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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 ...
The foreclosure crisis was extensively covered by news outlets beginning in October 2010, and several large banks—including Bank of America, JP Morgan, Wells Fargo, and Citigroup—responded by halting their foreclosure proceedings temporarily in some or all states.
A JPMorgan Chase employee testified in a deposition that she was one of eight managers who combined to sign some 18,000 documents a month without the personal knowledge the documents claimed they ...
JPMorgan Chase (JPM) is widening its review of foreclosure documents, CNNMoney said. The bank is already reviewing 56,000 foreclosure documents in 23 states that need a judge to sign off on a ...
In order for the deal to go through J.P. Morgan Chase required [24] the Fed to issue a nonrecourse loan of $29 billion to Bear Stearns. [25] [4] This means that the loan is collateralized by mortgage debt [26] and that the government can't go after J.P. Morgan Chase's assets if the mortgage debt collateral becomes insufficient to repay the loan ...
United States Department of the Treasury. After the freeing up of world capital markets in the 1970s and the repeal of the Glass–Steagall Act in 1999, banking practices (mostly Greenspan-inspired "self-regulation") and monetized subprime mortgages sold as low risk investments reached a critical stage during September 2008, characterized by severely contracted liquidity in the global credit ...
In response to accusations of document fraud, JPMorgan Chase (JPM) said Wednesday it's expanding its foreclosure review to some 115,000 cases. The review, which involves homeowners in 41 states ...
In January 2011, JP Morgan Chase, the United States' second-largest bank based on market share, admitted that it had illegally overcharged some 4,000 active-duty military members on their home mortgage and accidentally foreclosed on as many as 14 families. Facing pressure from a United States Marine's lawsuit over the violations, Chase ...