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Eugene

(61,900 posts) Fri Oct 18, 2013, 07:18 PM Oct 2013

JPMorgan in $4 billion deal with U.S. housing agency

Source: Reuters

By Aruna Viswanatha and David Henry
WASHINGTON/NEW YORK | Fri Oct 18, 2013 6:57pm EDT

(Reuters) - JPMorgan Chase & Co (JPM.N) has reached a tentative $4 billion deal with the U.S. Federal Housing Finance Agency to settle claims that the bank misled government-sponsored mortgage agencies about the quality of mortgages it sold them during the housing boom, according to a person familiar with the matter.

JPMorgan and the FHFA, which is pursuing claims on behalf of finance agencies Fannie Mae and Freddie Mac, have agreed on the amount as a tentative part of a potential $11 billion global settlement with government agencies, including the U.S. Department of Justice.

The $4 billion figure was first reported on Friday by the Wall Street Journal.

A spokesman for JPMorgan declined to comment as did a spokeswoman for the FHFA.

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Read more: http://www.reuters.com/article/2013/10/18/us-jpmorgan-settlement-idUSBRE99H0ZP20131018

9 replies

= new reply since forum marked as read

Highlight:

JPMorgan in $4 billion deal with U.S. housing agency (Original Post) Eugene Oct 2013 OP

Anyone going to prison for this? KansDem Oct 2013 #1

"I thought fraud was a jailable offense..." Only for the little people. nt cstanleytech Oct 2013 #3

If they had taken it from a fountain, yes dbackjon Oct 2013 #5

I am wondering if this is REAL money deal dixiegrrrrl Oct 2013 #2

I want executives in JAIL dbackjon Oct 2013 #4

Pennies on the $$$ and no jail. obxhead Oct 2013 #6

Just a cost of doing business, unfortunately! Eric Holder has made it clear that Wall Streeters are Dustlawyer Oct 2013 #7

Will it be last time when the auditors made over $2 billion and there was only $300 left per mortgag Hestia Oct 2013 #8

I remember when the S&L scam/scandal was HUGE doings reddread Oct 2013 #9

KansDem

(28,498 posts)

1. Anyone going to prison for this?

Reply to Eugene (Original post)

Fri Oct 18, 2013, 07:35 PM

Oct 2013

I thought fraud was a jailable offense...

cstanleytech

(26,294 posts)

3. "I thought fraud was a jailable offense..." Only for the little people. nt

Reply to KansDem (Reply #1)

Fri Oct 18, 2013, 07:59 PM

Oct 2013

dbackjon

(6,578 posts)

5. If they had taken it from a fountain, yes

Reply to KansDem (Reply #1)

Fri Oct 18, 2013, 08:05 PM

Oct 2013

dixiegrrrrl

(60,010 posts)

2. I am wondering if this is REAL money deal

Reply to Eugene (Original post)

Fri Oct 18, 2013, 07:38 PM

Oct 2013

or just something to look good on paper.

Maybe the gov. has realized it can take some of the bankster money back.

and yet..despite years of overwhelming evidence, no criminal fraud charges...sigh.

dbackjon

(6,578 posts)

4. I want executives in JAIL

Reply to Eugene (Original post)

Fri Oct 18, 2013, 08:04 PM

Oct 2013

obxhead

(8,434 posts)

6. Pennies on the $$$ and no jail.

Reply to Eugene (Original post)

Fri Oct 18, 2013, 08:32 PM

Oct 2013

Everyone walks away with a net profit.

-Snip-

The FHFA has sued JPMorgan over mortgage loans totaling some $33 billion. A $4 billion deal would amount to about 12 cents on the dollar, less than the 20-cent rate under an earlier settlement by Switzerland-based bank UBS AG (UBSN.VX), said Josh Rosner, managing director of Graham Fisher & Co, a New York research consultancy.

Dustlawyer

(10,495 posts)

7. Just a cost of doing business, unfortunately! Eric Holder has made it clear that Wall Streeters are

Reply to Eugene (Original post)

Fri Oct 18, 2013, 08:42 PM

Oct 2013

above the law! It's more important to bust pot smokers!

Hestia

(3,818 posts)

8. Will it be last time when the auditors made over $2 billion and there was only $300 left per mortgag

Reply to Eugene (Original post)

Sat Oct 19, 2013, 08:46 AM

Oct 2013

holder? After that cluster f**k I hold no hope over this for anyone. What is the $4 billion figure? 1 weeks profit?

reddread

(6,896 posts)

9. I remember when the S&L scam/scandal was HUGE doings

Reply to Eugene (Original post)

Sat Oct 19, 2013, 09:12 AM

Oct 2013

http://en.wikipedia.org/wiki/Savings_and_loan_crisis

always that deregulation seems to work out better than they hoped.
Much better.

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