JPMorgan Chase is close to satisfying its $4 billion consumer relief obligation under a residential mortgage-backed securities settlement.
Taking into account the $3.89 billion that independent monitor Joseph A. Smith has credited the bank with, plus an additional $113 million that the bank has claimed it provided, the total is just over the mark.
Smith is in the process of reviewing the additional amount Chase claimed.
The $3.89 billion of relief that has been credited so far has assisted 165,191 borrowers.
This is Smith's eighth progress report on the settlement with the federal government and five states over mortgages securitized by JPMorgan Chase and the institutions it acquired during the crisis, Bear Stearns and Washington Mutual. It is separate from the national mortgage
The MBS agreement calls for Chase to meet its obligation by Dec. 31, 2017 and the latest report covers the period ended Sept. 30, 2015.
Smith said that since the June 30, 2015 report the bank has modified 3,389 loans (of which 3,297 are first lien mortgages) through principal forgiveness for credit of $206 million. This brings the dollar total of loans modified through forgiveness or forbearance to $1.84 billion.
Previously Smith gave Chase credit for $1.2 billion of low to moderate income and disaster area lending and $874 million for interest rate reductions.
