JPMorgan Can't Kill Mortgage Fraud Claims

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Written by Morphus on Friday, 29 July 2011 16:25

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JPMorgan Chase cannot toss a class action that claims the bank defrauded New Jersey residents who applied for the Home Affordable Mortgage Program, a federal initiative to help homeowners in danger of defaulting on loans, a federal judge ruled Friday.

The Troubled Asset Relief Program directed the U.S. Department of the Treasury to "implement a plan that seeks to maximize assistance for homeowners," which spawned Making Home Affordable Program and Home Affordable Mortgage Program (HAMP) in February 2009.

Months later, Chase opted into the program through Fannie Mae, taking part in a plan designed to lower homeowners' monthly mortgage payments to sustainable levels.

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