The good news for JPMorgan Chase Bank and EverBank: The Office of the Comptroller of the Currency announced on Tuesday that it has terminated mortgage-related consent orders against them. Now the bad news for those two banks: the OCC assessed civil money penalties against them for previous violations of those same consent orders of 48 million dollars against JPMorgan and 1 million dollars against EverBank.
The consent orders were originally issued in April 2011 by the OCC and the former Office of Thrift Supervision and later amended in February 2013 and June 2015. The OCC determined that both JPMorgan Chase and EverBank are now in compliance with the consent orders and has therefore terminated the orders, ending business restrictions affecting the two banks as mandated by the June 2015 amendments.
Existing-home sales suffered a major blow in November 2015 with substantial month-over-month dropoff much larger than the expected seasonal decline. Some economists believe this was just a temporary setback, however; Auction dot com’s Real Estate Nowcast predicts that existing-home sales for December will fall between seasonally adjusted annual rates of 4 point 8 and 5 point 11 million annual sales, with a targeted number of 4 point 95 million—a 4 point 1 percent increase from November’s disappointing performance.