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JPMorgan Chase & Co. Reaches Settlement with President’s Task Force on Residential Mortgage-Backed Securities


Wednesday, 20 Nov 2013 02:00am EST 

JPMorgan Chase & Co. (JPMorgan Chase) announced that it has reached a USD 13 billion settlement in principle negotiated by the President’s RMBS Working Group of the Financial Fraud Enforcement Task Force. The settlement resolves actual and potential civil claims by the Department of Justice, several State Attorneys General, the Federal Deposit Insurance Corporation, the National Credit Union Administration (NCUA) and the Federal Housing Finance Agency relating to residential mortgage-backed securities (RMBS) activities by JPMorgan Chase, Bear Stearns and Washington Mutual. Under the settlement, JPMorgan Chase will pay a total of USD 9 billion in cash and provide USD 4 billion in borrower relief. The cash portion consists of a USD 2 billion civil monetary penalty and USD 7 billion in compensatory payments, including a previously announced USD 4 billion payment to resolve FHFA’s litigation claims. Borrower relief will be in the form of principal reduction, forbearance and other direct benefits from various relief programs. JPMorgan Chase has committed to complete delivery of the promised relief to borrowers before the end of 2017. JPMorgan Chase is fully reserved for this settlement. The settlement concludes and terminates all pending civil enforcement investigations, including those by the Department of Justice and the State AGs from California, Delaware, Illinois, Massachusetts and New York, relating to RMBS activities by JPMorgan Chase, Bear Stearns and Washington Mutual. 

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