JPMORGAN GETTING CLOSE TO RECORD SETTLEMENT OVER THE BANK'S MORTGAGE PRACTICES

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    JPMORGAN GETTING CLOSE TO RECORD SETTLEMENT OVER THE BANK'S MORTGAGE PRACTICES

    After the settlement is completed concerning JPMorgan's mortgage practices...which looks to be a record sum...I will be curious to see if the Justice Department does in fact pursue criminal charges, and if so, how high up they will try to go.

    As many of us know, Morgan has lost one of its biggest supporters...John McCain. In fact McCain has become one of Morgan's biggest critics in a 180 degree turnaround.

     

    JPMorgan Chase and the Justice Department are moving closer to a $13 billion settlement over the bank’s mortgage practices, a record penalty that would cap weeks of heated negotiating and underscore the extent of the bank’s legal woes.

    To resolve an array of federal and state investigations into the bank’s sale of troubled mortgage securities to investors in the lead up to the financial crisis, the bank would be expected to pay about $9 billion in fines, according to a person briefed on the negotiations. JPMorgan, the nation’s largest bank, is also likely to spend $4 billion in relief for struggling homeowners, another person briefed on the talks said.

    The penalties eclipse what the bank previously offered to pay. Until now, JPMorgan was offering about $11 billion in total. It was also refusing to increase its offer until the Justice Department dropped a parallel criminal investigation into the bank’s sale of troubled mortgage securities to investors.

    But the bank, one of the people briefed on the talks said, has tentatively backed down from that demand, a major victory for the government. The Justice Department is free to pursue its criminal investigation into the bank.

    The deal materialized late Friday after Attorney General Eric H. Holder Jr. spoke on the phone to the bank’s top executives, one person said. Holder informed the executives that he could not shut down the criminal investigation, reiterating an argument he had made when he met in Washington last month with Jamie Dimon, JPMorgan’s chief executive.

    The people briefed on the matter cautioned that the deal could still fall apart as the final details are being negotiated. The people spoke on the condition of anonymity because they were not authorized to discuss private negotiations.

    A JPMorgan spokesman was not immediately available for comment. Brian Fallon, a Justice Department spokesman, declined to comment.

      © Copyright  2013 Globe Newspaper Company.

     
  2. You have chosen to ignore posts from skeeter20. Show skeeter20's posts

    Re: JPMORGAN GETTING CLOSE TO RECORD SETTLEMENT OVER THE BANK'S MORTGAGE PRACTICES

    This is what happens when you turn your back on Obama like jp morgan did.

     
  3. You have chosen to ignore posts from andiejen. Show andiejen's posts

    Re: JPMORGAN GETTING CLOSE TO RECORD SETTLEMENT OVER THE BANK'S MORTGAGE PRACTICES

    In response to skeeter20's comment:

    This is what happens when you turn your back on Obama like jp morgan did.



    skeeter,

    JPMorgan mortgage practices that form the bulk of this settlement pre-date Obama. Obama and Justice are finally cracking down on one of Wall Street's worst abusers.

    Are you really trying to defend Morgan as just an innocent on the wrong end of the ire of President Obama?

     

    The government investigations into JPMorgan, which focus on securities the bank sold from 2005 to 2007, raised questions about whether JPMorgan had failed to fully warn investors about the risks of the deals.

    One of the largest pieces of the $13 billion deal could come from a settlement with the Federal Housing Finance Agency. The agency sued JPMorgan over loans it had sold to Fannie Mae and Freddie Mac, the government-controlled mortgage finance companies.

    The settlement would also resolve a case related to Bear Stearns, the people briefed on the matter said, a lawsuit that has pitted the New York attorney general against JPMorgan.

    Eric T. Schneiderman, the New York attorney general, sued JPMorgan last October, saying Bear Stearns and its lending unit, EMC Mortgage, had duped investors who bought mortgage securities assembled by the companies from 2005 through 2007. Through a deal backstopped by the government, JPMorgan bought Bear Stearns in 2008.

