Mortgage and Foreclosures: Lawsuits Pile Up Vs. JPMorgan, PNC Financial, Ally Financial

Lawsuits against JPMorgan Chase & Co. (NYSE:JPM), PNC Financial Services Group (NYSE:PNC) and Ally Financial (formerly GMAC Inc.) are piling up as a result of the ongoing mortgage and foreclosures scandal.

The three banks disclosed in their quarterly filings with the Securities and Exchange Commission that they are either expecting possible legal action or have already been sued over alleged fraudulent foreclosure practices.

JPMorgan reported that it is expecting two possible class action suits related to mortgage and foreclosures. The second largest bank in the U.S. reported in its filing that the suits are alleging “common law fraud and misrepresentation, as well as violations of state consumer fraud statutes.“ JPMorgan’s report did not mention who filed the suits.

In its quarterly SEC filing, Ally Financial Inc. mentioned that is facing a lawsuit by hedge fund Cambridge Place Investment Management.

PNC Financial Services disclosed that the Federal Home Loan Bank of Chicago has initiated a lawsuit claiming PNC Financial made misrepresentations and omissions in relation to the sale of mortgage-backed securities.

via Mortgage and Foreclosures: Lawsuits Pile Up Vs. JPMorgan, PNC Financial, Ally Financial.

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