J.P. Morgan, Justice Department Reach $50 Million Robo-Signing Settlement

J.P. Morgan Chase & Co. struck a $50 million deal with regulators who accused the bank of filing “robo-signed” mortgage documents to bankruptcy courts across the country.  This is just another example of systemic defiance of the law by large banking corporations in the name of making a dollar.  It was this way of thinking that led us to the brink of an unprecedented economic depression and it is the type of corporate practice that must be condemned by all Americans as fundamentally opposed to the rule of law.  Bank officials admitted to filing more than 50,000 payment-change notices that were improperly signed, under penalty of perjury, by persons who hadn’t reviewed the accuracy of the notices.  J.P. Morgan Chase Bank N.A. promised to make payments to more than 25,000 homeowners in the form of cash payments, mortgage-loan credits and loan forgiveness.  Unfortunately this settlement barely begins to give victims of the mortgage industry justice.  Robo-signing was utilized to the detriment of American homeowners for a decade or longer in a number of ways from forged deeds to re-created documents for litigation.  It is highly likely there are millions more victims of robo-signing nationwide.  Call Jackson & Elrod, LLP to find out if you have been a victim of robo-signing.

Chad D. Elrod, Esq.