HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Topics » Economy & Education » Economy (Group) » Weekend Economists Out on... » Reply #24

Reply #24


Response to Demeter (Original post)

Sat Nov 16, 2013, 08:30 AM

24. JPMorgan Sets Tentative $4.5 Billion Accord for Mortgage Bonds

http://www.bloomberg.com/news/2013-11-15/jpmorgan-reaches-4-5-billion-mortgage-bond-deal-with-investors.html

JPMorgan Chase & Co. (JPM), enmeshed in legal battles with regulators, U.S. agencies and clients, agreed with 21 institutional investors to pay $4.5 billion to resolve claims the bank sold faulty mortgage securities.

The preliminary deal covers 330 mortgage bond trusts issued between 2005 and 2008, JPMorgan said in a statement yesterday. The accord still needs approval from trustees overseeing those securities and may be subject to court review, JPMorgan said.

The agreement adds to the litany of litigation expenses absorbed by JPMorgan, the largest U.S. bank. Last month, the company agreed to pay $5.1 billion for claims that the lender misrepresented mortgage bonds sold to Fannie Mae and Freddie Mac. Chief Executive Officer Jamie Dimon has warned that more legal disputes lay ahead, and the bank has disclosed at least eight Department of Justice investigations.

“With every one of these that gets settled, we are theoretically closer to the end,” said Nancy Bush, a bank analyst who founded NAB Research LLC in New Jersey. “But the offset is that every one of these settlements seems to beget yet another lawsuit from somebody else. I’m losing track of them, we need a scorecard.”

Reply to this post

Back to OP Alert abuse Link to post in-thread

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 66 replies Author Time Post
Demeter Nov 2013 OP
Demeter Nov 2013 #1
Demeter Nov 2013 #2
Demeter Nov 2013 #3
Warpy Nov 2013 #4
Demeter Nov 2013 #7
Fuddnik Nov 2013 #9
Tansy_Gold Nov 2013 #11
DemReadingDU Nov 2013 #10
Ghost Dog Nov 2013 #12
westerebus Nov 2013 #14
DemReadingDU Nov 2013 #16
Tansy_Gold Nov 2013 #27
DemReadingDU Nov 2013 #30
xchrom Nov 2013 #31
Demeter Nov 2013 #33
xchrom Nov 2013 #34
Demeter Nov 2013 #36
Tansy_Gold Nov 2013 #42
Ghost Dog Nov 2013 #49
Ghost Dog Nov 2013 #48
westerebus Nov 2013 #50
Demeter Nov 2013 #5
Demeter Nov 2013 #6
Demeter Nov 2013 #8
Ghost Dog Nov 2013 #13
Ghost Dog Nov 2013 #47
xchrom Nov 2013 #15
Demeter Nov 2013 #35
xchrom Nov 2013 #17
xchrom Nov 2013 #18
xchrom Nov 2013 #19
xchrom Nov 2013 #20
xchrom Nov 2013 #21
bread_and_roses Nov 2013 #22
xchrom Nov 2013 #23
Demeter Nov 2013 #25
Ghost Dog Nov 2013 #41
Demeter Nov 2013 #62
Ghost Dog Nov 2013 #66
LineReply JPMorgan Sets Tentative $4.5 Billion Accord for Mortgage Bonds
xchrom Nov 2013 #24
xchrom Nov 2013 #26
Demeter Nov 2013 #28
xchrom Nov 2013 #29
xchrom Nov 2013 #32
Demeter Nov 2013 #37
Demeter Nov 2013 #38
Demeter Nov 2013 #39
Demeter Nov 2013 #40
DemReadingDU Nov 2013 #43
Ghost Dog Nov 2013 #44
Demeter Nov 2013 #45
Demeter Nov 2013 #46
xchrom Nov 2013 #51
Demeter Nov 2013 #63
xchrom Nov 2013 #52
xchrom Nov 2013 #53
xchrom Nov 2013 #54
xchrom Nov 2013 #55
xchrom Nov 2013 #56
xchrom Nov 2013 #57
xchrom Nov 2013 #58
xchrom Nov 2013 #59
hamerfan Nov 2013 #60
bread_and_roses Nov 2013 #61
Demeter Nov 2013 #64
Ghost Dog Nov 2013 #65
Please login to view edit histories.