It’s Friday afternoon, do you know where your fortress-balance-sheet bank’s massive settlement deal with the government is…
- *JPMORGAN TO PAY $5.1 BILLION OVER FHFA MORTGAGE CLAIMS
- *FHFA SAYS JPM TO PAY ABOUT $2.74B TO FREDDIE, $1.26B TO FANNIE
- *JPMORGAN PAYS $1.1B TO RESOLVE REPRESENTATION, WARRANTY CLAIMS
- *FHFA SAYS IT’S SETTLED FOUR OF THE 18 PLS SUITS IT FILED IN ’11
$4 billion of this appears to be part of the $13 billion settlement ‘agreed’ last week; but still leaves the criminal cases from what we can tell… Full statement below…
JPMorgan Chase has reached an agreement to resolve all of its mortgage-backed securities (MBS) litigation with the Federal Housing Finance Agency (FHFA) as conservator for Freddie Mac and Fannie Mae for $4 billion. This settlement resolves the firm’s largest MBS case and relates to approximately $33.8 billion of securities purchased by Fannie Mae and Freddie Mac from J.P. Morgan, Bear Stearns and Washington Mutual. The firm has also simultaneously agreed to resolve Fannie Mae’s and Freddie Mac’s repurchase claims associated with whole loan purchases from 2000 to 2008, for $1.1 billion.
Today’s settlements totaling $5.1 billion are an important step towards a broader resolution of the firm’s MBS-related matters with governmental entities, and reflect significant efforts by the Department of Justice and other federal and state governmental agencies.
via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/PEyWCU1QWV8/story01.htm Tyler Durden