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JP Morgan Mortgage Bank Fires 529
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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I will not be satisfied until they are all fired.
Ditto, with no severance pay.
"The homeowner in arrears can stay in arrears longer than JPM can remain solvent."
My new version of the quote.
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.
It is always the little people that pay the price.....
This is the NY site. Isnt there a Fed one? Can someone link it?
There's a South Carolina site where they laid off another 310 employees in the mortgage bank today.
Total is 829 laid off today.
839
hey, it was either them or what's left of dimon's bonus after the BoD spanks him for that whale thing
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....
+1
Kinda like the rank and file Nazi SS employees?
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.
Likely they'll find a book-cooking gov "job" somewhere.
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.
clawbacks
I say we fire 545 and start over.
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.
well, is'nt that special!
Officially they're now just a statistic, a number, a SLAVE.
So no change.
You're fired bitchez!
Muppets
Some JPM Cocksucker let Silver punch through $31 this morning. Now many will suffer.
especially me...i used to set my watch to the ole 8 o'clock stompin
Was Linda Green one of them?
She's been promoted. Now head of JPM's LIBOR division.
They fired all 529 Linda Greens.
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.
When you quit foreclosing for 3 years you just don't need 529 Linda Greens hanging around.
I hope they enjoy the mess they helped to create.
just fire them all ! what do i care ?
Ah the new 529 plan.
Fuck em! I hope they have windows that open.
I wonder if any of those 529 feel manipulated.
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.
It would be more poetic if the 529 were hired to investigate the REMIC fraud...but I dream.
But, but, Mark Zandi said that mortgage lending was going to explode and everyone will be hiring in their mortgage groups!!!!!!!
... A paid shill....
This way to apply for SNAP======> usefull idiots.
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.
I thought they had outsourced the robofraud to India?
Fuck em.
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?
On a good note that means the Unemployment rate will go down ,Right?
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...
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,
Ran out of HUMAN BEINGS? what happened to all the pipelines refinance and real estate recovery? There goes 4 money center banks profit centers...
The Fed will end up owning all of the MBS eventually anyway.
the bulk of it "NMBTS" - "nonmortgage-backed toxic shit" (most MBS didn't comply with REMIC - remember?)
Oh at first I thought they had 529 plan and terminated it now I find it it's employees fired even better news.
slow zerohedge double posted.
That is soooo wrong. They need to fire 666.
Jump, you Fuckers
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.
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?
Need some good snipers to take out the Satanic Tribe remaining at the top of JPM!
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'...
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.