Culik Law files lawsuits against Chase, Wells Fargo, Fannie Mae
Culik Law recently filed new lawsuits against major banks and financial institutes, including Chase, Wells Fargo, and Fannie Mae, related to unfair business practices arising out of homeowners’ attempts to obtain loan modifications under programs such as the Home Affordable Modification Program (HAMP).
The lawsuits allege various misdeeds, including denying the homeowners for loan modifications based on so-called “investor restrictions” when no such restrictions actually existed, intentionally miscalculating homeowners’ income, and falsely promising to provide a loan modification agreement.
The lawsuits were all filed pursuant to the Massachusetts Consumer Protection Act, Massachusetts General Laws Chapter 93A, which prohibits businesses from making deceptive statements and taking unfair actions against consumers.
The lawsuits were filed in the Superior Courts for Middlesex County, Essex County, and Norfolk County. Some of the cases are expected to be transferred to federal court in Boston.