For Immediate Release:
May 26, 2016
Chase RMBS Settlement Monitor Credits Chase with $3.88 Billion in Relief
Joseph A. Smith, Jr. credits Chase’s consumer relief through September 30, 2015
RALEIGH, N.C. – Joseph A. Smith, Jr., Monitor of the Chase RMBS Settlement, confirmed that JPMorgan Chase has provided $206,242,520 in consumer relief to 3,389 borrowers through the third quarter 2015. In total, the Monitor has credited Chase with providing$3,887,777,119 to 165,191 borrowers. Chase is required to provide $4 billion in credited consumer relief by Dec. 31, 2017.
“I have credited Chase with $3.88 billion in consumer relief after an in-depth review of its consumer relief activities,” Smith said. “Chase self- reported an additional $113 million in relief, which I will review and discuss in my next report.”
Smith’s report is the eighth progress report on Chase consumer relief 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.
The Monitor is in the process of confirming Chase’s additional claimed credit and will report his findings to the Court and the public this summer.
A fact sheet details Chase’s credited relief through Sept. 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/.