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JPMorgan agrees to largest settlement in U.S. history

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Mortgage Professional America | 20 Nov 2013, 12:15 AM Agree 0
JPMorgan agreed to a landmark payout Tuesday to resolve claims against its sales of mortgage-backed securities.
  • Bridget Bruno | | 20 Nov 2013, 09:20 AM Agree 0
    I wonder at what point will JPMorgan be required to start helping homeowners. This will make a huge difference for so many Americans.
  • Joe Heisler | | 20 Nov 2013, 09:24 AM Agree 0
    I would like to know what the Federal Government plans to do with the $13 BILLION? As we all know in these situations no one actually gets prosecuted for committing fraud so it would be nice to see what good use the money is going toward.
  • Ruben Winberg | | 20 Nov 2013, 09:30 AM Agree 0
    Big settlement equals investors win. What about the guy who got the neg arm that Chase took over from WAMU? That guy never gets a dime. How about the 200 % LTV HELOC wells, chase and bofa did without checking title? There's a lot of stuff still to come.
  • Tony Chard | | 20 Nov 2013, 09:40 AM Agree 0
    Good question Joe... Where will that money go?
  • Paul Deschaine | | 20 Nov 2013, 09:44 AM Agree 0
    And nobody goes to jail.
  • Jeff | | 20 Nov 2013, 09:57 AM Agree 0
    What a croc. The seeds of the mortgage meltdown were planted when the Federal Government required Fannie and Freddie to let anyone buy a home and the Federal Reserves monetary policy keeping rates low. Just blame the big bad bank, who oh by the way has deep pockets.
  • JB | | 20 Nov 2013, 11:10 AM Agree 0
    Jeff, you are correct. This goes back to the American Dream Act under the Clinton Admin.
    How is it the Banks are responsible? Americans shared erroneous belief in ever-rising housing prices and corresponding mania to profit from them.
  • JB | | 20 Nov 2013, 11:17 AM Agree 0
    Ruben, the Neg Am was a poor choice the borrower made. I hardly think the borrower was turning away the money offered to them. The borrowers most likely paid off debt, bought the Range Rover, RV, Boat, etc., and then when values fell claimed the Neg Am was to blame. Surely you do not think the guy who selectively gave his house back to the bank after acquiring the items mentioned should now be further compensated, right? People like yourself do not realize that those Neg Ams, had they kept the property are near or around 3.0% and have been for a few years.
  • JB | | 20 Nov 2013, 11:22 AM Agree 0
    Bridget, what is the reason Homeowners need help, because it's not the Banks fault if somebody loses their job. There is already an abused unemployment benefit the government has extended 3 times. Makes me wonder if these people also are even attempting to find work, or perhaps they are working under the table! JPMorgan is paying a fine for misleading investors. This is an after effect of the borrower getting their mortgage and does not involve them.
  • Patricia | | 20 Nov 2013, 02:53 PM Agree 0
    This is robbery in every direction. I borrow money. I need to pay it back. Period. If I can't, I get foreclosed. Period. I am more careful next time. In 3 years I can buy another home. Keep the dang government out of rescue operations. It is one thing to help a flood victim for a short period of time, but not to care for them for the next 10 years. And it is about time the gov't took responsibility for causing the meltdown too.
  • JB | | 20 Nov 2013, 03:14 PM Agree 0
    Patricia, well said. We cannot ignore the fact that buyers are to blame as well, with the thought of homes going up 10k a month, they will simply sell if they get in hotwater. You might be able to tell by now that I am a lender. If you need help or have questions on mortgages, let me know, and I will get you my information.
  • Art | | 20 Nov 2013, 04:20 PM Agree 0
    This is a cheap way to get a
    "get out of Jail Card".
    How much was company financial profit vs. $13B

  • mike | | 20 Nov 2013, 06:53 PM Agree 0
    So true Jeff & Jb! Holder's comments read like the prose of a looter from an Ayn Rand book.
  • Stan J | | 21 Nov 2013, 12:17 PM Agree 0
    They should be jailed for criminal fraud and their doors locked for good. It will never happen, though, because it is more profitable for the "regulators" to allow them to continue doing business so they could be shaken down for "penalties" from time to time.
  • John C Durham | | 02 Dec 2013, 03:02 PM Agree 0
    Jeff & JB. You're misinformed. The only thing the government did that was wrong was let the banks do anything they wanted to do, derivative paper, MERS, on and on.

    It was, is and will be a very very good thing to put every person who will meet their payment into a low interest mortgage home.
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