Tag Archives: JPMorgan Chase

The bank chose Peter Muriungi as the replacement for Mike Weinbach, who was named CEO of Mortgage Banking at Chase in December.

The OCC has terminated mortgage-related consent orders against JPMorgan Chase and EverBank. ending business restrictions that were mandated against them in mid-2015. But the two banks did not emerge completely unscathed.

Mike Weinbach has been with the bank for 12 years, during which time he has served in many roles.

Investors claim that JPMorgan Chase misled them as to the quality of the loans underwriting $10 billion worth of residential mortgage-backed securities, according to Bloomberg; the bank denies any wrongdoing.

The DOJ is reportedly standing by its word and pursuing criminal cases against executives at these two banking institutions for allegedly selling flawed mortgage securities after being warned by associates of their wrongdoings.

Should banks actually be allowed to fail? Well, the “big, dumb” ones should, according to JPMorgan Chase chairman and CEO Jamie Dimon, who on Wednesday blasted the institutionalized belief that mega-dollar bailouts for badly run banks is good for the economy.

Smith credited Chase with a total of $3.5 billion in consumer relief in his sixth report on the bank's progress since the November 2013 settlement over the selling of toxic mortgage-backed securities to investors. The bank has more than two years to pay the remaining $0.5 billion.

BNY Mellon contended that the clock for the six-year statute of limitations began ticking when it made the repurchase demand. JPMorgan countered that the statute of limitations began running on the date the transaction closed, which was June 28, 2006—more than seven years before BNY Mellon filed the lawsuit.

According to Freddie Mac, the SPO of JPMorgan-serviced loans are being marketed as two geographically diversified pools that are offered via auction, with bids due from qualified bidders on October 6. Freddie Mac said the sale is expected to settle in December 2015.

In addition its lawsuit against JPMorgan, the city of Los Angeles is also pursuing lawsuit for nearly identical discriminatory issues with Bank of America Corp., Wells Fargo & Co, and Citigroup, Inc.