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JP Morgan Mortgage Bank Fires 529

Tyler Durden's picture




 

Nobody tell JPM's Tom Lee that JPM just fired 529 bankers from its Brooklyn-based Mortgage Bank ("independent foreclosure review" division) for "economic reasons." He might have some trouble reconciling it with his view on both the market and the economy which sees nothing but smooth sailing ahead. More to the point, with this mass layoff in the foreclosure review group, does this mean that JPM will simpy proceed with debt forgiveness for those millions who have been in foreclosure for about 3 years on average in New York state, and during which time they have not made one mortgage payment?

From the DOL's WARN database

Date of Notice:    1/14/2013 

 

Control Number: 2012-0140

 

Rapid Response Specialist:  Edwidge Michel

 

Reason Stated for Filing:   Plant Closing

 

Company:

 

JPMorgan Chase - Mortgage Bank -Independent Foreclosure Review
4 Chase Metro Tech Center
Brooklyn, NY

 

County: Kings | WIB Name: NEW YORK CITY| Region: New York City

 

Contact: Linda Padilla, Regional Director

 

Phone: (212) 499-9772

 

Business Type:  Mortgage Bank

 

Number Affected:  529

 

Total Employees:  529

 

Layoff Date:  Will begin on 1/10/2013 and run through 4/10/2013

 

Closing Date:  4/10/2013 

 

Reason for Dislocation:     Economic

 

ERNUM:  -----

 

Union:  Employees are not represented by a union and bumping rights do not exist.

 

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Mon, 01/14/2013 - 13:37 | 3151099 Long-John-Silver
Long-John-Silver's picture

I will not be satisfied until they are all fired.

Mon, 01/14/2013 - 13:40 | 3151115 LawsofPhysics
LawsofPhysics's picture

Ditto, with no severance pay. 

Mon, 01/14/2013 - 13:44 | 3151135 nope-1004
nope-1004's picture

"The homeowner in arrears can stay in arrears longer than JPM can remain solvent."

My new version of the quote.

 

Mon, 01/14/2013 - 13:50 | 3151172 Raymond K Hessel
Raymond K Hessel's picture

The people that work in Brooklyn are not 7 & 8 figure bankers.  

They fired loan processors, accountants, and database administrators.

This screwed working class people.  Celebrate away. 

Mon, 01/14/2013 - 13:54 | 3151195 gmrpeabody
gmrpeabody's picture

It is always the little people that pay the price.....

Mon, 01/14/2013 - 14:05 | 3151278 JPM Hater001
JPM Hater001's picture

This is the NY site.  Isnt there a Fed one?  Can someone link it?

Mon, 01/14/2013 - 16:38 | 3151964 Raymond K Hessel
Raymond K Hessel's picture

There's a South Carolina site where they laid off another 310 employees in the mortgage bank today.  

Total is 829 laid off today. 

 

Mon, 01/14/2013 - 17:48 | 3152204 IrritableBowels
IrritableBowels's picture

839

Mon, 01/14/2013 - 14:11 | 3151319 aint no fortuna...
aint no fortunate son's picture

hey, it was either them or what's left of dimon's bonus after the BoD spanks him for that whale thing

Mon, 01/14/2013 - 14:04 | 3151272 Kaiser Sousa
Kaiser Sousa's picture

one should always choose alliances well...

when you work for a beast that feeds off humanity you should know that soon enough it will turn and feed off you...

banks and the sociopaths that control them are beasts....

Mon, 01/14/2013 - 14:06 | 3151286 nope-1004
nope-1004's picture

+1

Mon, 01/14/2013 - 14:13 | 3151343 Toolshed
Toolshed's picture

Kinda like the rank and file Nazi SS employees?

Mon, 01/14/2013 - 14:49 | 3151530 Panafrican Funk...
Panafrican Funktron Robot's picture

Independent review must have become unnecessary due to actual or impending mass settlements similar to BAC.  Why review shit that is for sure going in the black box?

Re:  "Working class people", they have been liberated from unproductive work.  They are now free to create or produce things of actual value.  This is a blessing.

Mon, 01/14/2013 - 15:08 | 3151637 NotApplicable
NotApplicable's picture

Likely they'll find a book-cooking gov "job" somewhere.

Mon, 01/14/2013 - 16:27 | 3151908 ghostfaceinvestah
ghostfaceinvestah's picture

Correct, this is directly related to the settlement with the Federal regulators.

This is an issue a lot of people don't fully grasp - a lot of "economic activity" in the past few years has been centered around cleaning up the mess from the bubble.  As things get settled, a lot of that activity will disappear.

On a related note, the mortgage banks employ tens of thousands of people solely to process mortgage refinances.  If/when rates rise, all those jobs will be lost as well.

