JPMorgan Chase Faces Mortgage Modification Class Action (1)

JPMorgan Chase Bank NA improperly denied incentive payments in connection with thousands of mortgage modifications, according to a new putative class action filed in federal court in New York.

Joanne Milo claims that she and other Chase customers were entitled to these payments under the Home Affordable Modification Program, which was initiated in 2009 to help struggling homeowners obtain lower monthly repayments and avoid foreclosures. The program rewards homeowners who enter into HAMP modifications and meet certain eligibility criteria with up to $10,000 in mortgage reductions over the first six years after their modification, according to Milo’s complaint.

Chase ...