{"id":1333,"date":"2013-10-28T20:15:01","date_gmt":"2013-10-28T20:15:01","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2013\/10\/jp_morgans_13b_residential_mor"},"modified":"2022-03-10T16:38:57","modified_gmt":"2022-03-10T22:38:57","slug":"jp-morgans-13b-residential-mor","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/jp-morgans-13b-residential-mor\/","title":{"rendered":"J.P. Morgan\u2019s $13B Residential Mortgage-Backed Securities Deal with the DOJ Stumbles Into Obstacles"},"content":{"rendered":"

Reuters is reporting that according to a source in the know, J.P. Morgan Chase & Co.’s (JPM) <\/a>tentative $13 billion residential mortgage-backed securities<\/a> settlement with the US Justice Department has hit a couple of stumbling blocks. The firm is reportedly trying to include a provision that would close any criminal probes into its packaging and sale of mortgage securities-except for an inquiry by California prosecutors. This counters the bank’s earlier decision to agree to keep criminal investigations out of the deal.<\/p>\n

The settlement, preliminarily reached last week, includes $4 billion to resolve claims made by the Federal Housing Finance Agency, which contends that J.P. Morgan misled Freddie Mac (FMCC) and Fannie Mae (FNMA) about the quality of loans the latter two bought from the investment bank before the 2008 economic crisis. Another $4 billion is for consumer relief, while $5 billion is for penalties.<\/p>\n

The agreement also would settle a separate mortgage securities lawsuit filed separately by NY AG Eric Schneiderman against the firm over Bear Stearns (BSC)-packaged mortgage bonds. The state’s top prosecutor contended that Bear Stearns misled investors about the faulty loans behind the securities, neglected to complete assess the debt, disregarded defects that were found, and concealed its failure to properly examine the loans or reveal their risks.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Reuters is reporting that according to a source in the know, J.P. Morgan Chase & Co.’s (JPM) tentative $13 billion residential mortgage-backed securities settlement with the US Justice Department has hit a couple of stumbling blocks. The firm is reportedly trying to include a provision that would close any criminal probes into its packaging and […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3752,3797,3753],"tags":[],"class_list":["post-1333","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-j-p-morgan-chase","category-mortgage-backed-securities"],"yoast_head":"\nJ.P. Morgan\u2019s $13B Residential Mortgage-Backed Securities Deal with the DOJ Stumbles Into Obstacles — Investor Lawyers Blog — October 28, 2013<\/title>\n<meta name=\"description\" content=\"Reuters is reporting that according to a source in the know, J.P. Morgan Chase & Co.'s (JPM) tentative $13 billion residential mortgage-backed — October 28, 2013\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/jp-morgans-13b-residential-mor\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"J.P. Morgan\u2019s $13B Residential Mortgage-Backed Securities Deal with the DOJ Stumbles Into Obstacles — Investor Lawyers Blog — October 28, 2013\" \/>\n<meta name=\"twitter:description\" content=\"Reuters is reporting that according to a source in the know, J.P. 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