Skip to main content

In Wake of Government Investigation, Chase Announces More Layoffs

Robert Ottone
Aug 09, 2013

Back in June, due to the FHFA’s streamlined loan modification program, JPMorgan Chase has announced that more than 20,000 employees would be laid off. Now, in the wake of massive government investigation, Chase is laying off over 470 employees in the north Texas region. This is supposedly due to less people being behind on their mortgage payments compared to previous years, according to a Chase spokesperson. The jobs cut were in the mortgage default sector, however; some are pointing to the fact that the company is under investigation by the United States government over charges of criminal practices related to sales of mortgage-backed securities (MBS). “No one should be surprised that JPMorgan Chase may be charged with wrongful or criminal conduct. They’ve got a record that would make Al Capone look like a neighborhood criminal,” said David Kelleher, president of Better Markets, a government watchdog group. One of the more impressive things about all the trouble JPMorgan Chase has faced over the course of recent years since the housing bubble burst is that the company’s bottom line hasn’t really been affected, resulting in current CEO Jamie Dimon’s job being secure. The criminal and civil litigation measured against Chase is being run by the U.S. Attorney's Office for the Eastern District of California. “You can often bring dual investigations, civil and criminal, in order to maximize pressure for a global civil resolution,” said Professor John Coffee of Columbia Law School.
Aug 09, 2013
Fidelity National Financial Hit By Cyberattack

Industry-leading provider of title insurance and settlement services radio silent on reported breach.

Nov 28, 2023
Citizens Bank Bids Farewell To Wholesale Mortgage Channel

In a strategic pivot, the Providence-based banking giant will stop accepting new wholesale mortgage submissions.

Nov 16, 2023
Surprising Surge In Mortgage Customer Satisfaction, J.D. Power Study Reveals

Study found first-time homebuyers were harder to satisfy, customers don't just shop rates.

Nov 16, 2023
Women Continue To Defy Homebuying Challenges, Representing 22% Of The Market, Survey Finds

Young, educated, diverse, and increasingly savvy, women homebuyers navigate homeownership hurdles with determination.

Nov 15, 2023 Stays Bullish On Industry Disruption Amid Q3 Losses

Despite a $340 million Q3 loss,'s leadership emphasizes cost reductions, automation, and investment in technology.

Nov 15, 2023
Fannie Mae Extends Rent Payment Pilot

Positive Rent Payment program offers financial stability and opportunities.

Nov 14, 2023