JPMorgan to Pay $13 Billion for Mortgage Claims

Image: JPMorgan to Pay $13 Billion for Mortgage Claims

Saturday, 19 Oct 2013 05:43 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
JPMorgan Chase has reached a tentative $13 billion agreement with the U.S. Justice Department to settle a range of mortgage issues, a source familiar with the talks said on Saturday.

The tentative deal does not release the bank from criminal liability, a factor that had been a major sticking point in the discussions, the source said.

As part of the deal, the bank will continue to cooperate in criminal inquiries into certain individuals involved in the conduct at issue, the source, who declined to be identified.

Editor's Note: Professor Loses $1.5 Million in Market — But Bounces Back! (Here’s How)

Officials at JPMorgan and the Justice Department declined to comment.

A breakthrough in the weeks-long talks came Friday night, after Attorney General Eric Holder and JPMorgan Chief Executive Jamie Dimon spoke on the phone and the bank agreed to leave criminal liability out of the settlement, the source said.

The bank and the Justice Department have been discussing a broad deal that would resolve not only a civil investigation into mortgage securities that the bank sold in the runup to the financial crisis, but also similar lawsuits from the Federal Housing Finance Agency, the National Credit Union Administration, the state of New York and others.

Reuters reported late Friday that JPMorgan and FHFA had reached a tentative $4 billion deal. That agreement is expected to be part of the larger $13 billion settlement.

JPMorgan is seeking a single settlement to resolve all claims from federal and state agencies over its mortgage-related liabilities stemming from the bust in house prices.

© 2014 Thomson/Reuters. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Poll: Support Tilting to McConnell in Tight Ky Senate Race

Tuesday, 21 Oct 2014 08:28 AM

With just two weeks until Election Day, Kentucky Sen. Mitch McConnell has regained a slim 1-point lead over his Democrat . . .

Canada Police Kill 'Radicalized' Driver Who Ran Over Soldiers

Tuesday, 21 Oct 2014 08:20 AM

A Canadian man who was killed by police on Monday after trying to run over two soldiers in Quebec had become radicalize . . .

Turner Pulls CNN From Dish as Pact Deadline Passes

Tuesday, 21 Oct 2014 07:58 AM

Turner Networks has pulled channels such as Cartoon Network and CNN from Dish's programming lineup as a deadline passed  . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved