Servicing

JPMorgan faces $2 billion tab from foreclosure settlement

JPMorgan Chase (JPM) tab for its role in the recently settled case over foreclosure abuses is nearly $2 billion, including a $753 million cash payment, according to a company filing late Wednesday.

In addition to the cash payment, the No. 1 U.S. bank by assets will commit an additional $1.2 billion for “foreclosure prevention actions” under the terms of the settlement, which will be fulfilled through the same framework established by last year’s settlement between banks and state and federal agencies over foreclosure issues.

 

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