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.