Monitor: JP Morgan Chase Satisfies $4B MBS Settlement
The Office of Mortgage Settlement Oversight has stated JPMorgan Chase satisfied its consumer relief obligations, providing more than $4 billion well ahead of its deadline of Dec. 31, 2017.
“Chase has satisfied its consumer relief obligation,” said Joseph A. Smith, Jr., the settlement monitor. “The servicer has provided more than $4.06 billion to more than 168,000 borrowers before the deadline specified in the settlement.”
This announcement marked Smith’s final progress report regarding Chase’s consumer relief obligation under its $13 billion settlement with the federal government and five states related to charges that Chase, Bear Stearns and Washington Mutual packaged and sold toxic residential mortgage-backed securities to investors before the 2008 financial crisis.
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