JPMorgan’s $4 Billion Payment To Homeowners On Track
Investing in real estate has been challenged recently. HomeUnion real estate investing advisors will guide you in making the best decision when it comes to real property investing in these challenging times. The housing market in the US may have improved but it is still significantly off track as current gains are not yet able to recuperate the losses in the first quarter this year. Several real estate investing brokers though continue to push through with their campaign knowing that the rough times are soon to pass.
The downturn of real property investment also took a toll on banks. Currently, JPMorgan Chase & Co is mandated to provide billion worth of dollars to consumers. The bank is ordered to relieve struggling homeowners with a certain amount of money. This is part of the settlement as instructed by the court over the matter when JPMorgan sold bad residential mortgage securities before the financial predicament. An independent body confirmed that JPMorgan Chase & Co is on track in meeting the demands.
Joseph Smith monitors the settlement. He monitored the settlement of the largest bank in the US in 2013 with five states and the US government. Joseph Smith reported that he credited Chase’s settlement for $2.2 billion out of $4 billion. The $4 billion goal is set to be given back completely to consumers before the year 2017 expires. The bank is reported to have some extra credit help.
People experiencing the bad side of the financial crisis are relieved to have their money back. The relief given by the bank is in the form of refinancing the debt, mortgage forgiveness and money lending for disaster stricken places.
Another segment of JPMorgan, its brand for consumer loans known as Chase is also required to settle $9 billion in cash. The total amount that the bank will be paying is equivalent to $13 billion.
The monitoring agent of the settlement, Joseph Smith, sheds light of positivity as he stated that there is a steady progress in settling the debt of the bank. He noted that the bank may be able to completely settle its account even before the 2017 deadline.