For the printable release, click here.
For immediate release:
Jan. 12, 2016
Chase RMBS Settlement Monitor Credits Chase with $3.68 Billion in Relief
Joseph A. Smith, Jr. confirms Chase’s credited consumer relief through June 30, 2015
RALEIGH, N.C. – Joseph A. Smith, Jr., Monitor of the Chase RMBS Settlement, credited JPMorgan Chase with providing $126,253,926 in consumer relief to 3,696 borrowers through the second quarter of 2015. This brings the total amount of consumer relief the Monitor has credited to $3,681,534,599 for 161,802 borrowers. JPMorgan Chase must provide $4 billion in credited consumer relief by Dec. 31 2017.
Smith’s report is his seventh 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 to investors before the financial crisis.
“My team and I performed an in-depth review of Chase’s consumer relief activities. As a result, I have credited Chase with $3.68 billion in consumer relief,” Smith said. “I will continue to monitor and report on Chase’s progress toward providing $4 billion in credited consumer relief by Dec. 31, 2017.”
The Monitor’s report also contains Chase’s self-reported consumer relief credit through the third quarter of 2015. As of Sept. 30, 2015, Chase claimed an additional $206,242,520 in consumer relief.
“I am in the process of confirming Chase’s additional claimed credit,” Smith said. “I plan to report my
findings this spring.”
A fact sheet details Chase’s credited relief through June 30, 2015.
About the Chase RMBS Settlement
More information about the Chase RMBS Settlement is available at www.jasmithmonitoring.com/chase.
Further information about Joseph A. Smith, Jr. is available at https://www.jasmithmonitoring.com/.