November 16, 2017 / 10:07 PM / a month ago

JPMorgan sued over interest on prepaid mortgage loans

JPMorgan Chase Bank has been hit with a proposed class action accusing it of charging interest to homeowners who paid off their mortgages early without properly disclosing the charges, the latest of several banks sued over the practice.

Filed on Wednesday in San Francisco federal court, the lawsuit said JPMorgan collected interest for the full month that a mortgage was paid off and did not explain that the interest could be avoided if borrowers paid on the first of the month.

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