Tue, 01/15/2013 - 07:57 | 3153563 Papasmurf
Papasmurf's picture

clawbacks

Mon, 01/14/2013 - 13:52 | 3151188 TheAlchemist
TheAlchemist's picture

I say we fire 545 and start over.

Mon, 01/14/2013 - 14:10 | 3151318 JPM Hater001
JPM Hater001's picture

We are all going to start over.  Anyone remember this August 10 Reuters release?

http://www.reuters.com/article/2012/08/10/us-banks-recoveryplans-idUSBRE87905N20120810

I have contended from the start that this was the public 3-6 month notice to the 4 attending institutitons and the warning shot across the bow for all the rest.

That was 5 months ago.  They were told to have executable plans that could be implimented in 3-6 months.  It's been 5 since the release and just around when do you think 6 months is?

No accident.  Strap on your boots boys and girls.  Don't need a mortgage department when no one needs one.

Mon, 01/14/2013 - 13:37 | 3151100 caimen garou
caimen garou's picture

well, is'nt that special!

Mon, 01/14/2013 - 13:38 | 3151102 Chupacabra-322
Chupacabra-322's picture

Officially they're now just a statistic, a number, a SLAVE.   

Mon, 01/14/2013 - 14:05 | 3151281 JPM Hater001
JPM Hater001's picture

So no change.

Mon, 01/14/2013 - 13:38 | 3151107 Dr. Engali
Dr. Engali's picture

You're fired bitchez!

Mon, 01/14/2013 - 13:41 | 3151118 zilverreiger
zilverreiger's picture

Muppets

Mon, 01/14/2013 - 13:41 | 3151121 AL_SWEARENGEN
AL_SWEARENGEN's picture

Some JPM Cocksucker let Silver punch through $31 this morning.  Now many will suffer.

Mon, 01/14/2013 - 14:54 | 3151575 smlbizman
smlbizman's picture

especially me...i used to set my watch to the ole 8 o'clock stompin

Mon, 01/14/2013 - 13:42 | 3151129 Bay of Pigs
Bay of Pigs's picture

Was Linda Green one of them?

Mon, 01/14/2013 - 13:50 | 3151168 nope-1004
nope-1004's picture

She's been promoted.  Now head of JPM's LIBOR division.

 

Tue, 01/15/2013 - 08:01 | 3153565 Papasmurf
Papasmurf's picture

They fired all 529 Linda Greens. 

Mon, 01/14/2013 - 13:44 | 3151137 q99x2
q99x2's picture

JPMorgue can't be prosecuted so why should they keep all those employees when a single crimminal can do the trick. I'm suprised that wasn't Linda Greene as the Regional Director on the memo.

Mon, 01/14/2013 - 13:45 | 3151141 Rainman
Rainman's picture

When you quit foreclosing for 3 years you just don't need 529 Linda Greens hanging around.

Mon, 01/14/2013 - 13:44 | 3151143 NidStyles
NidStyles's picture

I hope they enjoy the mess they helped to create.

Mon, 01/14/2013 - 13:44 | 3151144 Super Broccoli
Super Broccoli's picture

just fire them all ! what do i care ?

Mon, 01/14/2013 - 13:46 | 3151149 Id fight Gandhi
Id fight Gandhi's picture

Ah the new 529 plan.

Mon, 01/14/2013 - 13:48 | 3151160 Mad Mohel
Mad Mohel's picture

Fuck em! I hope they have windows that open.

Mon, 01/14/2013 - 13:51 | 3151180 Smuckers
Smuckers's picture

I wonder if any of those 529 feel manipulated.

Mon, 01/14/2013 - 13:53 | 3151191 khotel
khotel's picture

Next up, the IRS letter hiring 529 seasoned agents to enforce tax payments.  These 529 will be armed and trained with firearms the public will be prevented from buying.

Mon, 01/14/2013 - 16:36 | 3151948 waterhorse
waterhorse's picture

It would be more poetic if the 529 were hired to investigate the REMIC fraud...but I dream.

Mon, 01/14/2013 - 13:55 | 3151206 Snakeeyes
Snakeeyes's picture

But, but, Mark Zandi said that mortgage lending was going to explode and everyone will be hiring in their mortgage groups!!!!!!!

Mon, 01/14/2013 - 14:07 | 3151294 FreedomCostsaBu...
FreedomCostsaBuck-o-Five's picture

... A paid shill....

Mon, 01/14/2013 - 14:06 | 3151293 linrom
linrom's picture

This way to apply for SNAP======> usefull idiots.

