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Home | Tag Archives: JPMorgan Chase

Tag Archives: JPMorgan Chase

Monitor Credits Chase With $3.3 Billion in Relief Toward Settlement Obligation

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*+-The report released Thursday includes Chase's self-reported gross consumer relief and the amount of consumer relief credit the bank claimed for the first quarter of 2015, an amount that has not yet been validated by Smith. According to Chase's internal review group, the bank provided 6,671 borrowers with an additional $2.31 million in creditable consumer relief during the first quarter of 2015.

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OCC to Escheat Uncashed Foreclosure Relief Funds; Restrictions Placed on Chase, Wells Fargo

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*+-Also on Wednesday, the OCC announced that it has terminated foreclosure-related consent orders against three national mortgage servicers that have met the consent order requirements and imposed business restrictions on six banks that have not met the requirements. The six institutions that the OCC determined have not met all the requirements of the IFR were (alphabetically) Everbank, HSBC Bank USA, JPMorgan Chase Bank, Santander Bank, U.S. Bank, and Wells Fargo, and therefore the OCC issued orders to restrict their business activities.

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Judge Rules JPMorgan Chase Is Not Responsible For WaMu’s Pre-September 2008 Liabilities

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*+-With the ruling, Judge Rosemary Collyer in the U.S. District Court for the District of Columbia settled a long-standing dispute over who is liable for facing the claims – JPMorgan has contended that the FDIC should be responsible because of its receivership of Washington Mutual, and the FDIC has countered that JPMorgan should pick up the bill because of its acquisition of Washington Mutual.

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Judge Approves JPMorgan Chase’s $500 Million RMBS Settlement With Pension Funds

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*+-JPMorgan Chase, the nation's largest bank, acquired Bear Stearns in March 2008 at a stock-only price of $236 million, or $2 per share. In their lawsuit, the pension funds accused Bear Stearns of selling $17.6 billion worth of toxic mortgage-backed securities to them in the run-up to the crisis. The terms of the settlement were approved by Judge Laura Taylor Swain in the U.S. District Court for the Southern District of New York (in Manhattan).

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Largest Financial Firms Turn in Healthy Q1 Earnings Reports

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*+-Bank of America originated $17 billion worth of first-lien residential mortgage loans and home equity loans in Q1, which helped the bank's net income rise to $3.4 billion for Q1. The Charlotte, North Carolina-based bank also reported a 45 percent year-over-year decline in the number of first mortgage loans serviced by its Legacy Assets unit that were 60 or more days delinquent, down to 153,000.

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Monitor Validates Chase’s Claim of $2.2 Billion in Consumer Relief Under Settlement

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*+-An independent monitor verified in his fourth report on JPMorgan Chase's progress under its November 2013 settlement with the government over the packaging and selling of faulty residential mortgage-backed securities that the bank has paid more than half of the $4 billion amount it agreed to pay toward consumer relief, according to an announcement from independent monitor Joseph A. Smith, Jr. on Thursday.

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Judge Tosses Non-Profit’s Lawsuit Against DOJ Over JPMorgan Chase Settlement

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*+-Better Markets, a non-profit Wall Street reforms advocate based in Washington, D.C., filed a suit against the DOJ in February 2014 alleging that the settlement Chase agreed to with the DOJ in November 2013 to settle claims that Chase sold toxic mortgage-backed securities in the run-up to the financial crisis, was "unlawful" and that the settlement had granted the megabank immunity without sufficient judicial review.

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Report: JPMorgan Chase to Buy $45 Billion in Agency Performing Loans From Ocwen

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*+-In an update on its website dated March 2, Ocwen announced that it had "signed a letter of intent with a buyer on the sale of mortgage servicing rights (MSRs) on a portfolio consisting of approximately 277,000 performing Agency loans owned by Fannie Mae with a total unpaid principal balance of approximately $45 billion." In that March 2 update, Ocwen wrote that the transaction was "subject to a definitive agreement, approvals by Fannie Mae and FHFA and other customary conditions, Ocwen expects the transaction to close by mid-year and the loan servicing to transfer over the course of the second half of 2015."

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