JPMorgan Chase has officially fulfilled its obligation to pay out $4 billion in consumer relief under a settlement with the federal government and several states, according to a HousingWire report.
JPMorgan agreed to provide the relief to settle claims that it, along with Bear Stearns and Washington Mutual, had packaged and sold shoddy mortgage-backed securities prior to the financial crisis. Under the settlement, the banking giant had to provide $4 billion in consumer relief by Dec. 31, 2017, HousingWire reported.
Joseph Smith, monitor of the settlement, recently reported that the bank had provided $4,063,880,724 in relief to 168,960 borrowers, fulfilling its relief obligation more than a year ahead of schedule.
“We are pleased to have fulfilled our requirements under the Settlement,” JPMorgan spokesperson Elizabeth Seymour said. “The $20 billion in consumer relief we’ve provided to customers over the last several years is part of our ongoing efforts to help families and communities that may be struggling.”