JPMorgan Faces Fraud Suits Over Improper Foreclosures

A growing number of Americans are facing debt and eviction from foreclosed properties, and now some may be on their way toward restitution for the pain and suffering.

JPMorgan Chase says it faces two potential lawsuits for fraud, relating to the company's decision to halt foreclosures in the housing market, according to a new report.

JPMorgan becomes the latest bank to face class action lawsuits for the alleged unlawful underwriting of mortgages, The Wall Street Journal says. Subdivisions of the company, Washington Mutual and Chase Home Finance, are facing legal action in Illinois and California.

Citigroup and Bank of America are currently facing similar suits. JPMorgan says it is facing suits from Federal Home Loan Banks, Cambridge Place Investment and Charles Schwab, which accuse the company of falsifying facts that led to bad investments, the news source says.

Despite the growing concern by consumers and investors, JPMorgan continues to be financially strong, netting only eight unprofitable days so far this year. Over the first nine months of 2010, the company has averaged $91 million in revenue per day through trading.