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 [5] [5]
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.