Chase RMBS Settlement Monitor Credits Chase With $3.5 Billion in Relief

Joseph A. Smith Jr. has released his sixth report on JPMorgan Chase’s progress under its settlement with the federal government and five states concerning claims that Chase, Bear Stearns and Washington Mutual packaged and sold bad residential mortgage-backed securities (RMBS) to investors before the financial crisis.

“I have credited Chase with $3,555,280,673 in consumer relief to 158,107 borrowers through March 31, 2015,” Smith said. “I will continue to monitor and report on Chase’s progress until Chase provides the required $4 billion in credited consumer relief by Dec. 31, 2017.”

The Monitor’s report also contains Chase’s self-reported consumer relief credit for the second quarter of 2015. As of June 30, 2015, Chase claimed an additional $126,253,926 in consumer relief.

“I am in the process of confirming Chase’s additional claimed relief,” Smith said “I plan to report my findings near the end of this year.”