JP Morgan keeps cleaning up the Bear Stearns mess. It will now be paying $28 million to the Federal Trade Commission on Bear’s behalf for unlawful mortgage practices:
FTC: The Bear Stearns Companies, LLC and its subsidiary, EMC Mortgage Corporation, have agreed to pay $28 million to settle Federal Trade Commission charges that they engaged in unlawful practices in servicing consumers’ home mortgage loans.
The companies allegedly misrepresented the amounts borrowers owed, charged unauthorised fees, such as late fees, property inspection fees, and loan modification fees, and engaged in unlawful and abusive collection practices. Under the proposed settlement they will stop the alleged illegal practices and institute a data integrity program to ensure the accuracy and completeness of consumers’ loan information.
via: The Deal
Business Insider Emails & Alerts
Site highlights each day to your inbox.