     

    http://dealbook.nytimes.com/2013/10/19/jpmorgan-said-to-be-discussing-13-billion-settlement-over-mortgage-loans/

     

     
  4. You have chosen to ignore posts from skeeter20. Show skeeter20's posts

    Re: JPMORGAN GETTING CLOSE TO RECORD SETTLEMENT OVER THE BANK'S MORTGAGE PRACTICES

    In response to andiejen's comment:

    In response to skeeter20's comment:

     

    This is what happens when you turn your back on Obama like jp morgan did.

     



    skeeter,

     

    JPMorgan mortgage practices that form the bulk of this settlement pre-date Obama. Obama and Justice are finally cracking down on one of Wall Street's worst abusers.

    Are you really trying to defend Morgan as just an innocent on the wrong end of the ire of President Obama?

     

    The government investigations into JPMorgan, which focus on securities the bank sold from 2005 to 2007, raised questions about whether JPMorgan had failed to fully warn investors about the risks of the deals.

    One of the largest pieces of the $13 billion deal could come from a settlement with the Federal Housing Finance Agency. The agency sued JPMorgan over loans it had sold to Fannie Mae and Freddie Mac, the government-controlled mortgage finance companies.

    The settlement would also resolve a case related to Bear Stearns, the people briefed on the matter said, a lawsuit that has pitted the New York attorney general against JPMorgan.

    Eric T. Schneiderman, the New York attorney general, sued JPMorgan last October, saying Bear Stearns and its lending unit, EMC Mortgage, had duped investors who bought mortgage securities assembled by the companies from 2005 through 2007. Through a deal backstopped by the government, JPMorgan bought Bear Stearns in 2008.

     

    http://dealbook.nytimes.com/2013/10/19/jpmorgan-said-to-be-discussing-13-billion-settlement-over-mortgage-loans/

     



    Not disagreeing. Keep in mind that The Bear was bought by JP in 2008 in a rush deal. But if you think the pursuit of the punishment is even-handed after Dimon turned on Obama, well...

     
  5. You have chosen to ignore posts from Hansoribrother. Show Hansoribrother's posts

    Re: JPMORGAN GETTING CLOSE TO RECORD SETTLEMENT OVER THE BANK'S MORTGAGE PRACTICES

    It is almost 5 years since Obama and his scrumbag AG have been in office. Virtually no one has been prosecuted criminally for what went on to precipitate the 2008 financial crisis. In fact we loaned then billions to save their sorry a55e5.

    If I am not mistaken, the staute of limitations is almost up on these crimes so 99% are going to walk.

    When the industry had terms like "liar loans" "ninja loans", etc. there had to be blatant fraud.

    But when the government is desperate for money and $17 TRILLION in debt, they need the banks to buy/sell thier debt, otherwise how can they function? Plus campaign bribes, I mean donations, are needed.

    Obama and the Democrats are as beholden to the banks as any Republicans. They all svck.

     
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  7. You have chosen to ignore posts from andiejen. Show andiejen's posts

    Re: JPMORGAN GETTING CLOSE TO RECORD SETTLEMENT OVER THE BANK'S MORTGAGE PRACTICES

    In response to chiefhowie's comment:

    How's Fanny Mae /Mac ? doing.

    I made $300,000 , thanks  Barney ! for holding my frank.

    A simple tax would have solved a lot this s h I t.



    chiefhowie,

    Congratulations.

    Nice to see one of the regular people did well in all the mess.

     
  8. You have chosen to ignore posts from andiejen. Show andiejen's posts

    Re: JPMORGAN GETTING CLOSE TO RECORD SETTLEMENT OVER THE BANK'S MORTGAGE PRACTICES

    skeeter,

    "Not disagreeing. Keep in mind that The Bear was bought by JP in 2008 in a rush deal. But if you think the pursuit of the punishment is even-handed after Dimon turned on Obama, well."

    You know there is that perception that Obama can be vindictive at times. However, I am not crying at all for Dimon and JPMorgan.

    Dimon was raking it in in compensation, Morgan got a boatlad of bailout money all the while it was committing unbelieveable amounts of fraud.

