JPMorgan Chase
By Ryan Schuette | 04/24/2012
Parties to the landmark mortgage servicing settlement appointed one man to oversee $25 billion in compliance. In an interview with DS News, Joseph A. Smith, onetime banking commissioner for North Carolina and ex-nominee to head the Federal Housing Finance Agency, lays out the role he envisions playing as he monitors funds for homeowners, states, and the federal government. The settlement monitor speaks with an understated tone about his stewardship of the historic settlement, which 49 state attorneys general and federal officials completed in February.
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By Esther Cho | 04/13/2012
JPMorgan Chase, which surpassed Bank of America as the largest bank in terms of assets in October 2011, reported a net income $5.4 billion, with earnings per share at $1.31. The reported net income and earnings per share for the 2011 first quarter was $5.6 billion and $1.28, respectively. The bank saw a significant boost with mortgage production-related revenue, which was reported at $1.6 billion, an increase of $722 million, or 80 percent, from the year before. At $59.9 billion, mortgage loan application volumes increased 33 percent compared to the prior year, and 14 percent from the previous quarter, mostly due to heavy refinancing activity.
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By Esther Cho | 04/02/2012
J.P. Morgan recently announced the issuance of $132 million in commercial mortgage-backed securities (CMBS) backed by non-performing commercial real estate loans.
According to the Wall Street Journal, the issuance is first time since the late 1990s. Prior to the securitization, the assets were owned by Rialto Capital Management, a real estate investment management company focused on distressed asset investment, management, and workouts.
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By Carrie Bay | 03/14/2012
Oklahoma residents seeking restitution under the state's mortgage settlement with the nation's largest mortgage servicers must apply for benefits by September 13, 2012. The agreement between Attorney General Scott Pruitt and Bank of America, Citigroup, Ally's GMAC, JPMorgan Chase, and Wells Fargo gives the state $18.6 million, all of which will be used to compensate residents wronged in the foreclosure process. Under the nationwide settlement, Oklahoma would have received an estimated $10.2 million, and most of it would have been "paid" in the form of credits for loss mitigation activities fulfilled by the servicers.
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By Carrie Bay | 03/02/2012
Treasury says servicers participating in the Home Affordable Modification Program (HAMP) are getting better at evaluating homeowners for eligibility. Its latest performance assessment found no company in need of "substantial improvement." OneWest Bank and Select Portfolio Servicing performed at the highest level, needing only minor improvement. As part of the $25 billion settlement announced last month, Treasury has agreed to release incentives previously withheld from Bank of America and JPMorgan Chase.
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By Esther Cho | 02/21/2012
Operation Homefront, a non-profit which assists military members, partnered with Chase to place at least 100 Wounded Warriors, military, and veteran families into permanent residences this year through the Homes on the Homefront program.
Chase is providing the homes, and Operation Homefront will provide ongoing transitional services to the families until properties are deeded to the recipients.
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By Carrie Bay | 02/20/2012
Treasury is heading to the coastal cities of Miami and Tampa, Florida, this week in order to offer assistance to homeowners struggling with their mortgage payments. Treasury will host a "Help for Homeowners" outreach event in each of the hard-hit Florida cities where homeowners can meet one-on-one with their servicers. Before the homeowners arrive, though, Treasury has blocked off time for real estate professionals to meet with the servicers on behalf of their clients and to participate in short sale workshops led by the servicers themselves.
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By Esther Cho | 02/13/2012
Baron and Budd attorneys filed a lawsuit on February 10, alleging that Wells Fargo and JPMorgan Chase charged excessive default service fees. According to the suit, while federal law allows mortgage servicers to charge borrowers BPO fees, Wells Fargo and Chase marked up the charges or performed unnecessary services to make a profit, which is not permissible. The suit also claims that the fees are disguised on statements as other charges, miscellaneous fees, or corporate advances.
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By Carrie Bay | 02/09/2012
The Office of the Comptroller of the Currency (OCC) and the Federal Reserve issued statements Thursday detailing monetary penalties they have levied against the nation's largest servicers for "unsafe and unsound mortgage servicing and foreclosure practices." The OCC is assessing a total of $394 million in penalties against Bank of America, Citi, JPMorgan Chase, and Wells Fargo. The Federal Reserve's monetary sanctions total $766.5 million and target the same four institutions as well as Ally Financial.
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By Krista Franks | 02/09/2012
Federal and state officials announced Thursday morning that the federal government and 49 state attorneys general - with Oklahoma as the lone exception - have reached a $25 billion agreement with the nation's five largest mortgage servicers to address what authorities describe as "loan servicing and foreclosure abuses." The settlement with the nation's top five servicers – Bank of America, JPMorgan Chase, Wells Fargo, Citigroup, and Ally Financial (formerly GMAC) - provides financial relief to homeowners and establishes new homeowner protections.
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