JPMorgan Said to Reach Record $13 Billion U.S. Settlement

Categorized | STOP FORECLOSURE FRAUD

JPMorgan Said to Reach Record $13 Billion U.S. Settlement

JPMorgan Said to Reach Record $13 Billion U.S. Settlement

Still not enough! But what loans are involved in this and will homeowners be notified?

Only reason these ponzi’s are still in business is because the regulators are on their payroll. Other mobsters would have been put out of business a long time ago!


Bloomberg-

JPMorgan Chase & Co.’s record $13 billion deal to end U.S. probes of its mortgage-bond sales would free the nation’s largest bank from mounting civil disputes with the government while leaving a criminal inquiry unresolved.

The tentative pact with the Department of Justice increased from an $11 billion proposal last month and would mark the largest amount paid by a financial firm in a settlement with the U.S. The deal wouldn’t release the bank from potential criminal liability, at the insistence of U.S. Attorney General Eric Holder, according to terms described by a person familiar with the talks, who asked not to be named because they were private.

[BLOOMBERG]

UPDATE:

For JPMorgan, ending criminal probe proves impossible for now

JPMorgan Chase & Co CEO Jamie Dimon has pleaded with and complained to the U.S. Justice Department but cannot convince the government to end its criminal probe of his bank because prosecutors are not yet certain of their findings, people familiar with the matter said.

Dimon has negotiated a tentative $13 billion deal to settle many of the U.S. investigations into mortgage bonds that JPMorgan – and the banks it bought during the financial crisis – sold to investors.

But the criminal investigation proved to be a sticking point during negotiations, the sources said, and Dimon’s inability to win this point underscores the breadth of the problems his bank faces even after it resolves these mortgage suits.

[REUTERS]

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