JP Morgan Chase names CEO of mortgage banking

By Wire services | December 19, 2012 | Last updated on December 19, 2012
1 min read

JPMorgan Chase has named Kevin Watters as the chief of its home loan business, reports Reuters.

He’s relieving co-chief operating officer Frank Bisignano of his temporary assignment. Bisignano was assigned in part to help fix problems that stemmed from bad loans before housing prices collapsed. Read more.

Watters’ appointment follows Monday’s announcement that the U.S. National Credit Union Administration has sued JPMorgan Securities and Bear Stearns & Co.—which the company acquired in 2008—over $3.6 billion in mortgage securities.

This is the second suit it’s launched against JP Morgan by the union, and Reuters says one of many the company’s had to face due to Bear Stearns’ conduct. Read more.

Wire services