jpmorgan chase - Articles

JPMorgan to Pay $614 Million in Mortgage Settlement

The Associated Press By Larry Neumeister NEW YORK -- The nation's largest bank, JPMorgan Chase & Co., will pay $614 million and improve mortgage lending practices under a deal announced Tuesday to settle claims it approved thousands of unqualified home mortgage loans for government insurance and refinancing since... Continue Reading »

What the Chase Settlement Could Mean for Consumers

AP The Justice Department and JPMorgan Chase & Co. reportedly could sign a $13 billion agreement today that would be the largest ever reached between the U.S. government and a corporation, several news sources are reporting. The final issue in the settlement was said by persons familiar with the talks (but not... Continue Reading »

JPMorgan, Gov't Set Terms for $4 Billion Piece of $13 Billion Deal

dapd/AP NEW YORK -- JPMorgan Chase and U.S. government officials have agreed on terms of a $4 billion consumer relief package that is to be part of a $13 billion deal to settle the bank's liability to government agencies over mortgage securities, according to a person familiar with the matter. The $4 billion portion of... Continue Reading »

JPMorgan's $13 Billion Deal Hits Stumbling Blocks

Pete Marovich/Bloomberg via Getty ImagesJPMorgan CEO Jamie Dimon By Aruna Viswanatha and David Henry JPMorgan Chase and the U.S. Justice Department have hit snags in working out the final details of their $13 billion settlement over the bank's mortgage bonds, two people familiar with the talks said. The bank and the... Continue Reading »

Why JPMorgan Settlement Could Make It Tougher to Get a Mortgage

The Associated Press By Diana Olick The Justice Department's potential $13 billion settlement with JPMorgan may go a long way toward appeasing consumers' anger at big banks for the financial crisis, but it probably won't help those same consumers get a mortgage. In fact, it may make it harder. "In my eyes, this... Continue Reading »

Minnesota Woman Says Bank Took Her Money, Foreclosed Anyway

Mardee Jerde is homeless today. At 9 a.m., a representative of JPMorgan Chase, along with a real estate agent and a locksmith, arrived to change the locks on her former three-bedroom house in Rush City, Minn. She's hoping that a last-ditch legal effort can get her home back, but meanwhile this breast-cancer survivor... Continue Reading »

Mortgage Modifications Still Taking Banks Too Long, Report Says

By Andrew Miga WASHINGTON -- A new report says homeowners trying to avoid foreclosure must wait too long for their loan modification applications to be reviewed by some of the nation's top mortgage servicers. Such delays can plunge borrowers deeper in debt. Joseph A. Smith, the independent monitor of last year's... Continue Reading »

Michelle Hansen Tags Home With Message to Chase Bank: You're 'Stealing' My House

Cases of homeowners struggling against their banks to fend off foreclosure are a dime a dozen these days. But Michelle Hansen of Aurora, Colo., is upping the ante against JPMorgan Chase, which she says is refusing to grant her a loan modification after she became delinquent on her mortgage. What's her tactic? She's using... Continue Reading »

Do Banks or Homeowners Win in Mortgage Settlement?

Hundreds of thousands of Americans stand to benefit from the latest mortgage-abuse settlement, but consumer advocates say U.S. banks may be getting the best of the deal. Banks have agreed to pay $8.5 billion to settle charges that they wrongfully foreclosed on millions of homeowners in the wake of the 2008 financial... Continue Reading »

Mortgage Settlement's Next Step: Banks to Pay $8.5 Billion in 'Robo-Signing' Mess

U.S. banks have taken another step to clear away the wreckage of the 2008 financial crisis by agreeing to pay $8.5 billion to settle charges that they wrongfully foreclosed on millions of homeowners. The deal announced Monday could compensate hundreds of thousands of Americans whose homes were seized because of abuses... Continue Reading »

Banks Modify Home Loans, Reduce Rates for 300,000

By Les Christie More than 300,000 homeowners have received $26 billion in relief under the big foreclosure abuse settlement reached earlier this year, according to a recent government report. Five of the country's largest mortgage lenders have modified home loans, reduced interest rates or forgiven debt as part of a... Continue Reading »

Expiring Tax Cut Poised To Take a Bite Out of Mortgage Settlement Payouts (Opinion)

By Adam Levin It just may become the latest outrage during a year of outrages. At the precise moment when the federal government finally delivers a modicum of justice and some economic relief to millions of homeowners victimized by the nation's largest banks, the government threatens to beat those victims over the head... Continue Reading »

Surprise! Chase Is Refinancing Your Mortgage

By Les Christie While millions of struggling homeowners have had to jump through all sorts of hoops trying to refinance their mortgages, Michelle and Bob Irwin barely had to lift a finger. This summer, the couple received a letter from JPMorgan Chase, their mortgage servicer, informing them that it was going to slash... Continue Reading »

