JPMorgan extends deadline for mortgage-bond trustees
According to an article in Bloomberg, JPMorgan Chase (JPM) agreed to give mortgage-bond trustees evaluating a proposed $4.5 billion settlement over bad loans an extra three months to consider signing onto the deal.
The deadline was extended to June 16, according to a letter posted to a website for the settlement. Trustees including Bank of New York Mellon Corp., Deutsche Bank AG and Wells Fargo & Co. had asked the New York-based bank for the change in a letter dated March 4.Stephen Cutler, JPMorgan’s general counsel, agreed to the request, the document shows.
The previous deadline was March 16, according to an earlier letter.