Illinois Attorney General Lisa Madigan has demanded a meeting with JPMorgan Chase to address her concerns that the company violated the state's Consumer Fraud Act. Madigan's letter follows reports this week that the bank halted 56,000 foreclosures nationwide because its employees may have improperly prepared documents used to support those foreclosures.
Madigan is asking Chase for the number of homeowners affected by the stay, the names of Illinois law firms retained by the company 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," Madigan says. "As with Ally Bank, if I determine JP Morgan was recklessly signing off on foreclosure filings in our courts, I will hold them accountable.’
Madigan demanded a similar meeting with Ally Bank last week. 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.