Wall street colossus jpmorgan Chase & Co. will have to pay a record $13 billion legal settlement, thanks to an agreement the banking institution reached with the Department of Justice on Monday..
Refinancing Home Loan Services In Florida JPMorgan Chase & Co. is laying off about 400 employees in its consumer home-lending business as parts of the market slow down, people familiar with the matter said. The bank, one of the largest.
The Justice Department and JP Morgan Chase have reportedly come to a record $13 billion settlement, including $4 billion for "consumer relief." Here’s what you need to know. 1. It’s the result.
Everything you need to know about JPMorgan’s $13 billion settlement . JPMorgan Chase has (finally) reached a $13 billion civil settlement with the Justice Department for its mortgage lending practices.
Recently, JPMorgan Chase ("JPMorgan") negotiated a tentative settlement of a record .1 billion with the U.S. Justice Department over mortgage lending practices. 1 While some news outlets have portrayed this as politicized government overreach or anti-Wall Street zealotry 2, others have argued that the government could (or should) have forced JPMorgan to pay "significantly more than thirteen billion dollars" without crippling the bank. 3
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JPMorgan’s total $13 billion settlement only covers roughly one working week of QE3 investments. The $3 billion earmarked for federal coffers is barely more than one day’s worth. The 30 tickers on the dow jones (djindices:^dji) index add up to a total market value of $4.8 trillion these days.
J.P. Morgan Chase & Co. and the Justice Department agreed to a landmark billion settlement that resolves a number of legal headaches for the largest U.S. bank and ends months of wrangling.
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Attorneys general in California ($299 million), Massachusetts ($34 million) and Delaware ($20 million) also took home a share of the settlement. That leaves $4 billion in the overall $13 billion deal. The Justice Department, which led negotiations with the bank, earmarked the final sum to help struggling homeowners in hard hit areas like Detroit.
The Justice Department and JPMorgan have reached a possible $13 billion settlement over civil charges that the bank sold bad mortgage loans to investors prior to the mortgage crisis. According to Reuters, this record-setting deal won’t release JPMorgan from criminal liability from some mortgages that were packaged into bonds and sold to investors.
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