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JPMorgan Feds Reach Record 13B Deal on RMBS Claims
JPMorgan Feds Reach Record 13B Deal on RMBS Claims

first_img November 19, 2013 561 Views in Secondary Market Share “”JPMorgan Chase””:http://www.jpmorganchase.com has struck a deal with the U.S. Department of Justice to resolve civil claims from both federal and state officials over residential mortgage-backed securities (RMBS) issued prior to January 1, 2009, by the bank and two financial institutions it acquired in 2008├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô-Bear Stearns and Washington Mutual.[IMAGE]The $13 billion settlement is the largest in American history between the U.S. government and a single entity.Under the agreement reached, JPMorgan will pay $9 billion in restitution and provide an additional $4 billion in relief for homeowners at risk of foreclosure and communities impacted by the housing crisis. Federal officials say the relief funding could benefit more than 100,000 borrowers. According to JPMorgan, the cash portion of the settlement payment consists of a $2 billion civil monetary penalty and $7 billion in compensatory payments, including a previously announced $4 billion payment to resolve litigation “”claims from the Federal Housing Finance Agency””:https://themreport.com/articles/jpmorgan-fhfa-settle-on-51b-deal-over-soured-loans-2013-10-28. Borrower relief will be in the form of principal reduction, forbearance, and other direct benefits from various relief programs, the bank explained. JPMorgan Chase has committed to complete delivery of the promised relief to borrowers before the end of 2017.The settlement was negotiated through the Residential Mortgage-Backed Securities Working Group, a joint state and federal unit formed in 2012 by President Obama to investigate wrongdoing within the mortgage-backed securities market that helped to trigger, contribute to, or exacerbate the U.S. financial crisis.[COLUMN_BREAK]””New York Attorney General Eric T. Schneiderman””:http://www.ag.ny.gov/ co-chairs the RMBS Working Group. Tuesday’s settlement comes 13 months after Schneiderman sued JPMorgan for fraudulent RMBS packaged and sold by Bear Stearns before it was acquired by JPMorgan at the behest of government officials at the Federal Reserve, FDIC, and U.S. Treasury. In announcing the unprecedented settlement, Schneiderman said, “”Since my first day in office, I have insisted that there must be accountability for the misconduct that led to the crash of the housing market and the collapse of the American economy. This historic deal … is exactly what our working group was created to do.””He continued, “”We refused to allow systemic frauds that harmed so many New York homeowners and investors to simply be forgotten, and as a result we’ve won a major victory today in the fight to hold those who caused the financial crisis accountable.””Separately, the “”FDIC””:http://www.fdic.gov announced Tuesday that it also reached a settlement with JPMorgan Chase and its affiliates in relation to the failure of six banks. The FDIC, acting as receiver for the failed institutions, says misrepresentations where made in the offering documents for 40 RMBS purchased by the now-defunct banks. JPMorgan agreed to pay $515.4 million, which will be distributed among the receiverships for the failed Citizens National Bank (failed May 22, 2009), Strategic Capital Bank (May 22, 2009), Colonial Bank (August 14, 2009), Guaranty Bank (August 21, 2009), Irwin Union Bank and Trust Company (September 18, 2009), and United Western Bank (January 21, 2011).From May 2012 to September 2012, the FDIC as receiver for five of the failed banks filed 10 lawsuits against JPMorgan, its affiliates, and other defendants for violations of federal and state securities laws in connection with the sale of RMBS.As part of the global settlement reached, JPMorgan acknowledged it made serious, material misrepresentations to the public–including the investing public–about numerous RMBS transactions, according to a statement on the New York attorney general’s website.JPMorgan Chase says it is fully reserved for this settlement.center_img JPMorgan, Feds Reach Record $13B Deal on RMBS Claims Agents & Brokers Attorneys & Title Companies Fannie Mae FDIC FHFA Freddie Mac Investors JPMorgan Chase Justice Department Lenders & Servicers Mortgage-Backed Securities RMBS Service Providers 2013-11-19 Carrie Baylast_img read more

Im feeling like I have been a lot healthier now
Im feeling like I have been a lot healthier now

first_img“I’m feeling like I have been; a lot healthier now,” he said Friday, when he was officially listed questionable on the final injury report after being limited all week in practice. “My leg is feeling good. I got a lot of conditioning this week and I’ll be ready for this week.”With Floyd healthy and a much healthier John Brown, who’s been dealing with his own hamstring issue, the Cardinals have their full complement of receivers for the first time since Week 7.The same cannot be said about the Cardinals defense, especially the defensive line.Tackles Cory Redding and Frostee Rucker are inactive with ankle injuries. Neither practiced this week and were ruled out on Friday.Ed Stinson is also sidelined with a groin issue.The good news is that both safety Deone Bucannon (concussion) and cornerback Patrick Peterson (ankle) are available.Bucannon cleared the NFL concussion protocol and practiced on a limited basis Friday. Peterson, too, was limited in practice Friday after not seeing the field either Wednesday or Thursday.“I’m going to be very careful with Deone,” head coach Bruce Arians said, before adding Sean Weatherspoon “will step in” if needed at inside linebacker. After a week off, Arizona Cardinals wide receiver Michael Floyd returns to action.OK, week off is hardly the accurate description.Floyd sat out last week’s win against Cincinnati, missing his first-ever NFL game due to a hamstring injury suffered in the fourth quarter at Seattle.Floyd, who has caught a touchdown pass in four consecutive games, is now back and will be in uniform for this week’s matchup against the San Francisco 49ers at Levi’s Stadium, the site of Super Bowl 50 this upcoming February. Grace expects Greinke trade to have emotional impact And with Peterson not quite at full strength, cornerback Robert Nelson, Jr., the former Arizona State Sun Devil, will dress for the first time since joining the active roster two weeks ago.The remaining inactives include quarterback Matt Barkley, linebacker Shaq Riddick, guard Jonathan Cooper and tackle D.J. Humphries.Cooper (knee) is missing his second straight game, meaning Ted Larsen makes his second straight start at right guard.For the Niners (3-7), running back Carlos Hyde (foot) and linebacker Ahmad Brooks (concussion) are out due to injury.Also sitting are wide receiver DeAndrew White, cornerback Chris Davis, linebacker Ray-Ray Anderson, guard Brandon Thomas and offensive lineman Ian Silberman.The Cardinals (8-2) are looking for their first win in the Bay Area since 2008. That is also the last season the Cardinals swept the season series against the 49ers.“We’ve had good focus. A lot of energy out there,” Arians said, referring to the week of preparation. “It still always comes down to those plays in the game that you’d better be focused and going full speed, and we’ve talked about it all week.“I like where we’re at right now.” Comments   Share   Former Cardinals kicker Phil Dawson retirescenter_img Arizona Cardinals wide receiver Michael Floyd (15) catches a pass against the San Francisco 49ers during the first half of an NFL football game in Santa Clara, Calif., Sunday, Dec. 28, 2014. (AP Photo/Tony Avelar) Top Stories The 5: Takeaways from the Coyotes’ introduction of Alex Meruelo Derrick Hall satisfied with D-backs’ buying and sellinglast_img read more