Mon, 01/14/2013 - 14:10 | 3151313 drivenZ
drivenZ's picture

Just because they let go people in house doesn't mean someone won't be doing the work on JPM's behalf. It's probably been outsourced to another company. Most of these positions were likely the equivalent of ops/back/middle office.

Mon, 01/14/2013 - 16:38 | 3151953 waterhorse
waterhorse's picture

I thought they had outsourced the robofraud to India?

Mon, 01/14/2013 - 14:25 | 3151412 Seasmoke
Seasmoke's picture

Fuck em.

Mon, 01/14/2013 - 14:50 | 3151541 etudiant
etudiant's picture

Presumably these people can no longer hurt the bank with their testimony now that the mortgage fraud settlement has been approved.

So why keep them?

Mon, 01/14/2013 - 15:15 | 3151673 Bansters-in-my-...
Bansters-in-my- feces's picture

On a good note that means the Unemployment rate will go down ,Right?

Mon, 01/14/2013 - 15:18 | 3151690 retheauditors
retheauditors's picture

I wrote about what's going to happen to the reviews and how borrowers will now be paid on my site. 

http://retheauditors.com/2013/01/13/foreclosure-settlement-shuts-down-re...

Mon, 01/14/2013 - 15:24 | 3151718 WezTheJuic
WezTheJuic's picture

This is just a surface play. After all, those who are fired, and others to be laid off, still have that internal political game.

"Right or Wrong, you are still gone."

Cheers,

Pens,

Mon, 01/14/2013 - 15:41 | 3151781 Atlantis Consigliore
Atlantis Consigliore's picture

Ran out of HUMAN BEINGS? what happened to all the pipelines refinance and real estate recovery?   There goes 4 money center banks profit centers...

Mon, 01/14/2013 - 15:41 | 3151784 Catullus
Catullus's picture

The Fed will end up owning all of the MBS eventually anyway.

Mon, 01/14/2013 - 16:40 | 3151973 waterhorse
waterhorse's picture

the bulk of it "NMBTS" - "nonmortgage-backed toxic shit" (most MBS didn't comply with REMIC - remember?)

Mon, 01/14/2013 - 16:16 | 3151888 Rentier
Rentier's picture

Oh at first I thought they had 529 plan and terminated it now I find it it's employees fired even better news.

Mon, 01/14/2013 - 16:18 | 3151889 Rentier
Rentier's picture

slow zerohedge double posted.

Mon, 01/14/2013 - 16:28 | 3151917 AgAu_man
AgAu_man's picture

That is soooo wrong. They need to fire 666.

Mon, 01/14/2013 - 17:50 | 3152209 dolph9
dolph9's picture

Jump, you Fuckers

Mon, 01/14/2013 - 18:15 | 3152282 Roy T
Roy T's picture

I believe these are the individuals hired during fall of 2011 when JPM and the rest of the big banks signed a constent decree with various areas of the Fed gov't to review all foreclosure.  I know of one individual that was hired for this purpose and as of the last I spoke to him, he was still there (about 8 weeks ago)  They are located in Brooklyn.

Also, I am almost positive he has gotten no benefits during that entire time, other than a salary. 

Mon, 01/14/2013 - 23:47 | 3153135 CoolBeans
CoolBeans's picture

Yep - believe a bunch o' folks were just let go from another entity (same thing - Review Dept) in southern FL. I believe was also 500+ people.

No reviews - no people needed. Except....wasn't part of the agreement to monetarily reimburse people who were harmed by banksters actions in connection with wrongful foreclosures? So, wouldn't they need reviewers for that sort of process?

Mon, 01/14/2013 - 21:17 | 3152731 squexx
squexx's picture

Need some good snipers to take out the Satanic Tribe remaining at the top of JPM!

Mon, 01/14/2013 - 23:52 | 3153144 CoolBeans
CoolBeans's picture

Reviewers previously hired by multiple banks lose jobs.
Unemployment numbers skyrocket.

Not Hurricane Sandy's fault, not the fault of the flu -- this time they can pin it on the banks. It's always somethin'...

Wed, 01/30/2013 - 10:17 | 3198501 JenniferS
JenniferS's picture

If you had the misfortune of having your mortgage bought buy fannie or freddie you are not a party to this fraud settlement. So even though the value of your home has dropped and you have been harmed financially by corporate fraud the fhfa wants you to stay underwater, and does not want you to receive any justice. I guess the fhfa prefers to have us walk away or try short sales, that way they can then receive 100% payment by way of constant tax payer bailouts, instead of forcing banks to pay for their mistakes and crimes or apply for instant pay day loans no fax. Not that this settlement really solved anything. Its stupid of us to expect our government to protect us from corporate fraud by way of regulation and justice. Great lesson to teach to our kids.

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