FDIC

JPMorgan Chase Announces Takeover Of First Republic Bank

Posted on by TMN Editor
By KIMBERLEY HAAS Leaders at JPMorgan Chase have announced they acquired the substantial majority of assets and assumed the deposits of First Republic Bank from the Federal Deposit Insurance Corporation. According to a press release issued on Monday, JPMorgan Chase will assume about $92 billion of deposits, including $30 billion of large bank deposits, to be repaid post-close or eliminated in consolidation. The financial services firm, with operations worldwide, will acquire about $173 billion of loans and about $30 billion of securities, according to the press release. Jamie Dimon, chairman and CEO of JPMorgan Chase, said government officials invited them and others to step up and take over the troubled First Republic. Shares of First Republic dropped on Friday and…

Morning Roundup (2/7/2022)– CA Broker Calls Out UWM, loanDepot’s Long-Term Strategy

Posted on by TMN Editor
Good Morning! Today is Monday, February 7. The White House said a Ukraine invasion could come “any day now.” The Dutch speedskater Ireen Wüst became the first person to win individual golds at five Olympics. New Jersey’s Democratic governor will lift the state’s school mask mandate. The Mortgage Note Reports CA Broker Calls Out UWM: Jason Vondrak of Prospect Home Finance announced he has laid off 50 employees and blamed UWM and its CEO, Mat Ishbia. loanDepot CEO Remains Focused On Long-Term Strategy After Mixed 2021 Results: The CEO of loanDepot says they will continue to focus on their long-term strategy to become the most trusted homeowner fulfillment company in the world after the company released their results for 2021,…