Credit card default rates mostly fell in September, but improvements in late payments slowed for most of the major card issuers. American Express, Discover, Chase, Bank of America and Citibank all submitted regulatory filings Friday that said September charge-offs fell to the lowest level this year.
JPMorgan Chase
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Card delinquencies fall, but recovery elusive
Fewer Americans fell behind on their credit card payments in September, but the pace of improvement slowed again, accelerating fears that banks will not recover from their consumer loan losses for years.
Shares of several major U.S. credit card lenders, including Bank of America Corp, JPMorgan Chase and Co, and Capital One Financial Corp, fell in morning trading on Friday. Get the full story »
Dimon: Foreclosure probes may hurt housing
JPMorgan Chief Executive Jamie Dimon said on Thursday he worries a widening probe into foreclosure practices could be a drag on the housing recovery.
“It may slow it down,” he said. “But we’re hoping it won’t kill it.”
Dimon made the comments after a press conference at the Chicago meeting of The Business Council, a group of 150 top U.S. CEOs that convenes several times a year to discuss issues facing the U.S. economy. Dimon is one of the group’s leaders. Get the full story »
Illinois officials expose four mortgage companies
Illinois regulators have “outed” four mortgage servicers that it said did not respond to requests for information on their foreclosure procedures. Get the full story »
JPMorgan Chase posts $4.4B 3Q profit
JPMorgan Chase & Co, the second largest U.S. bank by assets, said its quarterly profit jumped 22 percent, helped by lower loan losses in its retail and credit card units. New York-based JPMorgan, the first of the banks to report third-quarter earnings, has like its peers struggled to make new loans this year, even as losses on bad mortgages and credit cards have eased. Get the full story »
OfficeMax shares soar on takeover chatter
OfficeMax Inc. shares rose 9.3 percent to $15.69 in heavy trading Tuesday after a J.P. Morgan analyst said that the office supply company was ripe for a leveraged buyout.
The Naperville-based retailer is undervalued compared to its larger rivals Staples Inc. and Office Depot Inc., analyst Christopher Horvers said in the report. Even though OfficeMax is five years into a turnaround effort, there is still plenty of room left to restructure the business, he said. The report valued OfficeMax at $28 a share, citing the company’s cash pile along with a slew of expiring leases that would allow OfficeMax to move to higher traffic locations and open smaller, more productive stores. Get the full story »
States to investigate mortgage industry
A coalition of as many as 40 state attorneys general is expected Wednesday to announce an investigation into the mortgage-servicing industry, an effort some of them hope will pressure financial institutions to re-write large numbers of troubled loans.
The move come amid recent allegations that mortgage-servicers, which include units of major banks such as Bank Of America Corp., submitted fraudulent documents in thousands of foreclosure proceedings nationwide. Get the full story »
How foreclosure freeze could undermine housing
Karl Case, the co-creator of a widely watched housing market index, was upbeat three weeks ago. Mulling the economy while at a meeting at a resort near the Berkshires, Case thought the makings of a recovery were finally falling into place.
Today, Case’s mood is far more subdued. In scarcely two weeks, he and other housing analysts have watched as the once-staid world of back-office bank procedures has spawned a scandal that threatens to further unhinge the housing market. Get the full story »
BofA foreclosure halt draws calls for more
U.S. lawmakers pushed for the country’s largest mortgage lenders to suspend foreclosures in all 50 states after Bank of America Corp announced on Friday it would temporarily halt evictions nationwide.
BofA, the largest U.S. mortgage servicer, is the first U.S. bank to institute a nationwide freeze on foreclosures, expanding on a 23-state suspension announced last week while it conducts a review of its procedures. Get the full story »
Chase, Harris pick up market share, FDIC says
From Crain’s Chicago Business| FDIC data show that Chase and Harris Bank gained market share in Chicago in the last year while Bank of America slid again.
Chase reports brief Web site outage
A few weeks after Chase had major technical issues with its online banking site, many of its users reported Tuesday that they were unable to log into the Web site. A Chase spokesman said that the site went down around 11:30 a.m. for several minutes, but is now back up.
Tribune Co. talks continue; judge weighs failure
The battling parties in Tribune Co.’s fractious bankruptcy case planned to sit down Monday for another day of mediation aimed at forging a settlement of legal claims surrounding the company’s 2007 leveraged buyout.
But at a status hearing in Delaware before the mediation session began, U.S. Bankruptcy Judge Kevin Carey spent much of his time anticipating how to proceed assuming the mediation fails. Get the full story »
BofA suspends foreclosures, states eye Chase
Amid growing public anger over U.S. home seizures, Bank of America Corp has suspended some of its foreclosures and JPMorgan Chase & Co has come under investigation in California and Connecticut. Get the full story »
Sep. 28, 2010 at 6:19 a.m.
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Filed under: Suit: JPMorgan didn’t verify foreclosure docs
JPMorgan Chase & Co. faces a legal challenge next month that could cast doubt on thousands of foreclosures after a mortgage executive at the bank said she didn’t verify documents used to justify home seizures. Get the full story »
Dimon has contract on Gold Coast mansion
From Crain’s Chicago Business | Three weeks after the price was lowered on the eight-bedroom Gold Coast mansion owned by J. P. Morgan Chase & Co. CEO Jamie Dimon, the property is under contract for $6.95 million. Dimon first put the 13,500-square-foot property at 25 E. Banks St. on the market in April 2007, asking price of $13.5 million. Get the full story >>
