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Robo-signed affidavits and sloppy legal work led the bank to halt court claims. The errors cast doubt on billions of dollars in judgments.
March 12 -
Banks, collections agencies face a rising tide of challenges that echo the mortgage market's documentation scandal.
January 30 -
JPMorgan Chase & Co. has quietly ceased filing lawsuits to collect consumer debts around the nation, dismissing in-house attorneys and virtually shutting down a collections machine that as recently as nine months ago was racking up hundreds of millions of dollars in monthly judgments.
January 10 -
Some of the largest mortgage servicers are still fabricating documents that should have been signed years ago and submitting them as evidence to foreclose on homeowners. Several dozen documents reviewed by American Banker show that as recently as August some of the largest U.S. banks, including Bank of America Corp., Wells Fargo & Co., Ally Financial Inc., and OneWest Financial Inc., were essentially backdating paperwork necessary to support their right to foreclose.
August 31
JPMorgan Chase said Tuesday that an internal review had identified procedural issues related to collections but defended the overall integrity of its recordkeeping. The statement by the bank followed an American Banker
The bank's statement suggested that the review began as a result of mortgage documentation problems that
"Following issues raised with mortgage documents, we conducted an internal review across the firm and found other procedural issues," credit card division spokesman Paul Hartwick said in an email. "We immediately alerted our regulators and worked to address them. We have since done a number of tests and found that in the overwhelming majority of cases, the amount collected from customers was correct."
The bank declined to provide further detail.
In the
