After Already Coughing Up $2 Billion, JP Morgan Chase Gets Clipped By Banking Feds For An Additional $48 Million For Its Dubious Loan Servicing Practices That Screwed Over Homeowners In Foreclosure

The New York Times reports:

• JPMorgan Chase will pay an additional $48 million to settle remaining issues stemming from missteps in its handling of mortgage servicing accounts after the 2008 financial crisis.
  
  The bank already paid $2 billion in a 2013 settlement with the Office of the Comptroller of the Currency, but did not meet all the obligations of that earlier settlement. The new penalty, announced by the regulator on Tuesday, resolved remaining problems.
  
  Several other banks have been forced to clean up their mortgage servicing processes under orders by regulators last year because they also had failed to meet the terms of that 2013 settlement, which ultimately included 15 banks that paid about $11 billion.
  
  Other banks that have resolved issues and are no longer subject to regulator-imposed restrictions on their servicing activities include Bank of America, Citibank, PNC, One West and EverBank. In EverBank’s settlement, also announced on Tuesday, it will pay $1 million.
  
  Four banks remain under restrictions until they fix lingering issues, including HSBC Bank USA, Santander Bank, U.S. Bank and Wells Fargo.
  
  A JPMorgan spokeswoman said, “Our mortgage employees have worked very hard over the last several years to make changes that will further enhance the customer experience and we’re pleased by the outcome of the O.C.C.’s assessment of our work.”
  
  Big mortgage servicers had gotten into trouble for mishandling loan processing, including using so-called robo-signing to endorse foreclosure affidavits. JPMorgan had been scrutinized for inaccurate payment change notices, untimely filings and inaccurate credentials on those filings.
  
  The comptroller office said that from December 2011 to November 2013, JPMorgan’s payment change notices in bankruptcy court didn’t comply with bankruptcy rules and were “unsafe or unsound” banking practices.

Source: JPMorgan Pays $48 Million More to Settle Mortgage Servicing Issues.