Video: JPMorgan Begins To Provide Consumer Help Under $13 Billion Settlement
A monitor of the deal said in a report released on Tuesday that JPMorgan Chase & Co has begun to provide the debt forgiveness and other help to struggling homeowners under last year's $13 billion accord with federal and state authorities, though it has only turned over a handful of details. Joseph Smith, who was appointed by the bank and governments to monitor a settlement over mortgage securities, said he determined that the largest U.S. bank had so far earned $6.3 million in so-called "credits" from either cutting borrowers' principal or agreeing to defer some payments on 100 loans in a test pool. The bank receives extra credit for certain types of help and less for others, so the total is not a dollar-for-dollar accounting of the assistance provided. In an interview, Smith said he didn't yet have enough information to assess whether the bank is on track to fulfill its obligations, which it has until 2017 to accomplish, but he expected to put a more comprehensive report out later this year.
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