by Moe Bedard
JPMorgan Chase is opening a Cleveland office to meet with people who need to modify their mortgage agreements.
The office, in the M.K. Ferguson Building at Tower City Center, is the bank’s first face-to-face home ownership center in Greater Cleveland and one of 34 nationwide. It will deal with mortgages serviced by Chase, Washington Mutual and [...]
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by Moe Bedard
Under U.S. accounting rules in place since 1995, banks are supposed to report the value of their mortgage-servicing rights on a fair-market basis, or roughly what they would fetch in a sale. A bank must record a loss whenever it sells MSRs for a price below where they’re marked on the books.
Because there’s no active [...]
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