Economy

Eugene

(61,899 posts) Fri Oct 25, 2013, 07:17 PM Oct 2013

JP Morgan settles for $5.1bn with US housing regulator

Source: BBC

25 October 2013 Last updated at 21:48 GMT

JP Morgan settles for $5.1bn with US housing regulator

JP Morgan has reached a $5.1bn (£3.2bn) settlement with the US Federal Housing Finance Agency (FHFA) over charges it misled mortgage giants Fannie Mae and Freddie Mac during the housing boom.

A separate settlement with the US Justice Department is expected to be announced soon.

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In a statement JP Morgan said the settlement resolves the biggest case against the firm relating to mortgage-backed securities.

The bank added that the agreement relates to "approximately $33.8 billion of securities purchased by Fannie Mae and Freddie Mac from JP Morgan, Bear Stearns and Washington Mutual" from 2005 - 2007.

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JP Morgan settles for $5.1bn with US housing regulator (Original Post) Eugene Oct 2013 OP

It's a start. mbperrin Oct 2013 #1

mbperrin

(7,672 posts)

1. It's a start.

Reply to Eugene (Original post)

Sat Oct 26, 2013, 12:16 AM

Oct 2013

But go bigger, they need to squeal in pain. Then perhaps they may get the idea that their actions are negative to us.

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