Illinois Homeowner Sues Chase over HELOC Freeze

A new form of lawsuit against mortgage lenders is evolving amid the tight credit environment. Rather than alleging lenders made misleading or predatory loans, consumers are now filing suit over lenders refusing to extend credit. A Zion, Ill. homeowner, Pascal Majon, is suing JP Morgan Chase over alleged fraud to deny homeowners access to funds through their previously approved home equity lines of credit (HELOCs).