{"id":5931,"date":"2016-01-27T00:00:00","date_gmt":"2016-01-27T06:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2016\/01\/jpmorgan_chase_to_resolve_mort"},"modified":"2016-01-27T00:00:00","modified_gmt":"2016-01-27T06:00:00","slug":"jpmorgan-chase-to-resolve-mort","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/jpmorgan-chase-to-resolve-mort\/","title":{"rendered":"JPMorgan Chase to Resolve Mortgage Fraud Case by Ambac for $995M"},"content":{"rendered":"

JPMorgan Chase & Co. (JPM) <\/a>has consented to pay $995M to settle claims brought by Ambac Financial Group claiming that the insurance company was fooled into insuring hundreds of mortgage bonds that were backed by poor quality loans. As part of the settlement, Ambac will withdraw its opposition to a $4.5B deal reached between the firm and investors, such as Pacific Investment Management Co. (PiMCO) and BlackRock Inc (BLK), over faulty home loans.<\/p>\n

One of Ambac’s units was the number two largest bond insurer in the world eight years ago, when the growing number of mortgage defaults caused it to become inundated with claims. The settlement with JPMorgan will conclude two lawsuits over the quality of loans backing mortgage bonds that were sold by Bear Stearns & Co., which JPMorgan purchased in 2008. It also resolves the insurer\u2019s efforts to recover payments of principal plus interest on approximately $3.3B of nearly a dozen MBS trusts sponsored by Bear Stearns unit EMC Mortgage LLC.<\/p>\n

According to Bloomberg<\/em>, this latest settlement opens the door for a judge to approve the settlement between JPMorgan and institutional investors. <\/p>\n

\n<\/p>\n

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

JPMorgan Chase & Co. (JPM) has consented to pay $995M to settle claims brought by Ambac Financial Group claiming that the insurance company was fooled into insuring hundreds of mortgage bonds that were backed by poor quality loans. As part of the settlement, Ambac will withdraw its opposition to a $4.5B deal reached between the […]<\/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":[3752,3958,4001],"tags":[],"class_list":["post-5931","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-jp-morgan-chase","category-mortgage-fraud"],"yoast_head":"\nJPMorgan Chase to Resolve Mortgage Fraud Case by Ambac for $995M — Investor Lawyers Blog — January 27, 2016<\/title>\n<meta name=\"description\" content=\"JPMorgan Chase & Co. 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