JPMorgan says it’s halfway done with $4B consumer relief settlement

by MPA17 Dec 2014
JPMorgan Chase has told the monitor of the National Mortgage Settlement that it is more than halfway done with the consumer relief portion of its 2013 mortgage-securities settlement with the Justice Department.

In late 2013, JPMorgan signed a $13 billion settlement with the government to put to rest claims it sold shoddy mortgages to investors during the run-up to the financial crisis. The deal includes a $4 billion settlement with the Department of Housing and Urban Development (HUD) for customer relief.

The bank told the settlement monitor it has completed about $2.25 billion of that, according to the Wall Street Journal. The monitor, Joseph Smith, said his office still needs to validate the calculations before giving JPMorgan credit.

According to Smith’s report the bank has been credited $862 million for aid to more than 46,000 borrowers. More than 60% of the credit has gone to new lending – including to those borrowers in areas hit hardest by the real estate bust and loans to low-income borrowers The remaining 40% was given for loan forgiveness and forbearance.


  • by Cheryl M | 12/17/2014 12:01:41 PM

    see comment in BofA article. Oh and CHase, the Honorable Richard G. Stearns US District Court of Mass, Boston, MA might disagree with your "figures." Chase hasn't given consumers any relief, just a paper trail to show the courts that they are complying. Actual relief and making yourself look good in the eyes of the court have two very different outcomes. Again see comment in BofA article Chase will be in the same boat as BofA soon if the CFPB chooses to lie about it or reveal they have the same findings of Chase not complying with AG Settlement agreements. Additionally our NY AG office might want to step up to the plate and make statements to the fact they are finding the same non compliance issues with JP Morgan Chase too....


Is TILA-RESPA a good or bad thing long term?