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Tag Archives: Chase

Major Servicers Fail Seven Settlement Compliance Tests

The former banking regulator overseeing the National Mortgage Settlement has released a summary of the latest reports he filed with a federal court in Washington, D.C. The reports detail the performance of five major servicers in meeting the terms of the agreement reached with 49 state attorneys general and federal officials. Joseph Smith says he's confirmed six fails in the first quarter of 2013 and one in the second quarter.

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JPMorgan Strikes Deal with Mortgage Investors

JPMorgan Chase & Co. has reached a $4.5 billion agreement with 21 institutional investors to settle mortgage repurchase and servicing claims on 330 residential mortgage-backed securities (RMBS) issued by J.P. Morgan, Bear Stearns, and Chase. The group of investors supports the arrangement, according to their legal representative, and has asked the trustees to accept JPMorgan's offer. The bank says it is appropriately reserved for this and any remaining RMBS litigation matters.

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JPMorgan-Led Effort to Employ Military Veterans Nears Goal

A private-sector initiative launched by JPMorgan Chase in early 2011, the 100,000 Jobs Mission, is less than 8,000 positions from its goal. Member companies have collectively hired 92,869 U.S. military veterans through the third quarter of 2013, the organization recently reported. Firm's participating in the initiative are working toward a goal of hiring at least 100,000 veterans by the year 2020.

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JPM Settlement Means Banks May Need to Increase Litigation Reserves

JPMorgan Chase's $4 billion settlement with the Federal Housing Finance Agency (FHFA) reached late last week ""sets a relatively high bar"" for the 13 other banks still facing litigation from the federal agency, according to Fitch Ratings, which suggested Tuesday that some of the banks may need to increase their litigation reserves before settling. The $4 billion is about 12 percent of the original face value of the private-label mortgage-backed securities for which FHFA sought damages.

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JPMorgan Settles with FHFA, GSEs over Bad Loans

JPMorgan Chase reached agreements to resolve its mortgage-backed securities litigation with the Federal Housing Finance Agency (FHFA) and rep and warranty repurchase claims from Fannie Mae and Freddie Mac. Altogether, the bank has agreed to pay $5.1 billion to the GSEs.

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Chase Hits Major Milestone in Home Donation Program

The dollar volume of homes donated or sold at a discount through JPMorgan Chase's Community Revitalization Program has crossed the $250 million mark. Initiated in 2009 as an effort to help customers and communities cope with the housing crisis, the program has seen more than 5,300 properties donated or sold to nonprofit housing organizations over the last few years.

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Secretary of State Addresses Mortgage Industry at Honors Event

Former Secretary of State Dr. Condoleezza Rice delivered the keynote address to conclude Monday night's program at the 10th annual Five Star Conference and Expo in Dallas. Dr. Rice took the stage after the unprecedented giveaway of 10 free homes to U.S. veterans and their families by the Military Warriors Support Foundation, four banks in attendance, and three event sponsors. The evening kicked off with the presentation of the 2013 Five Star Lifetime Achievement Award to Anthony T. Meola of Bank of America.

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Wounded Vet Presented with Mortgage-Free Home

Fairway Independent Mortgage Corporation, the Boot Campaign, and the Military Warriors Support Foundation (MWSF) are joining forces once again to present a mortgage-free home to a wounded military veteran and Purple Heart recipient. U.S. Army Staff Sgt. Edward Cummings, who served in both Iraq and Afghanistan, and his family will be honored as part of Operation Grateful Nation, a special celebration being held in honor of American veterans on November 10 in Leesville, Louisiana. The home is a donation from Chase.

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