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J.P. Morgan, Justice Department reach $50 million robo-signing settlement

marketwatch.com | April 27, 2015

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, J.P. Morgan Chase Bank N.A. promised to make payments to more than 25,000 homeowners, including some who weren’t properly notified that their mortgage payments increased after they filed for bankruptcy protection.

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 Justice Department officials. 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 Justice Department added.

J.P. Morgan JPM, -0.42% 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.”

The payments to homeowners will come in the form of cash payments, mortgage-loan credits and loan forgiveness.

 

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