    Morgan would never agree to a settlement, nevermind a record settlement if Justice did not have them dead to rights. Banks are loathe to agree to settlements since they are afraid they will open the doors to many more lawsuits.

    The injustice here will be if no criminal charges are pursued.

     

     
  9. This post has been removed.

     
  10. You have chosen to ignore posts from Hansoribrother. Show Hansoribrother's posts

    Re: JPMORGAN GETTING CLOSE TO RECORD SETTLEMENT OVER THE BANK'S MORTGAGE PRACTICES

    In response to A_Concerned_Citizen's comment:

    In response to Hansoribrother's comment:

    It is almost 5 years since Obama and his scrumbag AG have been in office. Virtually no one has been prosecuted criminally for what went on to precipitate the 2008 financial crisis. In fact we loaned then billions to save their sorry a55e5.

    If I am not mistaken, the staute of limitations is almost up on these crimes so 99% are going to walk.

    When the industry had terms like "liar loans" "ninja loans", etc. there had to be blatant fraud.

    But when the government is desperate for money and $17 TRILLION in debt, they need the banks to buy/sell thier debt, otherwise how can they function? Plus campaign bribes, I mean donations, are needed.

    Obama and the Democrats are as beholden to the banks as any Republicans. They all svck.




    Heh, heh, heh .... leave it to the wingnuts to try and blame the administration that inherited the financial meltdown but absolve the wingnuts who were supposed to be enforcing the laws while the catastrophe was taking place.

    Ya'll are such immature ideologues that refuse to accept personal responsibility for your incompetence....ya'll try and blame the janitor for the mess after the confetti falls.

    Idiots.



    You really are an idiot.

    I did not absolve anyone, despite your blatant stupidity. The problem is people like you who make excuses for their politicians who do nothing to stem the tide of corruption.

     
  11. This post has been removed.

     
  12. You have chosen to ignore posts from skeeter20. Show skeeter20's posts

    Re: JPMORGAN GETTING CLOSE TO RECORD SETTLEMENT OVER THE BANK'S MORTGAGE PRACTICES

    In response to andiejen's comment:

    skeeter,

    "Not disagreeing. Keep in mind that The Bear was bought by JP in 2008 in a rush deal. But if you think the pursuit of the punishment is even-handed after Dimon turned on Obama, well."

    You know there is that perception that Obama can be vindictive at times. However, I am not crying at all for Dimon and JPMorgan.

    Dimon was raking it in in compensation, Morgan got a boatlad of bailout money all the while it was committing unbelieveable amounts of fraud.

    Morgan would never agree to a settlement, nevermind a record settlement if Justice did not have them dead to rights. Banks are loathe to agree to settlements since they are afraid they will open the doors to many more lawsuits.

    The injustice here will be if no criminal charges are pursued.

     



    Granted there is plenty of injustice to go around.  there just seems to be an awful lot of focus on JP Morgan since Dimon flipped away from Obama. that's all I'm saying.  That's not only vindictive, that's using the force of government to send a message to other companies to tow the Obama line or they wi l be next.

    Funny how he gets wacked for crimes committed by a company that the Feds begged him to buy. Plenty of banks out there that sold into the collapse while Dimon steered clear.  Plenty of banks that should be fined, but JP Morgan seemsto be taking the hit for everyone.

    Others, like Solyndra, that stole out money, walk free.

     
  13. You have chosen to ignore posts from andiejen. Show andiejen's posts

    Re: JPMORGAN GETTING CLOSE TO RECORD SETTLEMENT OVER THE BANK'S MORTGAGE PRACTICES

    In response to skeeter20's comment:

    In response to andiejen's comment:

    skeeter,

    "Not disagreeing. Keep in mind that The Bear was bought by JP in 2008 in a rush deal. But if you think the pursuit of the punishment is even-handed after Dimon turned on Obama, well."

    You know there is that perception that Obama can be vindictive at times. However, I am not crying at all for Dimon and JPMorgan.

