffs Diana Ellis, James Schillinger and Ronald Lazar said JPMorgan services its home loans in a manner to maximize fees on borrowers' accounts when they are behind on payments. The plaintiffs filed on behalf of all homeowners with mortgage loans serviced by JPMorgan entities JPMorgan Chase...
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