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Tag Archives: JPMorgan Chase

DOJ May Target RBS, JPMorgan Executives for Criminal Roles in Financial Crisis

The U.S. may be following through on promise made a few months ago to target individual executives from the Royal Bank of Scotland and JPMorgan Chase for their alleged criminal role in financial crisis. In September, the Department of Justice issued a memo to all U.S. state attorneys general stating that it will pursue the prosecution of individuals whose actions brought on the Great Recession of seven years ago. The DOJ is reportedly standing by their word and pursuing criminal cases against executives at these two banking institutions for allegedly selling flawed mortgage securities after being warned by associates of their wrongdoings.

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JPMorgan Chase Not Responsible For WaMu’s Pre-September 2008 Liabilities, Judge Rules

A federal judge has ruled that the Federal Deposit Insurance Corp., is liable for facing certain legal claims that FDIC-insured JPMorgan Chase inherited from its 2008 acquisition of Washington Mutual, according to media reports. JPMorgan acquired the failing Seattle-based bank for $1.88 billion in 2008 during the onset of the financial crisis, after the Office of Thrift Supervision seized Washington Mutual and appointed the FDIC as receiver.

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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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