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U.S. seeking $6 bln from JPMorgan to settle mortgage claims -source
August 27, 2013 / 7:32 PM / in 4 years

U.S. seeking $6 bln from JPMorgan to settle mortgage claims -source

Aug 27 (Reuters) - U.S. government housing finance authorities are pressing JPMorgan Chase & Co for at least $6 billion to settle lawsuits over bonds backed by subprime mortgages, according to a person familiar with the matter.

The company is arguing that it should pay less to settle the claims by the U.S. Federal Housing Finance Agency, according to the source, who was not authorized to speak for attribution.

The FHFA sued JPMorgan over some $33 billion of securities two years ago and also sued 16 other financial institutions.

The Financial Times reported the amount being sought over the mortgage securities on its website earlier on Tuesday.

The FHFA litigation is among a raft of legal issues JPMorgan is trying to work through in addition to investigations over its “London Whale” derivatives loss last year.

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