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Economy
In reply to the discussion: Weekend Economists Simplify Everything! October 25-27, 2013 [View all]xchrom
(108,903 posts)17. JPMorgan Reaches A $5.1 Billion Settlement With The FHFA Over Mortgage Claims
http://www.businessinsider.com/jpmorgan-reaches-fhfa-settlement-2013-10
This is less than was previously expected. It was reported that the bank may have to pay $6 billion.
From the press release [.PDF]:
Washington, DC The Federal Housing Finance Agency (FHFA), as conservator of Fannie Mae and Freddie Mac, today announced it has reached a settlement with J.P. Morgan Chase & Co. and related companies for $ 4 billion to address claims of alleged violations of federal and state securities laws in connection with private-label, residential mortgage-backed securities (PLS) purchased by Fannie Mae and Freddie Mac. Under the terms of the agreement, J.P. Morgan Chase & Co. will pay approximately $2.74 billion to Freddie Mac and $1.26 billion to Fannie Mae to resolve certain claims related to securities sold to the companies between 2005 and 2007 by J.P. Morgan Chase & Co., Bear Stearns & Co., Inc. and Washington Mutual.
In separate settlements, J.P. Morgan Chase & Co. resolved representation and warranty claims with Fannie Mae and Freddie Mac related to single-family mortgage purchases by the two companies. Under the terms of the agreements, J.P. Morgan Chase Bank N.A. will pay a total of approximately $1.1 billion -- $670 million to Fannie Mae and $480 million to Freddie Mac.
Read more: http://www.businessinsider.com/jpmorgan-reaches-fhfa-settlement-2013-10#ixzz2ip4OFiJR
This is less than was previously expected. It was reported that the bank may have to pay $6 billion.
From the press release [.PDF]:
Washington, DC The Federal Housing Finance Agency (FHFA), as conservator of Fannie Mae and Freddie Mac, today announced it has reached a settlement with J.P. Morgan Chase & Co. and related companies for $ 4 billion to address claims of alleged violations of federal and state securities laws in connection with private-label, residential mortgage-backed securities (PLS) purchased by Fannie Mae and Freddie Mac. Under the terms of the agreement, J.P. Morgan Chase & Co. will pay approximately $2.74 billion to Freddie Mac and $1.26 billion to Fannie Mae to resolve certain claims related to securities sold to the companies between 2005 and 2007 by J.P. Morgan Chase & Co., Bear Stearns & Co., Inc. and Washington Mutual.
In separate settlements, J.P. Morgan Chase & Co. resolved representation and warranty claims with Fannie Mae and Freddie Mac related to single-family mortgage purchases by the two companies. Under the terms of the agreements, J.P. Morgan Chase Bank N.A. will pay a total of approximately $1.1 billion -- $670 million to Fannie Mae and $480 million to Freddie Mac.
Read more: http://www.businessinsider.com/jpmorgan-reaches-fhfa-settlement-2013-10#ixzz2ip4OFiJR
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