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JPMorgan Settles With FHFA For $5.1 Billion
It's Friday afternoon, do you know where your fortress-balance-sheet bank's massive settlement deal with the government is...
- *JPMORGAN TO PAY $5.1 BILLION OVER FHFA MORTGAGE CLAIMS
- *FHFA SAYS JPM TO PAY ABOUT $2.74B TO FREDDIE, $1.26B TO FANNIE
- *JPMORGAN PAYS $1.1B TO RESOLVE REPRESENTATION, WARRANTY CLAIMS
- *FHFA SAYS IT'S SETTLED FOUR OF THE 18 PLS SUITS IT FILED IN '11
$4 billion of this appears to be part of the $13 billion settlement 'agreed' last week; but still leaves the criminal cases from what we can tell... Full statement below...
JPMorgan Chase has reached an agreement to resolve all of its mortgage-backed securities (MBS) litigation with the Federal Housing Finance Agency (FHFA) as conservator for Freddie Mac and Fannie Mae for $4 billion. This settlement resolves the firm’s largest MBS case and relates to approximately $33.8 billion of securities purchased by Fannie Mae and Freddie Mac from J.P. Morgan, Bear Stearns and Washington Mutual. The firm has also simultaneously agreed to resolve Fannie Mae’s and Freddie Mac’s repurchase claims associated with whole loan purchases from 2000 to 2008, for $1.1 billion.
Today’s settlements totaling $5.1 billion are an important step towards a broader resolution of the firm’s MBS-related matters with governmental entities, and reflect significant efforts by the Department of Justice and other federal and state governmental agencies.
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Jaime Dimon on the way out of court "I'm just gonna go find a cash machine"
Good thing they have all that gold.
And who is holding JPM stock up (Ben?) What a farce
Simply a penalty for getting caught and making the govrtnment look bad. Kinda like the mafia. We don't mind you doing something bad....just don't get caught. Then it's going to cost.
Simply the price of doing business.
Between legal fees and actual fines, JPMorgue is shelling out some serious coin. Good thing they have ample loan loss reserves to dip into in time for the next quarterly EPS announcement.
JPMorgueFUBAR.
They're paying in return for a "admitting no wrongdoing" note next to this case.
I would be very curious to know how much of this is tax deductible as a criminal 'bidness' expense.
<And since this will be considered a "one time expense" (until next time) it will be subtracted from, then added back into, earnings.>
Good question. I would like to know that as well.
re-hypo-kate da bidness, it's da maffs man, dig it ?
$500B+ losses due to misrepresentation. $5B fine.
<sarc>
Great deal prosecuters. (for JPM)
</sarc>
How much of that $5B will the prosecutors pocket for end of the year bonuses?
slap that wrist
harder I like it
that works for the SEC as well if you substitute the word "salami"
This sounds like a job for Chairman Ben!
C'mon, Bernank! Whirl around in the helicopter and drop some love on JPM this weekend.
Or are they not doing "God's work", just as is Goldman Sachs?
Lemmie see if I got this right. JPM Breaks government rules, and gets fined/agrees to pay 5.1 Billion.......the Fed prints the 5.1 Billion, gives it to JPM who pay the USG Fine..........and the ACTUAL bill goes to the American tax payers, some of which are as yet not even sperm.......??
Yeah... so?
That my frind is called the truth, the whole truth, and nothing but the truth......so help me God.
The DOJ doin' a heckuva job. OH YEAH!
http://www.youtube.com/watch?v=SU0Ypufo6BM
Look what a blatant sham our courts are.
No seriously, its just a fucking joke at this point, the courts and Obama might as well bend over and take it in the ass from the banks.
What a bunch of pussy sell outs.
All Jp Morgan has to do is counterfeit more paper to sell to the Fed to cover this B.S. slap on the wrist, its not even a slap on the wrist its more or less the government getting paid off to buzz off, probably a few judges getting paid under the table, a few lawyers taking their cut of the fraud.... etc.. etc...
JP Morgan and its cowhores caused untold TRILLIONS of dollars in DAMAGE to the entire GLOBAL ECONOMY, and in return they get off with not paying a dime, 5 billion dollars? seriously? they should of been shutdown and people sent to jail for atleast 30 years.
It just goes to show you, steal food from walmart go to jail but steal 100,000,000,000 dollars from an entire country and its people?????? the government just wants a cut.
