Bookmark this site
The non-profit journalism center ProPublica claims that banks are leading loan modification candidates astray by denying them a deal for reasons that are at best, specious, and at worst, illegal. The center’s investigation focused on larger banks like JPMorgan Chase (Stock Quote: JPM) and Wells Fargo (Stock Quote: WFC). What it found sees to be a violation of the loan modification rules laid down by the federal government.
The investigation focuses particularly on JPMorgan’s propensity to reject loan modification applications because homeowners file applications that indicate personal income reduction could be “temporary,” at least in the eyes of the bank.
Read more from MainStreet
