Wholly-owned JP Morgan Chase subsidiary, EMC Mortgage as it turns out has quite the track record.
Along with Bear Stearns, they paid $28 million to settle with the FTC on charges of unlawful mortgage servicing and debt collection practices in September of 2008.
EMC Mortgage is featured on a site called the Ripoff Report, where there are 261 complaints about EMC Mortgage, including customers being penalized for being “late” when they weren’t, repeated phone calls, rude treatment, no help with mortgage modifications and numerous other problems. We also saw news reports about how EMC treats its customers, testimonials from customers, and even firsthand accounts from former employees. Classy.