JPMorgan Chase has been slapped with two foreclosure-related lawsuits “alleging common law fraud and misrepresentation, as well as violations of state consumer fraud statutes,” the company said in a regulatory filing today.
The company also said that it has joined a growing list of companies that are dealing with irate investors who are seeking legal recourse stemming from its packaging of mortgage-backed securities. The cases “generally allege that the offering documents for more than $150 billion of securities issued by dozens of securitization trusts contained material misrepresentations and omissions, including statements regarding the underwriting standards pursuant to which the underlying mortgage loans were issued,” the company said.
JPMorgan maintained the same stance it took during its third-quarter earnings conference call, when it said it had discovered certain errors in its foreclosure process but believed for the most part that its paperwork was accurate.
mtaylor [at] observer.com | @mbrookstaylor
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