US To Fine JPMorgan $4 Billion For Selling 'Junk Mortgages'
The Journal said JPMorgan had reached a deal to settle the charges that it overstated the quality of the mortgages it sold on to Fannie Mae and Freddie Mac, resulting in significant losses for the two companies that required government bailouts.
The deal would be less than the $6 billion originally sought by the Federal Housing Finance Agency, which oversees Fannie and Freddie, the Journal said.
It said the bank hoped to wrap that settlement into a larger deal, possibly $11 billion, to get past a range of charges of misbehavior dating to the financial crisis that involve the Justice Department and other agencies.
"The FHFA agreement won't likely be finalized until either a broader deal with the Justice Department is reached or the parties abandon those larger talks," the Journal said citing people close to the talks.
Neither the bank nor the agencies would comment on the report.
- A teenager accidentally hits the accelerator pedal, and a five-year-old boy loses his life in a tragic incident in Bengaluru
- Amid growing political uncertainty in Pakistan, IMF expresses concern over its financial stability
- OPINION: Balancing act or pure jugglery — navigating professional challenges as a working mother
- OPINION: Ecofeminism — a diversified perspective on Mother’s Day
- Inflation data, Q4 earnings, global trends to drive stock markets this week: Analysts
- Nothing Phone (2a) blue edition launched
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market