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Wednesday, April 23, 2025

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Mortgage Lending Called a Ponzi Scheme

SAN DIEGO (CN) – In a federal RICO complaint, homebuyers claim that Washington Mutual’s, and its successor JP Morgan Chase’s reckless lending to unsophisticated borrowers whom they knew could not afford their mortgages was a “nationwide Ponzi scheme.”     Armando and Josephine Del Carmen are represented by David St. John of Oxnard.

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