FHA Lawsuit

Frequently Asked Questions

  1. What is this settlement about?
  2. How could I have been discriminated against?
  3. Who is included in the settlement?
  4. Is this settlement about loan modifications or foreclosure?
  5. Can I contact Chase or my current loan servicer directly to ask about the settlement?
  6. What do I do next?
  7. How will the settlement handle loans with multiple borrowers?
  8. What if I do not think that I will be able to get a signature from one of the borrowers named on the first page of the letter?
  9. What if a borrower named on the first page of this letter has died or is no longer competent to handle his or her own affairs?
  10. How do I get more information?
  1. What is this settlement about?

    The United States filed a housing discrimination lawsuit against Chase claiming that qualified African-American and Hispanic borrowers who took out “wholesale” home loans with thousands of independent brokers who did business with Chase from 2006 through 2009 paid higher interest rates and fees than similarly situated white borrowers.

    The United States and Chase agreed on a settlement, which was approved by the United States District Court for the Southern District of New York on January 20, 2017. The settlement, among other provisions, established a $53.3 million fund to pay African-American and Hispanic borrowers identified as victims by the United States.

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  2. How could I have been discriminated against?

    The United States claims that independent brokers who originated Chase “wholesale” mortgage loans charged higher interest rates and/or fees to African-American and Hispanic borrowers. Documents related to the lawsuit and settlement can be found at https://www.justice.gov/usao-sdny/pr/manhattan-us-attorney-settles-lending-discrimination-suit-against-jpmorgan-chase-53 and under the heading “United States v. JPMorgan Chase Bank, N.A. (S.D.N.Y.)” at https://www.justice.gov/crt/search-cases-and-matters.

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  3. Who is included in the settlement?

    To be eligible, a borrower must be African-American or Hispanic, have obtained a Chase “wholesale” home loan through an independent loan broker between January 1, 2006, and December 31, 2009, and have been identified by the United States as having been overcharged for the interest rates and/or fees for that loan. It does not matter if a company other than Chase (a loan servicer) collected your payments on the loan, and it does not matter whether you have paid off the loan you obtained from Chase, or if your loan went into default or foreclosure.

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  4. Is this settlement about loan modifications or foreclosure?

    No. This settlement only involves the United States’ $53.3 million lending discrimination settlement with Chase concerning the interest rates and fees charged to African-American and Hispanic borrowers at the time they took out their mortgage loans. If you have complaints about the current status of your mortgage loan, including issues related to loan modifications and foreclosures, please contact your current loan servicer, as shown on your payment statements, or the Consumer Financial Protection Bureau at 1-855-411-2372 or at www.consumerfinance.gov/complaint/.

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  5. Can I contact Chase or my current loan servicer directly to ask about the settlement?

    No. Employees of Chase or your current loan servicer will not be able to answer your questions. If you have questions about this settlement, please contact the settlement administrator at 866-657-1982.

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  6. What do I do next?

    If you want to participate in the settlement, return your Registration form or register online here using the Claim ID and Pin listed on your Registration Form by July 30, 2018 to register to get a payment. Later, everyone who registered will receive letters with their exact payment amounts. Once you receive that letter, all borrowers on the loan will need to sign the Release Form enclosed with that letter to formally accept the payment amount and to receive a check.

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  7. How will the settlement handle loans with multiple borrowers?

    Only one borrower needs to sign the form enclosed with the letter to register to get a payment. But you should try to find every borrower named on the first page of the letter, and share the letter with each of them, because every borrower named on the first page of the letter must sign the Release Form that will be sent later this year. Once every borrower named on the first page of the letter signs the Release Form, checks will be distributed to each borrower in equal amounts that add up to the exact payment amount for the relevant loan.

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  8. What if I do not think that I will be able to get a signature from one of the borrowers named on the first page of the letter?

    Please provide the most recent address information you have for each borrower named on the first page of the letter. While the settlement administrator will make its best efforts to locate and/or contact each named borrower who does not send back a Release Form, it does not guarantee that it will be able to locate them and/or obtain a signed Release Form. However, no payment will be made without a Release Form signed by every borrower named on the first page of the letter. The settlement administrator and the United States will not mediate disputes between borrowers on whether to sign the Release Form.

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  9. What if a borrower named on the first page of this letter has died or is no longer competent to handle his or her own affairs?

    Please call the settlement administrator at 866-657-1982 for special instructions.

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  10. How do I get more information?

    Use the contact information below if you have questions or need more information about the settlement.

    United States v JP Morgan Chase Bank
    PO Box 404048
    Louisville, KY 40233-4048

    866-657-1982

    info@FHALawsuit.com

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