$4.5 billion JPMorgan settlement hits roadblock
Trustees progress slowly
According to Marketwatch, the $4.5 billion JPMorgan Chase (JPM) settlement over mortgage-backed securities could potentially be hitting a snag since trustees are not moving as quickly as the bank would like. Per MarketWatch:
In the agreement that the bank made public on Nov. 15, it said its offer would remain open until Jan. 15. It also gave the trustees the option to extend the deadline for 60 days.
“The RMBS Trustees continue to review the Proposed Settlement Agreement with the assistance of expert advisors and each RMBS Trustee’s separate legal counsel,” the trustees said in a post on their website. None of the trustees, they said, had made “any determination” about “the reasonableness of, or the advisability of entering into” the $4.5 billion agreement.