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Tag Archives: JPMorgan Chase

Analysts Expect Specialty Servicers to Play Larger Role in Refi Market

FBR Capital Markets on Wednesday raised its projection for new mortgage volume in the third quarter to $400-$420 billion, largely due to more activity from special servicers as larger banks relinquish market share. FBR anticipates strong performance from these specialty servicers, partly because of their ability to effectually mine acquired portfolios for refinancing opportunities.

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Chase to Lay Off More than 500 Mortgage Employees in North Texas

According to documents filed with the ""Texas Workforce Commission (TWC) under the Worker Adjustment and Retraining Notification (WARN) Act, Chase is laying off 451 employees in its Fort Worth-based home lending office and an additional 52 employees at its mortgage banking operation in Coppell. In its filing with TWC, the layoffs represent one of ""a number of steps to align [Chase's] mortgage business support activities to the current market environment.""

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Private-Sector Coalition Hires Over 77K Veterans

A private-sector coalition that aims to hire 100,000 U.S. military veterans by 2020 has moved quickly toward its goal. 100,000 Jobs Mission announced 77,612 veterans have found employment as of the second quarter of this year due to efforts from the companies involved.

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Wells Fargo, Chase Improve Earnings in Q2

Wells Fargo reported record net income of $5.5 billion for the second quarter, up from $5.2 billion in Q1 and $4.6 billion in Q2 2012. For the first six months of the year, net income was a record $10.7 billion compared to $8.9 billion last year. Credit performance was also improved, according to chief risk officer Mike Loughlin. Credit losses were $1.2 billion in Q2 2013, a decline of $1 billion year-over-year. Meanwhile, JPMorgan reported net income of $6.5 billion for Q2, beating last year's $5.0 billion but falling just short of the first quarter.

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Judge Reverses Dismissal of Chase Securities Suit

U.S. District Judge Jed Rakoff went back on a previous decision to dismiss most of Dexia's claims against JPMorgan Chase in a $774 million suit. In reversing his decision, Rakoff noted that he didn't have the jurisdiction to grant a dismissal in the first place, citing an appeals court decision in a similar case involving American International Group (AIG) and Bank of America. Dexia filed suit in January 2012, alleging it was fraudulently convinced to purchase more than $1.6 billion of securities that went bad.

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Banks Provide $50.6B in Relief, Settlement Obligations Nearly Met

The five banks that took part in the national mortgage settlement are getting close to completing their consumer relief obligations a year after the landmark deal was reached. So far, the five banks--Bank of America, JPMorgan Chase, Wells Fargo, Citigroup, and Ally Financial--have provided $50.63 billion in consumer relief to over 621,700 borrowers, according to an update from the settlement monitor Joseph A. Smith, Jr. The provided relief comes out to about $81,437 per borrower.

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Wells Fargo, JPMorgan Report Record Profits in Q1

Wells Fargo reported record net income of $5.2 billion for Q1 2013, up from $5.1 billion quarter-over-quarter and from $4.2 billion year-over-year. Tim Sloan, CFO at Wells Fargo, credited the record results to a rise in average loans and deposits, a drop in expenses, and improvement in credit metrics. However, origination volume dropped at the nation’s biggest mortgage lender. JPMorgan also posted strong performance across its businesses, recording a net income of $6.5 billion (compared with $4.9 billion in the first quarter of 2012).

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JPMorgan Posts Record Profits in Q4

Citing ""strong underlying performance across virtually all [its] businesses,"" JPMorgan Chase reported record profits for its third straight year. According to its quarterly filing, JPMorgan took in $5.7 billion in net income during 2012's final quarter, up 53 percent from the same quarter in 2011. For all of 2012, the bank reported a record $21.3 billion. Much of that profit came on the bank of JPMorgan's strengthened mortgage business.

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JPMorgan Files Motion to Dismiss RMBS Working Group Suit

It's been months since New York Attorney General Eric Schneiderman filed suit against JPMorgan Chase over faulty mortgage-backed securities (MBS), but the bank is now coming out of its own corner swinging. Attorneys for the bank filed a motion to dismiss in early January, arguing that because Schneiderman brought his claims under the Martin Act (an article granting New York's attorney general increased power to combat financial fraud), they are subject to a three-year statute of limitations that has already elapsed.

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