It’s 5PM Friday – Like all other settlements announced …
HW-
Mega bank JPMorgan Chase (JPM) reached a $4.5 billion agreement with 21 major institutional investors Friday to resolve legacy mortgage-backed securities issues.
The institution made a binding offer to the trustees of 330 RMBS trusts issued by Chase and Bear Stearns — a firm taken over by JPM in the wake of the financial crisis.
The settlement represents another critical step in the bank’s efforts to resolve mortgage-related legacy matters, the bank said.
From Reuters-
The settlement does not include trusts issued by Washington Mutual, which JPMorgan also acquired.
The deal is separate from the preliminary $13 billion settlement JPMorgan has reached with the U.S. government that would resolve a raft of actions over mortgage-backed securities.
“This settlement is another important step in J.P. Morgan’s efforts to resolve legacy related RMBS matters,” the bank said in a statement.
[REUTERS]