Moody’s to review JPMorgan Chase servicer rating after foreclosure suspension
Moody’s Investors Service placed the servicer rating of JPMorgan Chase (JPM: 38.41 -1.39%) and its subsidiary Chase Home Finance up for review following the announcement of a foreclosure suspension linked to more affidavit problems.
When Ally Financial, formerly GMAC Mortgage admitted employees signed foreclosure affidavits in 23 states without knowledge of the documents or a notary present, a process known as “robo-signing,” Moody’s placed the Ally servicer rating and affected residential mortgage-backed securities on review, too.
“We’ve been in communication with the all the servicers subsequent of the GMAC news last week,” Thomas Lemmon, a spokesman for Moody’s, told HousingWire.
Moody’s rates servicers on a scale of SQ1 as the strongest, to SQ5 as weakest. Currently, the JPMorgan Bank primary servicer rating is at SQ1…
But it is going downhill from there…
Check out the rest here…
Don’t forget Deutsche Bank. They’re the worst!
Ugggg, I’m still getting over my own personal credit score “downgrade”.
Good luck with that.
Good job for all the work you do. When this all comes crashing down, justice prevails and we finally get out courts back, you can take claim for the victory!
People are overlooking the KEY individual here, a Mr. Luke Hayden, now at PHH Corporation. A former top gun @ JP Morgan, secondary market MBS and a strong arm in restructuring at GMAC… he gets a plum job at PHH an under the radar Fannie Mae “servicer” , and his buddy Terry Edwarsd exit’s PHH and lands a plum job at Fannie Mae on the taxpayers dime! They are the people to watch!
Agree squash the bug’s, robo signer, but before that get them to squeal on the slugs!
Oh, please let that be TRUE – that BAC is up next (how can they not possibly be?) I’ll rejoice and revel in my schadenfreude!
Good thing you saved money by using Stern, Watson, FDLG, and mills around the country modeled after them: what did you save … maybe 5-10% of what you lost today? And today’s just the beginning. About $2.1 billion of market share vaporized … and that’s just the start.
Best of luck on your next bailout; Congress may have been willing to write a check for what they perceived to be incompetence but even they’re not about to repeat it for failure based on fraud.
Next up: BOA and Wells Fargo… Can’t say that we didn’t warn you.
Oh .. in case you’re all thinking about issuing press releases that these were isolated incidents and you’ve done an internal audit… very, very bad idea; it’s amazing how much aggregate data is swooshing around just waiting to see the light of day. Your robo-signers signatures are all public records, the families have already been thrown out of their houses, you’ve cashed your bonuses long ago: enjoy the coming crash you’ve worked so hard for.
In case you’re thinking of throwing us a bone .. too late; we’re not really into cake. As they said to Marie Antoinette when she was in your place … au revoir.