Chase in Foreclosure Agreement With Federal Government

April 19, 2011

“Chase Bank, the retail banking unit of JPMorgan Chase & Co., announced that it is very close to finalizing a consent decree that will end a federal investigation into the bank’s foreclosure practices and policy, which many have considered to amount to foreclosure fraud.
According to a statement by Chief Executive Officer Jamie Dimon the decree will result in “”some very significant changes,”” in the processes the bank uses when foreclosing on home owners nation-wide and also addresses the use affidavits, documentation and fees charged in the mortgage foreclosure process.
The proposed decree doesn’t address the question of fines and penalties. ┬áMr. Dimon states there will be fines and penalties to Chase, but due to the complexity of the matter they will be determined later; possibly by litigation.”
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