    Dimon was raking it in in compensation, Morgan got a boatlad of bailout money all the while it was committing unbelieveable amounts of fraud.

    Morgan would never agree to a settlement, nevermind a record settlement if Justice did not have them dead to rights. Banks are loathe to agree to settlements since they are afraid they will open the doors to many more lawsuits.

    The injustice here will be if no criminal charges are pursued.

     



    Granted there is plenty of injustice to go around.  there just seems to be an awful lot of focus on JP Morgan since Dimon flipped away from Obama. that's all I'm saying.  That's not only vindictive, that's using the force of government to send a message to other companies to tow the Obama line or they wi l be next.

    Funny how he gets wacked for crimes committed by a company that the Feds begged him to buy. Plenty of banks out there that sold into the collapse while Dimon steered clear.  Plenty of banks that should be fined, but JP Morgan seemsto be taking the hit for everyone.

    Others, like Solyndra, that stole out money, walk free.



    skeeter,

    The ending of the bromance between Jamie Dimon and Obama happened gradually. with each side backing away at different times.

    Politico.com had a nice take on Dimon and Obama. The below excerpt goes up tpo the time of what seems to be the first break between the two men. 

    "Jamie Dimon was once the silver-haired hero of Wall Street, scooping up failing banks during the worst of the financial crisis and avoiding the kind of toxic mortgage bonds that sent competitors into bankruptcy and pushed the American economy to the brink.

    He was also one of President Barack Obama’s most prominent Wall Street friends, a rare high-profile Democrat in an industry dominated by low-tax, free-market Republicans. Dimon spent several years in Obama’s hometown of Chicago, where he ran Bank One after a nasty breakup with his one-time mentor. He got to know Rahm Emanuel. He hired Bill Daley as a top executive before Daley became Obama’s second chief of staff. He gave hundreds of thousands of dollars in contributions to Democrats. 

    Obama returned all the love, at least at first. Dimon made at least 16 trips to the White House and met at least three times with Obama — a bond that allowed the president to appear business-friendly. The New York Times in 2009 called Dimon Obama’s “favorite banker.”

    But in the wake of a $2 billion trading loss, Dimon’s reputation as a blunder-free Master of the Universe is badly tarnished. And Dimon’s connection to the president, which the JPMorgan CEO now says was never all that strong, seems gone for good. Dimon has joined the loud chorus of Obama’s Wall Street critics, calling himself a “barely Democrat” who is turned off by what he views as the administration’s anti-business rhetoric and policies.

    Readmore: http://www.politico.com/news/stories/0512/76304.html#ixzz2iK04tlly

     

    As for Solyndra, it seems to me we have had numerous threads on Solyndra.

    To cut to the chase, what happened there can hardly be characterized as them having stole all the money and walking away.

     
  14. You have chosen to ignore posts from skeeter20. Show skeeter20's posts

    Re: JPMORGAN GETTING CLOSE TO RECORD SETTLEMENT OVER THE BANK'S MORTGAGE PRACTICES

    In response to andiejen's comment:

    In response to skeeter20's comment:

     

    In response to andiejen's comment:

    skeeter,

    "Not disagreeing. Keep in mind that The Bear was bought by JP in 2008 in a rush deal. But if you think the pursuit of the punishment is even-handed after Dimon turned on Obama, well."

    You know there is that perception that Obama can be vindictive at times. However, I am not crying at all for Dimon and JPMorgan.

    Dimon was raking it in in compensation, Morgan got a boatlad of bailout money all the while it was committing unbelieveable amounts of fraud.

    Morgan would never agree to a settlement, nevermind a record settlement if Justice did not have them dead to rights. Banks are loathe to agree to settlements since they are afraid they will open the doors to many more lawsuits.

    The injustice here will be if no criminal charges are pursued.

     

     



    Granted there is plenty of injustice to go around.  there just seems to be an awful lot of focus on JP Morgan since Dimon flipped away from Obama. that's all I'm saying.  That's not only vindictive, that's using the force of government to send a message to other companies to tow the Obama line or they wi l be next.

