FOR IMMEDIATE RELEASE:
September 22, 2016
JP Morgan Chase Satisfies $4 Billion Consumer Relief Obligation Under Mortgage Securities Settlement
Joseph A. Smith, Jr. credits Chase’s consumer relief through March 31, 2016
RALEIGH, N.C. – In a report released today, Joseph A. Smith, Jr., Monitor of the JPMorgan Chase Residential Mortgage-Backed Securities Settlement, confirmed that JPMorgan Chase (Chase) has satisfied its $4 billion consumer relief obligation under the settlement. In total, the Monitor has credited Chase with providing$4,063,880,724 of consumer relief to 168,960 borrowers. Chase was required to provide $4 billion in credited consumer relief by Dec. 31, 2017.
“Chase has satisfied its consumer relief obligation,” said Smith. “The servicer has provided more than $4.06 billion to more than 168,000 borrowers before the deadline specified in the settlement.”
Smith’s report is his final progress report regarding Chase’s consumer relief obligation under its $13 billion 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.
A fact sheet details Chase’s final credited relief.
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/.