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




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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Long-John-Silver's picture

I will not be satisfied until they are all fired.

LawsofPhysics's picture

Ditto, with no severance pay. 

nope-1004's picture

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

My new version of the quote.


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. 

gmrpeabody's picture

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

JPM Hater001's picture

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

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. 


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

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....

Toolshed's picture

Kinda like the rank and file Nazi SS employees?

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.

NotApplicable's picture

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

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.

TheAlchemist's picture

I say we fire 545 and start over.

JPM Hater001's picture

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

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.

caimen garou's picture

well, is'nt that special!

Chupacabra-322's picture

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

Dr. Engali's picture

You're fired bitchez!


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

smlbizman's picture

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

Bay of Pigs's picture

Was Linda Green one of them?

nope-1004's picture

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


Papasmurf's picture

They fired all 529 Linda Greens. 

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.

Rainman's picture

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

NidStyles's picture

I hope they enjoy the mess they helped to create.

Super Broccoli's picture

just fire them all ! what do i care ?

Id fight Gandhi's picture

Ah the new 529 plan.

Mad Mohel's picture

Fuck em! I hope they have windows that open.

Smuckers's picture

I wonder if any of those 529 feel manipulated.

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.

waterhorse's picture

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

Snakeeyes's picture

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

linrom's picture

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

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.

waterhorse's picture

I thought they had outsourced the robofraud to India?

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?

Bansters-in-my- feces's picture

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

retheauditors's picture

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

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."



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...

Catullus's picture

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

waterhorse's picture

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