Tag Archives: banks


JPMorgan Chase Pays $18.3M for Misleading Mortgage Info

JPMorgan Chase & Co. has agreed to pay $18.3 million to settle a lawsuit accusing the lender of misleading homeowners about interest rates on adjustable rate mortgages. The lawsuit, filed in 2007, alleged that JPMorgan Chase and lending units of Bear Stearns misled consumers by failing to tell them that their loan’s principal would increase if they made the minimum monthly payment. The class action was filed in 2007, and J.P. Morgan acquired the loans when it took over EMC …

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Foreclosed Families Get only $1,000 for Bank Mortgage Abuses

Ten major banks last week agreed to pay out $8.5 billion to settle allegations that they engaged in abusive foreclosure practices in 2009 and 2010. Of the settlement money, $3.3 billion will go to homeowners whose homes actually went into foreclosure. The remaining $5.2 billion will be used for loan modifications and other relief. Some 3.8 million homeowners were eligible for the review, meaning that the $3.3 billion in settlement money comes to less than $1,000 per family, although some …

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Posted 2 years ago in Bankruptcy by Jennifer King  
Read the Latest Issue of ‘Your Money & The Law’ Newsletter

Discover Defrauds Customers, Must Pay $200 Million You may get calls from credit card companies asking whether you’d like to hear about additional products they offer. If you said yes to a call from Discover between December 2007 and August 2011, you may be in for a little extra cash. Discover has settled deceptive marketing charges brought by the FDIC. The bank was accused of tricking customers into paying for extra credit protection programs. Find Out More…   Avoid Defaulting …

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Posted 2 years ago in Consumer Law by Michele Bowman  
Discover Defrauds Customers, Must Pay $200 Million

You get the calls all the time from credit card companies – “Would you like to hear about additional products offered by the bank?” If you said yes during a call from Discover during the over three-and-a-half-year period from December 2007 through August 2011, you may be in for a little extra cash. Discover announced on September 21 that it has settled deceptive marketing charges brought by the Federal Deposit Insurance Corporation (FDIC) and Consumer Financial Protection Bureau (CFPB), which …

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Posted 2 years ago in Foreclosure Real Estate by Michele Bowman  
Feds Extend Deadline for Reviewing Defective Foreclosures

If you’ve lost your home to foreclosure  or your home is “underwater” (you owe more on your mortgage than your home is worth), and you believe it’s because your lender messed up, you’ve got just two more months to apply to the federal government for help. The Office of the Comptroller of the Currency and the Federal Reserve Board offer a program called Independent Foreclosure Review to people who have lost money or their homes because of errors by banks …

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