Chase Sued by HAMP Rejects
Homeowners seeking help reducing their mortgage payments are fed up with banks, and they're not taking it anymore. Borrowers allege that some lenders have been giving temporary "trial" modifications under the Home Affordable Mortgage Program (HAMP), only to later refuse permanent modifications -- leaving the borrowers worse off than they started, and often in foreclosure.
A federal lawsuit in New York City is the latest legal pushback from homeowners, who are saying enough is enough.
Three New York City homeowners represented by the Urban Justice Center charge JPMorgan Chase and two of its divisions, Chase Home Finance and Washington Mutual, of violating agreements with borrowers and with Fannie Mae, which administers HAMP.
Do they have a case?