     

    Funny how he gets wacked for crimes committed by a company that the Feds begged him to buy. Plenty of banks out there that sold into the collapse while Dimon steered clear.  Plenty of banks that should be fined, but JP Morgan seemsto be taking the hit for everyone.

    Others, like Solyndra, that stole out money, walk free.



    skeeter,

    The ending of the bromance between Jamie Dimon and Obama happened gradually. with each side backing away at different times.

    Politico.com had a nice take on Dimon and Obama. The below excerpt goes up tpo the time of what seems to be the first break between the two men. 

    "Jamie Dimon was once the silver-haired hero of Wall Street, scooping up failing banks during the worst of the financial crisis and avoiding the kind of toxic mortgage bonds that sent competitors into bankruptcy and pushed the American economy to the brink.

    He was also one of President Barack Obama’s most prominent Wall Street friends, a rare high-profile Democrat in an industry dominated by low-tax, free-market Republicans. Dimon spent several years in Obama’s hometown of Chicago, where he ran Bank One after a nasty breakup with his one-time mentor. He got to know Rahm Emanuel. He hired Bill Daley as a top executive before Daley became Obama’s second chief of staff. He gave hundreds of thousands of dollars in contributions to Democrats. 

    Obama returned all the love, at least at first. Dimon made at least 16 trips to the White House and met at least three times with Obama — a bond that allowed the president to appear business-friendly. The New York Times in 2009 called Dimon Obama’s “favorite banker.”

    But in the wake of a $2 billion trading loss, Dimon’s reputation as a blunder-free Master of the Universe is badly tarnished. And Dimon’s connection to the president, which the JPMorgan CEO now says was never all that strong, seems gone for good. Dimon has joined the loud chorus of Obama’s Wall Street critics, calling himself a “barely Democrat” who is turned off by what he views as the administration’s anti-business rhetoric and policies.

    Readmore: http://www.politico.com/news/stories/0512/76304.html#ixzz2iK04tlly

     

    As for Solyndra, it seems to me we have had numerous threads on Solyndra.

    To cut to the chase, what happened there can hardly be characterized as them having stole all the money and walking away.



    Check out the WSJ this morning.  Several articles on JP.

    Solyndra stole our money.   That's an absolute.  What protects them is that the government was their accomplice.

     
  15. You have chosen to ignore posts from ComingLiberalCrackup. Show ComingLiberalCrackup's posts

    Re: JPMORGAN GETTING CLOSE TO RECORD SETTLEMENT OVER THE BANK'S MORTGAGE PRACTICES

    Other Wall Street institutions, such as the Obama Administrations' pet firm Goldman Sachs, marketed similarly shaky securities. It must be asked: Why has all this taken five years? Why was JPMorgan singled out for such harsh treatment? Does this episode have parallels to the federal suit against Standard & Poor's, which downgraded U.S. debt in 2011 and then was singled out among bond rating agencies by the Administration?
    Much of JPMorgan's legal problems stem from its acquisitions of Bear Stearns and Washington Mutual, whereas Goldman Sachs' mortgage securities problems were manufactured within its own confines.

    JP Morgan acted at the request of the Government during the crisis period to acquire Bear Stearns, the Government telling JP Morgan that it was the patriotic thing to do;  now the same Government is extorting $11 billion from JPMorgan for being stupid enough to trust the Government.

    Same notion as when banks were forced by the Government to make loans to people who were not qualified ...then years later the same banks were sued by the Government, for making risky loans...

    The other total absurdity in the lawsuit is that the supposed victims of JP Morgan were Fannie Mae and Freddie Mac. These corrupt pseudo-Government entities caused the mess in the first place, ...now they claim to be the victims? Sick.



    Again why is JPMorgan treated so much more harshly, and without regard for the broader macroeconomic effects?

    Much of Wall Street backed Barack Obama's bid for the presidency in 2008, and subsequently maintained distance for the 2012 campaign. Goldman Sachs has continued close ties to the administration and the Federal Reserve.



