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June 16, 2014

Feds urge judge to toss challenge to $13bn JPMorgan settlement

“The government is urging a federal judge to toss a lawsuit that seeks to torpedo its $13 billion settlement with JPMorgan Chase. The lawsuit claims that the feds let the big bank off too easily.

“The historic November settlement was the largest in US history.  As part of the settlement deal, the nation’s largest bank was required to acknowledge that it made “serious misrepresentations” to the public about “numerous” residential mortgage-backed security transactions, according to a statement released by the Justice Department. JPMorgan will also be required to provide relief to underwater homeowners as part of the deal. The settlement didn’t preclude the possibility that JPMorgan or its employees could face criminal charges.

“But that isn’t good enough for Better Markets, Inc., a nonprofit that promotes financial reform. In February Better Markets challenged the settlement for granting what it called ‘blanket civil immunity’ to the lender ‘for years of alleged pervasive, egregious and knowing fraudulent and illegal conduct that contributed to the 2008 financial crash and the worst economy since the Great Depression.'”

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Read full Mortgage Professional America article here

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