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Tag Archives: JPMorgan Chase

JPMorgan Chase’s RMBS Settlement of $500 Million Approved With Pension Funds

A federal judge has approved JPMorgan Chase's $500 million settlement with four pension funds over the sale of faulty mortgage-backed securities by Wall Street investment firm Bear Stearns before the financial crisis, according to media reports. JPMorgan Chase, the nation's largest bank, acquired Bear Stearns in March 2008 at a stock-only price of $236 million, or $2 per share. In their lawsuit, the pension funds accused Bear Stearns of selling $17.6 billion worth of toxic mortgage-backed securities in the run-up to the crisis.

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Survey Reveals Gaps in Credit Health Awareness

More than half of those surveyed were not aware that overdue bills could impact their credit score, and only 37 percent said they were confident that their current score could help them accomplish their personal goals. Sixty-six percent said they would like to improve their credit score over the next year.

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First Quarter Earnings Reports Robust for Nation’s Largest Financial Firms

For San Francisco-based Wells Fargo in Q1, revenues increased by 3 percent year-over-year up to $21.3 billion. Although net income slightly declined from the same quarter a year ago from $5.9 billion to $5.8 billion, noninterest income for the bank jumped by $29 million up to $10.3 billion. The bank received higher income in Q1 from trading activities, debt security gains, mortgage origination gains, and insurance, but the higher income was offset by lower income in mortgage servicing, which was at $108 million for Q1 compared to $235 million for Q4 2014. Wells Fargo posted mortgage banking noninterest income of $1.5 billion for Q1.

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Chase, Wells Fargo Post Solid Q1 Revenues

Wells Fargo's noninterest income for Q1, $10.3 billion, was an increase of $29 million from the previous quarter. The bank received higher income from trading activities, debt security gains, mortgage origination gains, and insurance, which were offset by lower other income, such as from mortgage servicing (which were $108 million for Q1, compared to $235 million for the previous quarter).

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CFPB Fines Wells Fargo, JPMorgan Over Alleged Mortgage Kickbacks

In an announcement on Thursday, the Consumer Financial Protection Bureau (CFPB) said loan officers at Wells Fargo and JPMorgan Chase accepted cash, marketing materials, and consumer information in exchange for business referrals to Genuine Total, a now-defunct title firm formerly headquartered in Maryland.

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Chase Claims $2.2B Toward Consumer Relief Requirement

The internal review group for the New York-based megabank asserted in the third Chase Consumer Relief Update, compiled by monitor Joseph A. Smith Jr., that Chase has earned $2.2 billion in consumer relief credit from the period of October 1, 2013, to September 30, 2014.

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Lenders Bring Up Origination Volumes in Q3

Mortgage lenders originated an estimated $320 billion in loans throughout Q3, according to information collected by Mortgage Daily. While up nearly 8 percent from the second quarter's total of about $300 billion, third-quarter volumes fell short of year-ago levels by 31 percent.

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Profits Rise at Wells Fargo, JPMorgan Chase

Third-quarter profits improved annually at two of the nation's biggest megabanks, though mortgage banking results were mixed. For the latest completed quarter, JPMorgan Chase reported net income of $5.6 billion compared to a loss of $380 million a year ago. On the other side of the country, Wells Fargo posted profits of $5.7 billion for the quarter, up from $5.6 billion in Q3 2013 and flat from Q2 2014.

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