Citigroup, Inc. on Monday agreed to pay $7 billion to settle a federal inquiry into mortgage-backed securities sold by the bank prior to the country's financial crisis. The deal, which involves one of the largest cash penalties ever paid to settle such allegations, includes a $4 billion civil ...[read more]
The US Court of Appeals for the District of Columbia Circuit on Tuesday rejected Wells Fargo & Co's contention that the bank's participation, along with other national banks, in a $25 billion settlement with the US government over foreclosure abuses should bar claims bring in a separate civil ...[read more]
The US Supreme Court ruled unanimously Monday in Robers v. United States that the Mandatory Victims Restitution Act (MVRA) requires restitution calculation based upon the property a lender loses, not upon the collateral the lender receives. In 2005, petitioner Benjamin Robers submitted fraudulent ...[read more]
The US Supreme Court on Monday granted certiorari in Jesinoski v. Countrywide Home Loans, Inc. to determine the requirements of the Truth in Lending Act. The Jesinoskis refinanced their house with Countrywide Home Loans in 2007, but Countrywide failed to furnish the Jesinoskis with all the ...[read more]
The US Supreme Court heard oral arguments on Tuesday in Robers v. United States. The case addresses the issue of whether a defendant who owes restitution for a fraudulently obtained loan returns a portion of the loan money by giving the lenders the collateral property that secures the money. ...[read more]
JPMorgan Chase & Co. Settlements with the US Department of Justice
The US Department of Justice announced on November 19, 2013 that JPMorgan Chase & Co. had agreed to a record-setting $13 billion settlement over its risky mortgage practices that played a role in the 2008 financial crisis. ...[read more]
The ongoing saga of major bank settlements with the Department of Justice, Fannie Mae and Freddie Mac is mostly the result of the economic crisis of 2007-2008. Prior to this time, Bank of America and JPMorgan Chase & Co. sold billions of dollars in mortgage loans and mortgage securities to ...[read more]
Sub-prime loan practices began in the mid-1980s as lawmakers sought to increase housing opportunities. Prior to this, many Americans were unable to purchase a home due to credit scores below 550. Census data compiled by the Federal Reserve shows that over half of the failed mortgage payments were ...[read more]
02/10/2014: Better Markets sued DOJ over JP Morgan settlement.
02/04/2014: JP Morgan Chase paid 614 million in mortgage lending settlement.
01/31/2014: New York judge approved Bank of America settlement over mortgage-backed securities.
10/25/2013: US government reached 51 billion settlement ...[read more]
JPMorgan Chase & Co. (JPM) will pay the US government $614 million and improve company mortgage lending practices under a settlement announced Tuesday for claims it approved thousands of unqualified home mortgage loans for government insurance since 2002 and cost the government millions of ...[read more]