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Share Name | Share Symbol | Market | Type |
---|---|---|---|
JP Morgan Chase and Co | NYSE:JPM | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.45 | 0.23% | 192.19 | 194.46 | 190.79 | 192.27 | 7,446,704 | 01:00:00 |
By Katy Stech
A J.P. Morgan Chase & Co. unit struck a $50 million deal with regulators who accused the bank of filing "robo-signed" mortgage documents to bankruptcy courts across the country.
Under the deal with the U.S. Justice Department, JPMorgan Chase Bank N.A. promised to make to payments to more than 25,000 homeowners, including some who received inaccurate payment-increase notices during their bankruptcy cases.
The deal came after bank officials were accused filing of tens of thousands of documents to bankruptcy courts that weren't actually reviewed by the people who attested to their accuracy.
Specifically, bank officials admitted to filing more than 50,000 payment-change notices that were improperly signed, under penalty of perjury, by persons who hadn't reviewed the accuracy of the notices, according to a Justice Department news release that described the settlement. More than 25,000 notices were signed in the names of former employees or of employees who had nothing to do with reviewing the accuracy of the filings, the release added.
"It is shocking that the conduct admitted to by Chase in this settlement...continued as long as it did," acting Associate Attorney General Stuart F. Delery said in the release. "Such unlawful and abusive banking practices can deprive American homeowners of a fair chance in the bankruptcy system, and we will not tolerate them."
Bank spokesman Jason Lobo said the company's payment-change notices were appropriately reviewed "in the overwhelming majority of cases, even though the process for filing them electronically was flawed."
"We have changed our system to ensure electronic signatures on bankruptcy filings will match the individual who reviewed the filing for accuracy," said Mr. Lobo, who also disputed the department's characterization of the process as robo-signing.
The payments to homeowners come in the form of cash payments, mortgage-loan credits and loan forgiveness.
The deal was negotiated by the Justice Department's U.S. Trustee Program, which monitors bankruptcy cases for wrongdoing.
"This settlement should signal once again to banks and mortgage servicers that they cannot continue to flout legal requirements, compromise the integrity of the bankruptcy system and abuse their customers in financial distress," U.S. Trustee Program Director Cliff White said.
Write to Katy Stech at katherine.stech@wsj.com
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