JPM Furthers Progress in RMBS Settlement Payments: Monitor

Category: National Mortgage News Published: Tuesday, 21 July 2015 Written by Admin

Smith, who now runs an independent monitoring business, was selected by 49 state attorneys general, the federal government and five mortgage servicers to monitor the progress of JPMs $13 billion settlement over claims that Chase, Bear Stearns and Washington Mutual, all of which are now owned by JPM, sold bad mortgage notes to investors leading into the 2008 financial crisis. In addition to the $4 billion, JPM also agreed to pay $9 billion directly to states.

We continue to help thousands of families become homeowners and assist those who may be struggling, JPM spokesman Jason Lobo said in an email to National Mortgage News. Our efforts have helped more than 158,000 families through more than $19 billion in total mortgage relief.

Smith served as banking commissioner of North Carolina from 2002 until 2012 and was nominated by President Obama in 2010 to head the Federal Housing Finance Agency but withdrew himself from consideration due to opposition in the Senate.

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