JPMorgan Chase Lays Off 839 Foreclosure Review Workers

Posted by Orb Staff on January 15, 2013 No Comments
Categories : Mortgage Servicing

13096_closed JPMorgan Chase Lays Off 839 Foreclosure Review Workers Following its signing of last week's new foreclosure settlement, JPMorgan Chase & Co. has laid off 839 temporary workers who were contracted as part of the Independent Foreclosure Review.

The Wall Street Journal reports that the bank is letting go of 529 temporary employees based in Brooklyn, N.Y., and 310 in Florence, S.C. The employees were originally contracted as part of the Independent Foreclosure Review, but their work has effectively ended following the bank's agreement to participate in the new $8.5 billion foreclosure agreement with the Office of the Comptroller of the Currency and the Federal Reserve.

As part of the new settlement, JPMorgan Chase is expected to pay nearly $2 billion, which includes a $753 million cash payment and $1.2 billion in credits for ‘foreclosure prevention actions.’

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