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Thread: Chase to Pay $13 Billion for Selling Bad Mortgages, $4B to Help Homeowners

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    Default Chase to Pay $13 Billion for Selling Bad Mortgages, $4B to Help Homeowners

    Some good news for some

    I was wondering if any penalty was ever going to happen to a bank







    A settlement was reached in the civil suit brought by the Obama Administration's Justice Department against JPMorgan Chase & Co. regarding wrongdoing that led to the housing collapse.

    The largest bank in America will pay $4 billion to consumers who were hurt by faulty mortgage underwriting, part of a larger $13 billion fine to settle the bank's liability in the collapse of toxic securities during the housing crisis.

    "A source familiar with the settlement says that as much as $1.7 billion will go to homeowners who owe more on their mortgages than their homes are worth," reports NPR's Jim Zarroli. "Portions of the money will also go to restructure mortgages. And in an unusual agreement the bank will use part of the money to fight blight in distressed neighborhoods by doing things such as tearing down rundown buildings" that may have gone through foreclosure.

    This settlement dwarfs the $4 billion BP was forced to pay for the Gulf oil spill.

    (READ the story from NPR News)

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    Default Re: Chase to Pay $13 Billion for Selling Bad Mortgages, $4B to Help Homeowners

    JP Morgan Chase knew this was coming. I was listening to the No Agenda Show where they played a clip of JP Morgan's AGM. They disclosed the bad news to their investors saying their earnings were going to be lower than expected this year due to legal claims.

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    Default Re: Chase to Pay $13 Billion for Selling Bad Mortgages, $4B to Help Homeowners

    Not good news at all. Just a cost of doing business for these financial freaks. Where is the jail time? Indictments? Where are the bankers hanging by their belts in jail cells, driven insane by the guilt and embarrassment?
    The quantum field responds not to what we want; but to who we are being. Dr. Joe Dispenza

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    Default Re: Chase to Pay $13 Billion for Selling Bad Mortgages, $4B to Help Homeowners

    Quote Posted by conk (here)
    Not good news at all. Just a cost of doing business for these financial freaks. Where is the jail time? Indictments? Where are the bankers hanging by their belts in jail cells, driven insane by the guilt and embarrassment?
    They're too busy locking up the peons for non-violent drug offenses. Besides, God forbid they actually bite the hand that feeds them.
    cursichella1


    Qui tacet consentit

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    Default Re: Chase to Pay $13 Billion for Selling Bad Mortgages, $4B to Help Homeowners

    I agree with other posters: no jail time unless you are poor and have a joint in your pocket. GRRRR. You are right, no room in the jails for white collar criminals. Justice department probably would claim it is too hard to pin the dastardly deed on one person. So put the CEO in jail since he is ultimately responsible. Problem is the government attorneys won't be able to get a cushy job when they want to leave for the private sector. Keep the heat on Congress and look for groups that might file.

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