The bigger the crime, the smaller the fine (relative to the gains).
Hell. Imagine how much more damage Fannie, Freddie and the FHFA can do with an extra $5.1 Bills.
"Aside from being a criminal organization, its a great bank."
Cocksucking joo banker cunts! They are a leach on capitalism. They don't put capital at risk in order to make or build anything. It's just one big arbitrage business. Why the fuck can't we have a vote on the Fed?
It is not a government agency, it loans money into creation at no risk to itself and gets paid an interest. WE pay that interest! The cunts then take our money and allow the middle management Joo Bankers like Jamie Dimon to go arbitrage out any 'normal' profit from our capitalist system.
These people should be in jail!!! The ownership of the Fed isn't even American!!! The world needs to wake up and end the House of Rothschild, aka Isreal. Zionism isn't Jewish, the 'expansion' is Rothschild's expansion!
I digress...
Rot in hell you sociopathic cunts!!!
wow...
I'm wondering how much of this 5.1B will get flowed to the middle class which are still hurting from getting gang-rapped by this firm.
I don't quite get it. Exactly where did the rape occur? The Fed's forced banks to loan money to people who should not have been qualified to receive the money so they could participate in the "American Dream." If they did not loan money to these folks they were deamed to be racist and would lose federal backing. Now, what do you do with billions of crap loans that the government thought was a good idea? Send them back to the government, Fannie and Freddie. If Freddie and Fannie are choking on these crap mortgages what else do you do with them? Derivatves? Hmmmm
Now, those who supposedly got raped. Who forced these raped individuals to lie or not report their income, eh? And the guys selling these mortgages, are they bad people or are they people who would get fired if they did not get with the program and sell the mortgages?
Someone needs to grow up and start taking responsibility for their own actions and decisions. It won't start with Jimmy Carter or Bill Clinton but at least a guy who buys a house he cannot afford could cough up a little, "oops, maybe I shouldnt have done that."
All those folks who lost their homes that they got with no down payment got to live in those homes for what ever they paid in monthly payments. So just what did they lose? How were they raped?
RTUT, if you are a taxpayer, you were the one of the millions that were raped.
The banks were indeed pressured by FedGov to loan that money out, but the banks soon figured that it was a big free-money scam for them so they went into criminal overdrive -- with no criminal prosecutions. Home buyers figured out that it was a risk-free program with little to lose if the mortgage went into default. The money that went into the bankster's pockets and the money that simply evaporated with the bad mortgages ended up being paid by guess who?
As Barry Goldwater said, " a billion here , a billion there and pretty soon you're talking about real money." I am over 50 years old and it wasn't that long ago that an individual company earning a billion dollars for a year's worth of effort was inconceivable. Now it's commonplace. These Federal Reserve Banks are simply fleecing the wealth of the taxpaying public and passing it back and forth , back and forth until they can't. Something feels really amiss in the USA , almost incestuos even.
Dirkson
I stand corrected. Thank you.
A billion dollars ain't what it used to be.
I didn't read anything about anyone being arrested. Wasn't the law broken?? Where's the rest of the article Zero Hedge????!
Criminal case, oh sure. I'll believe it when I see it.
Five years later - some pocket change - and no one indicted or in jail.
Where is Jon Corzine?
The Feds rig the markets for years so JPM and other TBTF can make hundreds of Billions of PONZI dollars ( doing nothing ) so they can pay token fines for destroying the entire Banking and Capitol structure for their own benefit?..... and then "run the table all" over again?
P.S. Nobody goes to jail?
P.S Most people don't notice any of it?
P.S. You have to be fucking joking man!
Shit, I'm in the wrong business...
Tempest in a teapot.
Your enemy is the Fed and its owner TBTF banks. They have captured the government and there should be no question about that.
So, now what?
Jon Stewart And Matt Taibbi: Banksters, Presstitutes And Why Nobody Should Shed a Tear for JP Morgan Chase
Matt Taibbi continues his brilliant work as one of the last real investigative journalists left at his best. Jon Stewart is on par translating the situation for those who has difficulties with concentration and reading. We will ask our rhetorical question again: after LIBOR fraud, FOREX manipulations, Mortgage scam and Pension looting - Is The Gold Manipulation To Be Admitted Next? http://sufiy.blogspot.co.uk/2013/10/jon-stewart-and-matt-taibbi-banksters.html#