JPMorgan in $4 BILLION mortgage settlement with Fannie Mae and Freddie Mac
JPMorgan in tentative $4 billion mortgage settlement: DJ
Published: Friday, 18 Oct 2013 | 3:50 PM ET
s tentative settlement with FHFA: Report
CNBC's Kayla Tausche reports JPMorgan has reached a tentative settlement with FHFA to pay about $4 billion in penalties due to claims the bank misled Fannie and Freddie over mortgages it sold them.
J.P. Morgan Chase & Co has reached a tentative $4 billion settlement with the Federal Housing Finance Agency, Dow Jones reported on Friday, citing sources.
The deal would settle claims the bank misled Fannie Mae and Freddie Mac about mortgages it sold to them, the wire service reported.
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Timothy A. Clary | AFP | Getty Images
Dow Jones also reported that the deal was less than the $6 billion originally sought by the FHFA. Both the bank and the agency declined comment to the news service on the report.
The potential FHFA settlement would be rolled into a larger deal that is pending with the Justice Department, which could reach some $11 billion, DJ reported.
JPMorgan shares rose 0.2 percent in late trading.
Read the full report here.
http://www.cnbc.com/id/101093030
