Mortgage Resolution Servicing, LLC (“MRS”) v JP Morgan Chase (“JPMC”) 15-00293

National Debt

national debt

Regulators

Mortgage Related

Government Sponsored

Announcement Date: April 25, 2016

rcv-1-jp-morgan-secret-database

In its enthusiasm to obtain consumer relief credit pursuant to its multibillion dollar settlements with the United States Department of Justice, JPMorgan Chase released first and second mortgage liens securing mortgage loans that the bank had sold to investors several years earlier.  These loans were retained in a secret system of records known as the RCV1 data base, where JP Morgan Chase was not properly servicing the loans pursuant to their legal obligations.  Among the mortgage liens that JPMorgan Chase released to satisfy the $4.2 billion consumer relief obligation under the National Mortgage Settlement were loans that the bank had sold to investors, Mortgage Resolution Servicing, LLC (“MRS”), S&A Capital Partners, Inc. (S&A), and 1st Fidelity Loan Servicing, LLC (1st Fidelity).  Of course, once the borrowers received notification from JPMorgan Chase that their mortgages had been released, they stopped paying debt service to these entities.  MRS, S&A and 1st Fidelity have sued JPMorgan Chase in federal court in New York for breach of contract, fraud and civil RICO.  In addition, one of the principals of these entities, Larry Schneider, has sued JPMorgan Chase as relator under the False Claims Act, in federal court in Washington, D.C.  The government has declined to proceed with the case and Mr. Schneider is proceeding with the case himself.  In both the FCA case in Washington and the RICO case in New York, JPMorgan Chase is represented by Covington & Burling LLP, the law firm in which Eric Holder now practices.  This is convenient because, if there is any question about what the intent of the Department of Justice was in entering into the settlements with JPMorgan Chase, Mr. Holder can provide the answer.

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