Tag Archives: JPMorgan Chase

The Mortgage Bankers Association (MBA) has assembled a GSE Single Family Task Force to revisit the association's 2009 proposal for the future of the secondary market and to further discourse on this topic. The task force will work in two phases. First, they will review the 2009 position and determine potential issues during a transition. Next, they will put together a "roadmap" for the transition.

The National Credit Union Administration (NCUA) announced Monday it has filed suit against JPMorgan Securities and Bear Stearns over allegations of falsely representing the quality of mortgage-backed securities (MBS) sold to corporate credit unions. NCUA's complaint alleges that although Bear Stearns' offering documents described the firm's adherence to underwriting guidelines, the originators had in fact "systematically abandoned the stated underwriting guidelines in the Offering Documents."

After losing a previous bid earlier this year, UBS is making another attempt to shut down a lawsuit from the Federal Housing Finance Agency.

Standardization and stability brought on by regulation will pave the way for a bright future for mortgage banking, FBR speculates.

Hiring in the mortgage industry increased in Q3 for the fifth straight quarter, according to Mortgage Daily's Mortgage Employment Index. The index shows 8,711 hires were made in the year's third quarter, up more than 3,000 from the last quarter and nearly 3,500 from Q3 2011. Even with an estimated 5,785 layoffs, the industry saw a net increase of nearly 3,000 jobs--more than double the gain in Q2. For 2012's first three quarters, mortgage and real estate finance companies recruited 7,230 more people than they've laid off.

JPMorgan Chase's leadership team is undergoing a few changes: The bank announced that effective early next year, Marianne Lake will be stepping into the role of CFO. Meanwhile, current CFO Doug Braunstein will become vice chairman of the company.

As of September 30, the five servicers named in the national mortgage settlement reported they have provided $26.11 billion in actual consumer relief.

JPMorgan Securities LLC and Credit Suisse Securities (USA) paid a combined $416.9 million to settle charges of misleading investors.

Bank of America's Merrill Lynch unit lost in an attempt to throw out an action from the Federal Housing Finance Agency over mortgage-backed securities (MBS) sold to Fannie Mae and Freddie Mac. Merrill's motion to dismiss the case did not hold up under scrutiny from U.S. District Judge Denise Cote, who is overseeing claims filed by FHFA against Merrill and a number of other banks. Only days prior, Cote denied a similar motion filed by JPMorgan Chase.

In a regulatory filing released Thursday, JPMorgan Chase revealed it has reached a settlement with the Securities and Exchange Commission (SEC) to resolve claims against itself and Bear Stearns. According to the filing, JPMorgan "has reached an agreement in principle" with the staff of the SEC to resolve claims under investigation. The SEC notified JPMorgan in January that it was considering pursuing claims after an examination of JPMorgan's and Bear Stearns' practices.