JP Morgan Drops Pursuit of Many Delinquent Credit Card Accounts

JP Morgan Chase (NYSE:JPM) has abandoned over a thousand credit-card debt-collection lawsuits across the U.S.
The country's second largest bank by assets, including over $100 billion in credit-card accounts, wouldn't disclose the number of cases dismissed or the reasons for doing so.

The bank has dropped its lawsuits targeting borrowers in California, Florida, Illinois, New Jersey and New York since April, state judges said. The bank was owed $45.9 billion in outstanding credit card debt in those 5 states as of March 31, including both current and delinquent accounts.

Thomas Donnelly, an Illinois state-court judge in Chicago, said JP Morgan has withdrawn the cases without prejudice, meaning they can re-file them later. Roughly 94% of these types of collection cases result in default judgments in favor of the lender, according to industry estimates.

The article speculates that the suits were dropped because of irregularities in paperwork used to verify the validity of the credit-card debt being pursued. Judges have complained that JP Morgan and other banks have gone to court with sloppy or even fraudulent documentation of debts. Last year, a Richmond County, N.Y. judge dismissed 150 credit card collection suits filed by JP Morgan because the paperwork appeared to be signed in large numbers by only a few individuals.

JPMorgan Chase has a potential upside of 37.1% based on a current price of $40.07 and an average consensus analyst price target of $54.92.

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[rayme4raw]

@OnTheLambda You want your mortgage to be paid off, but a lot of people that still have their mortgage during the really big collapse coming will get their homes gifted to them and the debt is forgiven. Just buy physical silver as your main investment after you got your food, water, guns and ammo. Even if you only have a few silver ounces, there is only enough physical investment silver that a one ounce silver coin would have to be share by 18 people. See Mike Maloney on YT

[nathuwjohn]

People are waking up their fraudulent money/credit system!

[OnTheLambda]

@TheMiguelGrande Too late , my mortgage is paid . What do I do now ? Sell my place and then buy it back after the crash ?

[TheMiguelGrande]

Why would they continue to pursue lengthy court trials when they will soon be bankrupt anyway. Bank of Amerika, JP Morgan, Wells Fargo and Citi Banks will all soon be gone. The money that they will owe after their criminal fraud in the mortgage backed securities trials dwarfs any assets they may have. Bad credit card debt is not a dependable asset, its pie in the sky, right now. Anyone still paying their credit card debt or paying their mortgages right now, is a fool. Hyper inflation is coming.

[vastell]

this vide☼

is headlined at

davidicke . com/headlines/53775

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