J.P. Morgan Says It’s More Than Half Done With Mortgage-Settlement Consumer Relief

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J.P. Morgan Says It’s More Than Half Done With Mortgage-Settlement Consumer Relief

J.P. Morgan Says It’s More Than Half Done With Mortgage-Settlement Consumer Relief

WSJ-

J.P. Morgan Chase JPM & Co. has told an independent monitor it has provided more than half of the $4 billon in consumer aid mandated under its 2013 mortgage-securities settlement with the Justice Department.

The bank calculates it should receive about $2.25 billion of credit for such actions as cutting mortgage debts for struggling homeowners and lending to low-income home buyers, according to a report released Tuesday by the independent monitor of the bank’s $13 billion settlement.

Joseph Smith, the former North Carolina bank regulator hired to make sure J.P. Morgan follows the consumer-relief terms of the settlement, still needs to validate J.P. Morgan’s calculations before the bank can get credit.

[WALL STREET JOURNAL]

image: Diane Bondare AP

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