     
  16. You have chosen to ignore posts from Hansoribrother. Show Hansoribrother's posts

    Re: JPMORGAN GETTING CLOSE TO RECORD SETTLEMENT OVER THE BANK'S MORTGAGE PRACTICES

    In response to A_Concerned_Citizen's comment:

    In response to Hansoribrother's comment:

     

     

    You really are an idiot. I did not absolve anyone, despite your blatant stupidity. The problem is people like you who make excuses for their politicians who do nothing to stem the tide of corruption.

     


    That's rich...

    Hey spanky, You're the one making excuses. If the wingnuts had done their job in the first place, overseeing these financial institutions and enforcing regulations, then the catrastophe would never have happened.

    The previous administration was knee deep in the inner workings of the banks and their financial statements when they crafted their TARP bailout. Why didn't they start arresting people then?

    It's ideological idiots like you who keep screeching about less regulation and when the inevitable catastrophy happens you stick you nose where it shouldn't be and blame the other party for not cleaning up the wingnut mess quick enough or to your liking.

     

     



    Like I said but you can't seem to understand - they both svck.  If Bush didn't do anything then how does that excuse Obama? Oh, I see, you excuse  Obama because your lips are locked to his a55. You are the ultimate tool.

    The financial crisis was a bipartisan effort both in creation and in response.

    Who tried to muzzle Brooksley Born of the CFTC when she tried to warn of impending doom. That would have been Larry Summers and Robert RUbin. Larry Summers.....wasn't he the guy Obama tried to get appointed head of the Fed? After his buddy Tim Geithner turned him down. Oh, was that the Timmy Geithner who cheated on his taxes  and oversaw the implosion of Bear Stearns and Leehman Bros as head of the NY Fed.

     Oh, and speaking of deregulation, who signed the bill getting rid of Glass-Stegal regulations? Bill Clinton. WHo pushed it on him RUbin Summers and the Trutle from TX Phil Gramm. Like I said but ACC the Tool can't figure out - they both svck.

     
  17. You have chosen to ignore posts from skeeter20. Show skeeter20's posts

    Re: JPMORGAN GETTING CLOSE TO RECORD SETTLEMENT OVER THE BANK'S MORTGAGE PRACTICES

    In response to Hansoribrother's comment:

    In response to A_Concerned_Citizen's comment:

     

    In response to Hansoribrother's comment:

     

     

    You really are an idiot. I did not absolve anyone, despite your blatant stupidity. The problem is people like you who make excuses for their politicians who do nothing to stem the tide of corruption.

     

     


    That's rich...

    Hey spanky, You're the one making excuses. If the wingnuts had done their job in the first place, overseeing these financial institutions and enforcing regulations, then the catrastophe would never have happened.

    The previous administration was knee deep in the inner workings of the banks and their financial statements when they crafted their TARP bailout. Why didn't they start arresting people then?

    It's ideological idiots like you who keep screeching about less regulation and when the inevitable catastrophy happens you stick you nose where it shouldn't be and blame the other party for not cleaning up the wingnut mess quick enough or to your liking.

     

     



    Like I said but you can't seem to understand - they both svck.  If Bush didn't do anything then how does that excuse Obama? Oh, I see, you excuse  Obama because your lips are locked to his a55. You are the ultimate tool.

    The financial crisis was a bipartisan effort both in creation and in response.

    Who tried to muzzle Brooksley Born of the CFTC when she tried to warn of impending doom. That would have been Larry Summers and Robert RUbin. Larry Summers.....wasn't he the guy Obama tried to get appointed head of the Fed? After his buddy Tim Geithner turned him down. Oh, was that the Timmy Geithner who cheated on his taxes  and oversaw the implosion of Bear Stearns and Leehman Bros as head of the NY Fed.

     Oh, and speaking of deregulation, who signed the bill getting rid of Glass-Stegal regulations? Bill Clinton. WHo pushed it on him RUbin Summers and the Trutle from TX Phil Gramm. Like I said but ACC the Tool can't figure out - they both svck.



    Be careful. you are not allowed to point out corruption on the left. A_Concerned_Creep is working up a "spanky" response right now.

     
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