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Chase Provides $3.3 Billion in Relief in RMBS Settlement

NationalMortgageProfessional.com
Jul 09, 2015
Chase Settlement Logo

Joseph A. Smith, Jr., Monitor of the JP Morgan Chase Residential Mortgage-Backed Securities Settlement (Chase RMBS Settlement or Settlement), has released his fifth report on JP Morgan Chase’s progress toward satisfying its consumer relief requirements of the Settlement. In this report, Smith confirmed that Chase has provided $3,324,010,726 to 151,436 borrowers through Dec. 31, 2014. Under the Settlement, Chase must provide $4 billion in credited relief by Dec. 31, 2017.

“My team and I have completed an in-depth review of Chase’s consumer relief activities through the end of 2014,” said Smith. “As a result of our work, I have credited Chase with more than three-fourths of the $4 billion it must provide under the Settlement.”

This report also includes an update of Chase’s self-reported gross consumer relief, as well as the amount of consumer relief credit claimed by Chase for the first quarter of 2015, which the Monitor has not yet validated. Chase’s internal review group reported that Chase has provided an additional $231,269,947 in creditable consumer relief to 6,671 borrowers between Jan. 1, 2015 and March 31, 2015.

“I am in the process of confirming the additional relief Chase has claimed,” Smith said. “I will report on my results this fall.”

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