Bank Forecloses on Returning Iraq Soldier's Home

In America today, even men and women returning from war can't expect their families to be exempt from the foreclosure crisis. On the same day that soldier Aaron Collette returned from a tour of duty in Iraq to his father Tim's home in Bend, Ore., that very house was bought back at auction due to foreclosure, local news... Continue Reading »

Feds Put Mortgage Lawsuits Under the Microscope

WASHINGTON -- Federal bank regulators are scrutinizing more than 150 home loan-related lawsuits directed at lenders and mortgage companies, a top official at the Federal Deposit Insurance Corporation plans to say Thursday, underscoring the threat the largest U.S. banks face from faulty and improper mortgage and foreclosure... Continue Reading »

Soldier's Dad Fights Foreclosure

WASHINGTON -- In August, Tim Collette's son Aaron will spend 15 days on leave from Iraq. Aaron is 20 years old, and he's been in the Army for about a year and a half. A few weeks ago, his squad was hit with an improvised explosive device. Everybody survived, but it frightened both the soldier and his family. The Army... Continue Reading »

Bank Offers $56M to Repay Military Families

JPMorgan Chase says it is willing to pay a whopping $56 million to settle the class-action lawsuit brought by 6,000 members of the military who accused it of overcharging them on their mortgages and violating the Servicemembers Civil Relief Act. A judge still has to approve the offer. The case was initially brought by... Continue Reading »

Foreclosures Go From Sluggish to Frozen

Before four leading banks suspended foreclosures due to improper approvals, the process was already bogged down in the 23 states that require a judge to sign off on all foreclosure cases. In those states, the housing recovery has faltered, some economists claim. For example, in California there is no requirement for a... Continue Reading »

Foreclosure Crisis Alarms Lawmakers

Now Congress is getting into the fray regarding tens of thousands of improperly processed foreclosure cases. "It is time that banks are held accountable for their practices," House speaker Nancy Pelosi (pictured left) and 30 more Democratic representatives from California reported to the Justice Department, the Federal... Continue Reading »

Jamie Dimon Sells Chicago Mansion After Slashing Price in Half

It took three years and at least four price offerings, but JPMorgan Chase chairman and CEO Jamie Dimon has finally sold his four-story mansion on Chicago's Gold Coast, and for under $6.95 million -- less than half of its original list price. The price on the 13,500-square-foot property, which first went on the market at... Continue Reading »

Foreclosure Crisis Threatens to Halt More Default Cases

The dominoes are still falling in the latest foreclosure crisis. As more mortgage lenders admit to widespread mishandling of foreclosure documents, the consensus is growing that many more lenders and loan servers will need to stop their foreclosure machines. Among the problems cropping up: documents signed without... Continue Reading »

Foreclosure Robots Under Investigation

Homeowners on the brink of eviction due to foreclosure proceedings can rest a little easier: Mortgage lenders are dramatically slowing the pace of foreclosures as state and national law enforcement officials take a closer look at the business practices of two top banks that processed thousands of defaults. JPMorgan Chase... Continue Reading »

Fannie Mae Under Fire for Hiring 'Foreclosure Mills'

While the Florida Supreme Court says it's powerless to freeze state foreclosures, some members of Congress aren't taking no for an answer. They've sent a letter to Fannie Mae asking why it continues to hire alleged "foreclosure mill" law firms in order to speed up the process of foreclosures around the country. Just last... Continue Reading »

JPMorgan Chase Freezes 56,000 Foreclosures

The massive foreclosure machine that revved up to accommodate the huge backlog of mortgage defaults once again is coming to a screeching halt. JPMorgan Chase, one of the nation's largest mortgage lenders, announced on Wednesday that it was stopping court cases against troubled homeowners in 23 states to "systematically... Continue Reading »

Chicago Home Sales Up for 6 Months! (and Other Good News)

Well, good news for everyone except JPMorgan CEO Jamie Dimon. Here's what's happening: Reversing consecutive weeks of mostly dismal housing news, Chicago got word this week that home sales leaped 45 percent in March compared to last year. However, median home prices continue to fall. This marks the sixth straight month... Continue Reading »

JPMorgan Chase Is No Fan of Latest Obama Plan to Stem Foreclosures

JPMorgan Chase CEO Jamie Dimon was once a golden boy in Washington. After his bank emerged relatively unscathed from the subprime meltdown, Dimon was an enthusiastic supporter of the government's bailout plans. The lifelong Democrat was a member of Barack Obama's unofficial brain trust during the 2008 presidential... Continue Reading »

For Bankers, Who's the Boss?

Watching the CEOs of America's largest banks testifying this week to Congress about their roles in starting The Great Recession with varying levels of contrition and defiance raises the question: exactly who are banks really accountable to in these post-TARP days? Who's the boss? Shareholders? Taxpayers? Customers (whom... Continue Reading »

Picketing the Fat Cats

Is consumer frustration with the slow pace of loan modifications finally becoming more than silent resentment? If Monday's protest at the New York offices of JPMorgan Chase is any indication, the answer might be yes. With a little goading from the president, who on Sunday called America's bank presidents "fat cats," a new... Continue Reading »

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