JP Morgan Chase Chapter Summary

John Pierpont Morgan is considered one of the founding fathers of the modern United States economy. He was an industrial genius that is accredited with the founding of many companies including General Electric and AT&T. However, Pierpont is looked upon as a saint and demon the same. He received a honorary degree from Harvard university that read: "Public citizen, patron of literature and art, prince among merchants, who by his skill, wisdom and courage, has twice in times of stress repelled a national danger of financial panic." But Robert LaFollette, the Wisconsin progressive, saw him as "a beefy, red-faced thick-necked financial bully, drunk with wealth and power." Despite conflicting opinion on his persona, his

JPMorgan Chase is one of the oldest financial services company dating back over 200 years. It has $2 trillion in assets and operations in more than 60 countries. JPMC’s corporate strategy is it provides services and products in major capital markets. JPMorgan Chase, well known nationally and globally, is leading in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management, and private equity.

In 1619, Virginia was an isolated British settlement on the Chesapeake Bay. It was sparsely populated by men trying to make the colony profitable for England. But the colonists were devastated by hunger, disease, and raids by Native Americans. So when the White Lion, a badly damaged Dutch slave ship arrived, carrying 20 kidnapped black Africans, the colonists bartered food and services for the human cargo. The Africans started working for the colonists. They would work 7 years of hard labor in exchange for land and freedom. But when colonies started to prosper, the colonists were reluctant to lose their labor. Since the Africans did not have citizenship, they were not subject to English common law. They were workers with no rights.

J.P. Morgan Chase & Co. Is a conglomerate company with a very specific purpose. According to their website, the mission and values of J.P. Morgan Chase is "To be the most profitable, respected and influential investment bank in the world for the long term." To adequately quantify a company's mission or its vision, the firm must first determine, at the strategic level, what its core principles are. J.P. Morgan Chase is a firm with very specific business principles that they believe are at the very core of achieving their mission. Many of these basic principles include: Aspire to be the best, Execute superbly, Build a great team and a winning culture. (J.P. Morgan business goals).

Chase Bank is a national bank and constitutes the consumer and commercial subsidiary of JP Morgan Chase. Chase Bank traces its origins to Manhattan Bank, created by Aaron Burr (The History of JP Morgan Chase & Co., 2008, p.2). Chase was the first tenant at the Rockefeller Center and was later on led by David Rockefeller in the 1960’s (Wilson, 1986, p.87). The famous Bank One became part of Chase in 2014, and the regrettable Washington Mutual, under receivership, was sold to Chase at a bargain during the crisis of 2008 (The History of JP Morgan Chase & Co., 2008, p.19).

The regulation that I have chosen for this paper is amendment in the Regulation X i.e. “Real Estate Settlement Procedures Act” and Regulation Z which is for “Truth in Lending”, for establishing the new disclosure requirements and forms in Regulation Z for the most closed-end consumer credit transactions secured by the real property. This regulation is controlled by the Bureau of Consumer Financial Protection. The role of the Consumer Financial Protection Bureau (CFPB) is to provide consumers information related to the terms of their agreements with financial companies during their application for a mortgage, choosing among credit cards, or using any number of other consumer financial products. The mortgage market is the single largest market for the consumer of financial products and the services in the United States, with approximately $10.4 trillion in loans outstanding. Since last decade, market went through an unprecedented cycle of the expansion and the contraction that was fuelled in the part by securitization of mortgages and the creation of increasingly sophisticated derivative products. This led to the collapse of financial system in 2008 and sparked the most severe recession in United States.

Mortgage fraud is one of the costliest, yet seldom prosecuted crimes in the criminal world. CoreLogic estimates approximately $13 billion in fraud losses occurred in 2012, according to the latest available data in the 2012 Mortgage Fraud Trends Report (Gerding, 2013). While these numbers may seem high, the approximate $13 billion in losses is only a fraction of what it would be if every case were to be prosecuted. Mortgage fraud was also a major contributing factor towards a national, and nearly global economic collapse in 2008 when the United States economy saw the worst recession it has seen since the great depression. Anyone that has seen the films “99 homes” starring Andrew Garfield and Michael Shannon or “The Big Short” starring Christian Bale and Ryan Gosling has seen a largely realistic glimpse of mortgage fraud and how devastating it can be.

J.P. Morgan once said, “Go as far as you can see; when you get there, you'll be able to see farther.” This quote means reach what you have been looking for and once you get that thing keep going. J.P. Morgan was a successful businessman and banker. Morgan was born April 17,1837 and died in 1893. The famous billionaire John Pierpont Morgan became the richest man in the 1800’s, leading to the growth of many steel companies.

“Ugh I’ll just do this assignment tomorrow!”... Something that all high schoolers say nowadays. On a sunny Monday morning, in Mr. Ripple’s second period English class, Alex gets an assignment and does not do it until the day before it is due. It was assigned a week before the due date. He struggles with not getting enough sleep, getting caught up with other activities and when he goes home, he’s caught up with football practices/games. Alex always struggles with turning in assignments on time. However, his friend Chloe reminds him that “tomorrow never comes”. He chooses to ignore the saying until the night before and pulls an all-nighter.

The foreclosure crisis in Cleveland has imposed significant financial burdens upon taxpayers and area residents who have been forced to shoulder burdens that are rightfully the responsibility of borrowers, mortgage lenders and others that are direct parties to the mortgage transaction. Indeed, “the failure of borrowers and lenders

In reference to J.P. Morgan Chase their enduring attribute delivers a clear message that they have an illustrious history that has always been there for their clients in good times and in bad times. J.P. Morgan Chase has proven empirically that they never lose sight of the main goal, which is serving the client. They have proven that doing right thing for the client is what they strive for as an organization. This is evident by the way they attempt to create a pleasant experience when entering their branch locations. As shown above, this is an example of a branch of the future layout that will be implemented nation wide to ensure client satisfaction. Another core value J.P. Morgan Chase focuses on is the commitment to integrity, responsibility

Commonwealth Bank has become one of biggest bank of Australia; one of the reasons is ERP implementation. The ERP system helps the financial institution to communicate worldwide, talking about its various management department, for them it’s really effective. Such as using customer relation management software it helps in keeping the records of consumers in data warehouse, which can be used at the time when information needed by the bank. For Human resource management it provides 24/7 hours services to customers and also helping employees due to real time processing. Financial resource management, it gives the relevant data of clients like whether this consumer has positive records or not and provides credit on the basis of their history. Manufacturing resource planning, ERP supports the firm to know about happenings during production process. Supply chain management, to select the best suppliers for the cards, the bank needs Enterprise resource planning. However this software got some weaknesses like it may be expensive and chances of security issues are always.

Since the housing market bust, there has been an explosion in the number of federal investigation of mortgage fraud scheme across the country. Mortgage Fraud is a violation of state and

5-2. Which do you prefer: a bank account that pays 5% per year (EAR) for three years or

Mortgage loan fraud is a common and often overlooked crime; it is taking place with increased prevalence today, due to the predominance of third-party loan originators (both brokers and conduit lenders). This type of fraud takes many different forms and is committed by buyers, sellers, attorneys, title companies, and others; in most cases it is overlooked by individuals, corporations, and law enforcement because it is seen as a “victimless crime”. In recent years, the booming real-estate market has fueled this criminal activity; mortgage loan fraud has become a crime with both victims and harsh consequences. In present day, banks and financial institutions have become inundated with “bad loans”, many of which are “bad” because they were