City of Los Angeles v JPMC – 14-04168

National Debt

national debt

Regulators

Mortgage Related

Government Sponsored

Announcement Date: July 19, 2014

jpmorgan

The city of Los Angeles sued JPMorgan Chase & Co. for driving up foreclosures among minority borrowers.” (see Reuters Article by Dena Aubin)

The lawsuit, similar to others filed in Miami, alleges that the country’s largest bank engaged in a systematic practice of discriminatory mortgage lending since at least 2004, violating the U.S. Fair Housing Act.

The complaint alleges that after issuing high-cost loans to minorities in the years before the housing crisis, JPMorgan Chase subsequently refused to refinance the loans on the same terms as it extended to whites, leading to defaults and foreclosures.

The case was ultimately dropped by the City of Los Angeles.

city-of-los-angeles-v-jpmc-14-04168-docket-as-of-july-17-2016

city-of-l-a-v-jpmc-doc-41-first-amended-complaint-august-26-2014

city-of-l-a-v-jpmc-doc-51-defendents-answer-november-14-2016