Chase Bank Loses Landmark Case Against Ken Eade

In July 2012, The Law firm of Kenneth Eade successfully won a landmark case against Washington Mutual and JP Morgan/Chase Bank. The lawsuit successfully proved that the lenders were practicing illegal, predatory mortgage lending tactics. This breakthrough case makes it easier for borrowers to sue and seek compensation from the foreclosure of their homes.

WHO IS KENNETH EADE?
Based out of the Los Angeles, California area, The Kenneth Eade Law Firm covers many different types of law, including: Corporate Law, Complex Business Litigation, International Law, Transactional Law, General Commercial Law and much more!

Ken is a member of The Bar of California, The Federal District Court for the Central District of Columbia, and The Ninth Circuit Court of Appeal. In addition, he holds a Doctorate in Law from Southwestern University School of Law and a B.A. in Liberal Studies from California State University, Northridge.

WHAT IS PREDATORY MORTGAGE LENDING?
The term “predatory lending” basically refers to deceptive, unfair and/or fraudulent lending practices. (During the loan origination process.) The Inspector General defines the predatory lending process as “imposing unfair and abusive loan terms on borrowers”.

Those that practice the predatory lending tactics generally target people that are in the less educated, elderly, poor and racial minority demographics. Predatory lending practices are illegal in every single state. Many that were victims just felt intimidated by the big corporations they would have to face in order to right the wrongs, so they didn’t know what to do or where to start. Luckily for them, Ken Eade and his team were up for the challenge!

THE BASICS
In 2008, the economic crisis began. Because of the crisis, millions of homeowners were forced into foreclosure; many of whom were the victims of the predatory lending process. It was just easier and more profitable for the lenders to foreclose on the homeowners. The problem with that is that it was done illegally!

Ken Eade and his law firm proved that Washington Mutual and JP Morgan/Chase Bank were taking advantage of the fact that the loan borrowers lacked proper knowledge of the loan process and also of the fact that they were in very weak financial situations. They were also shown to have practiced the predatory loan tactics in order to persuade the borrowers to agree to very unfair mortgage loan terms.

WHAT DOES IT MEAN?
Because of the victory, millions of people that lost their homes due to predatory lending tactics are now able to sue the lenders for compensation. Of course, the borrowers will need to have proof that they were the victims of the predatory lending tactics. (Which will be easy because all of the terms they agreed on with the lenders will be in the contracts signed by both the lenders and the borrowers.)

The win will guarantee that homeowners will now be protected against questionable lender actions and terms from now on stated Ken Eade. Once the homeowners prove that they were, in fact, victims of this type of lending tactic, then the lawsuits will begin to pile up on the mortgage companies; potentially recovering millions of dollars to the homeowners that lost their homes illegally.

Kenneth Eade is a Los Angeles California based attorney, specializing in international law, transactional and corporate law, complex business litigation, securities litigation, Contract Law, Corporate Law, General Commercial And Business Law Matters, Licensing Agreements, Mergers & Acquisitions.  He is a member of the Bar of California, the federal District Court for the Central District of California, and the Ninth Circuit Court of Appeal. He holds a Juris Doctor in Law from Southwestern University School of Law, and a B.A. in Liberal Studies from California State University, Northridge.  He is also an accomplished filmmaker.

Contact:
Law Office of Kenneth G. Eade

(323) 782-8802
http://kennetheade.com

Email Contact: keneade@gmail.com