JPMorgan Chase has paid off $3.56 billion of the $4 billion it owes in consumer relief credit as part of a 2013 settlement over marred mortgage-backed securities issued before the crisis.
Joseph A. Smith, the independent monitor overseeing the bank’s progress, said Chase gave $1.5 billion in debt forgiveness and forbearance, $874 million in rate reduction and $1.2 billion in anti-disaster area lending, benefiting 158,107 borrowers through March 31.
The $1.97 trillion-asset bank’s consumer lending arm reported an additional $126 million in consumer relief issued to 3,695 people through the end of the second quarter. Smith said he is in the process of confirming the bank’s statement.
As part of the settlement reached with the federal government and five states, Chase must issue a total $4 billion in consumer relief by Dec. 31, 2017. JPMorgan Chase must also pay $9 billion in cash to the states and government.