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JPMorgan Chase has agreed to pay $5.1 billion to resolve claims that it misled fannie mae and Freddie Mac about risky home loans and mortgage securities it sold them before the housing market.
This settlement is part of the ongoing efforts of President Obama’s Financial Fraud Enforcement Task Force’s RMBS Working Group, of which the Coordinating Committee is housed by the federal housing finance agency Office of Inspector General (FHFA OIG). "JP Morgan and the banks it bought securitized billions of dollars of defective mortgages.
JPMorgan Chase reached agreements to resolve its mortgage-backed securities litigation with the Federal Housing Finance Agency (FHFA) and rep and warranty repurchase claims from Fannie Mae and.
FHFA has reached a $4 billion settlement with J.P. Morgan Chase & Co. et al., to address claims of alleged violations of federal/state securities laws in connection with Enterprise-purchased, private-label, residential mortgage-backed securities.
But the FHFA also is trying to recoup losses to taxpayers. Since being taken over in 2008, Fannie and Freddie have received $187.5 billion in federal aid. A settlement with FHFA could be imminent, but it would not put JPMorgan Chase’s mortgage woes to rest.
According to the FHFA’s press release on the settlement, JPMorgan will pay $2.74 billion to Freddie Mac and $1.26 billion to Fannie Mae over problematic securities that the bank — along with Bear Stearns and Washington Mutual — sold to the two housing giants in the years leading up to the financial crisis.
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"The first priority of the settlement should be to keep people in their homes," said Kelly, who is now facing imminent eviction by JPMorgan Chase and Freddie Mac, which operates under the FHFA. "JPMorgan Chase refused to work with me after I fell behind on a predatory loan, even though I had paid for my home five times over.
In an unprecedented move, JPMorgan announced a settlement with the FHFA pertaining to sale of home loans and MBS. The settlement comes as a relief as it lowers its litigation ambiguity to an extent.
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“JPMorgan took it on the chin and is leading the pack with the big settlement, but you will see other settlements once this is set by the other banks.” The FHFA is seeking at least $6 billion from.