The Office of the Comptroller of the Currency (OCC) announced today the issuance of a cease and desist order, by consent, against JPMorgan Chase, N.A., for unsafe and unsound practices and violations of law or regulation related to derivatives trading activities conducted on behalf of the bank by the Chief Investment Office (CIO). The OCC found that the bank’s internal ... Read More »

Ten mortgage servicing companies subject to enforcement actions for deficient practices in mortgage loan servicing and foreclosure processing have reached an agreement in principle with the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Board to pay more than $8.5 billion in cash payments and other assistance to help borrowers. The sum includes $3.3 billion in ... Read More »

by Paul Kiel ProPublica The idea behind the Independent Foreclosure Review seems simple. During the peak of the foreclosure crisis, the banks broke laws and made errors that hurt homeowners. In response, the government mandated they compensate the victims. But there is growing evidence some banks are playing a major role in identifying the victims of their own abuses, raising ... Read More »

Darrell Neilander, a former client of the foreclosure/tust company/mass joinder companies Omni Home Solutions and Rampart MMW sent in the following contributed information in an effort to help inform others of his experience with two companies that are claiming to help save his property from foreclosure and get his home free and clear. I’ve written about these companies, Omni Home ... Read More »

JPMorgan has agreed to pay $100 million to dispose of a suit filed alleging that Chase Bank jacked up the minimum payments due on credit cards, improperly. The $100 million settlement is 45 percent of the $220 million in alleged up-front transactional fees that consumers paid for the promotional balance transfer loans. The suit alleges Chase Bank wanted consumers to ... Read More »

In a move that will most certainly not be permanent, JPMorgan Chase is reported to have stopped suing consumers over debts. The American Banker is reporting that almost overnight, suits to collect debts by Chase have nearly stopped. A rumor exists that the Office of the Comptroller of the Currency is looking into issues surrounding Chase consumer debts. Those actions, ... Read More »

Just one month ago I wrote about the implementation of debit card fees coming into play for big banks such as Chase, Wells Fargo and most notably Bank of America. Due to the change in a new government regulation that caps what banks can charge merchants for debit transactions they announced plans to implement a monthly debit card fee to ... Read More »

by Paul Kiel ProPublica The Obama administration’s mortgage modification program is more than two years old. From the beginning, it’s been apparent that the participating banks and mortgage servicers were breaking the program’s rules. The administration has long argued it has little power to do anything about it. But now, after millions of homeowners have been rejected, the government has ... Read More »

by Marian Wang, ProPublica For years, banks and other companies handling foreclosures have turned to cheap labor to process the growing volume of foreclosures. At JPMorgan Chase, they were called “Burger King kids“–walk-in workers hired to handle foreclosure proceedings. Many barely knew what a mortgage was and had only high-school educations. Prompted by a Financial Times article about banks hiring ... Read More »

by Marian Wang, ProPublica Three of the nation’s largest mortgage servicers have halted foreclosures as scrutiny increases over whether they verify the required paperwork. Several other servicers have also been faulted for foreclosure affidavits that were signed without much authentication, but they have not yet halted foreclosures. Last week, we noted that the discovery of “robo-signers” — employees who signed ... Read More »

In October, 2010 the Supreme Court of the United States will hear the case of Chase Bank, NA v. James McCoy which was originally filed in 2006 and has been working its way through the court system having been appealed by Chase Bank, now JPMorgan Chase. This case presents the question of whether the notice requirements of the Truth in ... Read More »

The new data the Treasury Department released show a number of problems with the mortgage modification program. But JPMorgan Chase leads the pack when it comes to those stuck in loan mod limbo. JPMorgan Chase, the data show, has the most homeowners waiting more than six months for a final answer on whether they’ll get a permanent modification. (What we ... Read More »

Here is a list of the banks with the worst record for canceling loan modification requests. PNC Mortgage – 47.2% Aurora Loan Service – 46.8% CitiMortgage – 42.1% Saxon Mortgage Services – 40.8% Select Portfolio Servicing – 38.6% Wells Fargo Bank – 35.1% Worst banks for expired trial loan modifications without an answer. JPMorgan Chase – 45.3% Bank of America ... Read More »

It a time of financial uncertainty many people, of all walks of life and income ranges face trouble. We normally think that only middle class or poor people suffer from debt problems. That’s just not true. Previous high income earners are impacted by troubles as well. Former Wall Street employees are now looking for entry level jobs at $8 an ... Read More »

Credit card lenders include Discover Financial Services LLC, Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co., Capital One Financial Corp., American Express Co. and HSBC Holdings have finally come together with the help of the National Foundation for Credit Counseling, Consumer Federation of America and the Financial Service Roundtable to start the process of creating a debt solution, ... Read More »