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Attorney General Lisa Madigan issued a letter on Sept. 30 to the mortgage lender JP Morgan Chase demanding a meeting to address concerns the company has violated the state’s Consumer Fraud Act in its pursuit of Illinois homeowners in foreclosure, said the Attorney General’s Office in a prepared statement. The letter follows the lender’s decision to suspend thousands of foreclosures as it reexamines its court filings for potential inaccuracies.
On Wednesday, JP Morgan reportedly halted 56,000 foreclosures nationwide because its employees may have improperly prepared documents used to support those foreclosures, said the Attorney General’s office. Attorney General Madigan requested that JP Morgan immediately provide her office with details on the effect these potential inaccuracies could have on Illinois homeowners. Specifically, she is asking for the number of homeowners affected by the stay, the names of Illinois law firms retained by JP Morgan to pursue foreclosure actions, the details on how these firms will implement and monitor the stay and the length of the suspension.
“With JP Morgan now acknowledging possible abuses in preparing court documents, the impact on homeowners in our state and across the country could be great,” Attorney General Madigan said. “As with Ally Bank, if I determine JP Morgan was recklessly signing off on foreclosure filings in our courts, I will hold them accountable. These struggling homeowners deserve better.”
Madigan’s letter comes less than a week after demanding a similar meeting with Ally Bank. An employee with the company formerly known as GMAC testified in a Florida court case that he routinely signed affidavits for foreclosure lawsuits and submitted them to Ally’s attorneys without reviewing the homeowners’ loan documents, said the Attorney General’s office.
Concerned homeowners can call the Attorney General’s Homeowners’ Referral Helpline toll free at (866) 544-7151.