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




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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