Comment on Chase Hit With $50 Million Settlement Over Robosigned Mortgage Documents

Chase Hit With $50 Million Settlement Over Robosigned Mortgage Documents

(Dan Coulter)The nation’s biggest banks have already been hit with billions of dollars in settlements over robosigning — the illegal process of signing and filing important mortgage documents without reviewing them for accuracy — so what’s a few million more? Today, the Justice Dept. announced a settlement with JPMorgan Chase that will require the bank to pay more than $50 million in cash, mortgage credits, and loan forgiveness, to over 25,000 currently and recently bankrupt homeowners. As part of the deal, which requires court approval, Chase acknowledges more than 50,000 bankruptcy court filings that were signed, under penalty of perjury, by people who had not actually reviewed the documents for accuracy. According to the DOJ, more than 25,000 of these payment change notices were signed with the names of former Chase employees or of employees who had nothing to do with reviewing the accuracy of the filings.

 

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