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California sues JPMorgan for allegedly harassing credit card customers
The US state of California filed suit Thursday against JPMorgan Chase, accusing the Wall Street bank of illegally abusing credit-card customers and misusing the court system to harass them with lawsuits. California Attorney General Kamala Harris filed the suit in Los Angeles Superior Court, alleging the bank “committed debt collection…
10 home loan servicers will pay $8.5 billion in settlement to borrowers
Ten US home loan servicers will pay $8.5 billion in cash and assistance to homeowners for mishandling mortgages under foreclosure over the past two years, US regulators announced Monday. The Federal Reserve and the Office of the Comptroller of the Currency said the servicers, which include leading banks like Bank…
Florida homeowners foreclose on deadbeat banks
Vigilante homeowners in Florida are turning the tables on banks by foreclosing on them over unpaid homeowner fees, which can amount to tens of thousands of dollars. Although banks are typically the ones foreclosing on homeowners who can’t pay their mortgages, those same banks sometimes fail to pay the homeowners…
New York Attorney General sues JPMorgan for alleged mortgage securities fraud
New York Attorney General Eric Schneiderman on Monday filed a lawsuit against JPMorgan Chase for alleged fraud relating to mortgage-backed securities, a type of investment that consists of mortgage loans that have been pooled together. The case is the first brought by a White House task force called the Residential…
JPMorgan traders didn’t know the risks: CEO
WASHINGTON — Traders in the JPMorgan unit behind a $2 billion loss had little understanding of the risks they took, CEO Jamie Dimon told US lawmakers Tuesday as they grilled regulators for failing to spot the debacle. Regulators said there were supervisory failures at the banking giant but assured there…
Protesters yell at JPMorgan CEO Dimon: ‘Stop the foreclosures now!’
A group of protesters wanted to make sure that JPMorgan CEO Jamie Dimon was personally aware of their anger at him, so they confronted him directly before he testified at a Senate Committee Banking hearing on Wednesday morning. “Stop foreclosures now, stop foreclosures now!” the protesters vociferously repeated before being…
‘Inadequate’ controls led to JPMorgan loss: regulator
WASHINGTON — A top US bank regulator told lawmakers Wednesday that “inadequate” risk controls at JPMorgan Chase led to a $2 billion derivatives loss, as senators grilled him and others over a failure to prevent the debacle. Democratic Senator Robert Menendez used the Senate Banking Committee hearing to unleash a…
JPMorgan boss to testify to Congress twice in June
WASHINGTON — JPMorgan Chase’s embattled chief executive Jamie Dimon will be hauled before US lawmakers twice in June to explain the bank’s recent huge trading losses, congressional officials said Thursday. The US Senate Banking Committee said it postponed an appearance by Dimon from June 7 to June 13 to accommodate…
Occupy Buffalo convinces city to withdraw $45 million from JPMorgan
Buffalo City Comptroller Mark J.F. Schroeder announced on Thursday that the city would be pulling $45 million in funds from an account with JPMorgan Chase, following concerns raised by members of the Occupy Buffalo movement. BuffaloNews.com reported that the Buffalo Sewer Authority funds will be deposited into a higher-yielding account…
U.S. regulators tell lawmakers of JPMorgan probes
WASHINGTON — Two US market regulators confirmed Tuesday they were investigating JPMorgan Chase’s $2 billion-plus trading loss in derivatives. In a Senate hearing on systemic risk in the vast market for derivatives, Gary Gensler, chairman of the US Commodity Futures Trading Commission, said the CFTC was pursuing a preliminary investigation…
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