JPMorgan Chase has paid out nearly 90 percent of its 4 billion dollar consumer relief obligation under the terms of the 2013 JPMorgan Chase Residential Mortgage-Backed Securities Settlement, according to a report from the office of independent monitor Joseph A. Smith, Jr released Thursday. Smith credited Chase with a total of 3 point 5 billion dollars 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 half a billion dollars.
Chase's internal review group claimed an additional 126 point 2 million dollars in consumer relief for the period from April 1, 2015, to June 30, 2015. Smith's team is currently in the process of validating that total and he said he will report the results before the end of the year. If it is credited, it will bring Chase's claimed total of consumer relief to 3 point 68 billion dollars. Chase settled with the government in November 2013 for a then-record 13 billion dollars.
The share of mortgage delinquencies triggered by unemployment or the loss of income is on the decline, according to an analysis of mortgages guaranteed or owned by Freddie Mac. For the first half of 2015, approximately 38 percent of mortgage delinquencies were brought about by job loss or some type of income curtailment. That number is a substantial decline from the share reported in 2010, which was 55 percent.