Westlaw News

Lawsuit challenges JPMorgan foreclosures on WaMu loans

JPMorgan Chase has been hit with a proposed nationwide class action accusing it of collecting payments and launching foreclosures on former Washington Mutual mortgage loans without proper legal ownership of the loans.

Filed on Tuesday in Brooklyn federal court, the lawsuit said JPMorgan falsely claimed that it acquired the loans when it bought most of Washington Mutual’s assets during the 2008 financial crisis. A substantial number of Washington Mutual’s loans, however, could not have been legally sold to JPMorgan because they had defective titles or had already been sold to private investors, the lawsuit said.

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