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JPMorgan Chase (JPM) has agreed to pay $5.1 billion in settlements to the Federal Housing Finance Agency, Fannie Mae and Freddie Mac, federal officials said Friday.
October 25 -
JPMorgan Chase's acquisitions of Bear Stearns and Washington Mutual during the meltdown were once seen as bargains and more recently second-guessed in light of the bank's $13 billion mortgage settlement. The pain will pay off in the long run, experts say.
October 23
JPMorgan Chase (JPM) has agreed to pay a group of financial services companies $4.5 billion to settle mortgage-repurchase and servicing claims.
JPMorgan is offering the settlement to trustees of 330 residential mortgage-backed securities trusts issued by the company and its Chase and Bear Stearns subsidiaries between 2005 and 2008, the company said in a press release Friday.
The trustees include Bank of New York Mellon (BK), The Bank of New York Mellon Trust Co., Deutsche Bank National Trust Co., Deutsche Bank Trust Co. Americas, HSBC Bank, Law Debenture Trust Co. of New York, U.S. Bank (USB), Wilmington Trust and Wells Fargo (WFC). They have until Jan. 14 to accept the offer. The deadline may be extended for as many as 60 days.
The settlement negotiations were led by a group of 21 institutional investors including the Federal Home Loan Bank of Atlanta, ING Investment Management, Goldman Sachs Asset Management, Metropolitan Life Insurance, Pacific Investment Management and The Prudential Insurance Co. of America.
The settlement does not include trusts issued by Washington Mutual, which JPMorgan acquired in 2008.
