Chase Fined $13Bn

This is the same company that has been praised for having one of the best CEOs in Banking. So I’d expect BofA’s fine to be twice as large than. Right?

 

From DS News.

 

JPMorgan Chase Reaches $13B RMBS Settlement with U.S. Government

JPMorgan Chase 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–Bear Stearns and Washington Mutual. The $13 billion settlement is the largest in American history between the U.S. government and a single entity and includes $4 billion in relief for consumers and communities impacted by the housing crisis. Federal officials say the relief funding could benefit more than 100,000 borrowers. < Read More >

 

- Sunil Sethi

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