National Mortgage Settlement Monitor Joseph Smith released his fifth report on JPMorgan Chase & Co.’s (JPM) residential mortgage-backed securities settlement, detailing the firm’s progress toward satisfying its consumer relief requirements of the settlement.
In his report, Smith confirmed that Chase has provided $3,324,010,726 to 151,436 borrowers through Dec. 31, 2014. Under the settlement, Chase must provide $4 billion in credited relief by Dec. 31, 2017.
“My team and I have completed an in-depth review of Chase’s consumer relief activities through the end of 2014,” Smith said. “As a result of our work, I have credited Chase with more than three-fourths of the $4 billion it must provide under the Settlement.”
This report also includes an update of Chase’s self-reported gross consumer relief, as well as the amount of consumer relief credit claimed by Chase for the first quarter of 2015, which the Monitor has not yet validated.
“We continue to help thousands of families become homeowners and assist those who may be struggling,” said Jason Lobo, vice president and head of external communications for Chase. “Our efforts have helped more than 158,000 families through more than $19 billion in total mortgage relief.”
Chase’s internal review group reported that Chase has provided an additional $231,269,947 in creditable consumer relief to 6,671 borrowers between Jan. 1, 2015 and March 31, 2015.
“I am in the process of confirming the additional relief Chase has claimed,” Smith said. “I will report on my results this fall.”