Looking back, the housing industry is totally Scrooged

Looking back, the housing industry is totally Scrooged

Here's the HousingWire/Star Wars Christmas 2014 special

FHA loans could face "tidal wave of defaults"

All indices hit series high

Another mortgage lender launches 3% down loan

Falls in line with FHFA
W S
Investments / The Ticker

Trustees to accept $4.5 billion JPMorgan settlement

Settlement talks had stalled in January

legalcosts

A proposed $4.5 billion settlement between JPMorgan Chase (JPM) and investors over losses sustained due to JPMorgan’s misrepresentation of the makeup of pools of residential mortgage-backed securities is one step closer to fruition, according to a report from Reuters.

The report states that the trustees representing the defrauded investors are set to accept the settlement for a “vast majority” of the trusts that they represent. The settlement was originally agreed to in November 2013.

The seven trustees overseeing the securities will accept the deal for all but perhaps two dozen of the 330 trusts included in the offer, the person said.

Trustees may poll bondholders in some trusts to see if they would pursue claims if the offer is rejected, the person said.

The settlement stalled out in January when investors were slow in agreeing to the settlement terms, but they appear to be prepared to accept the settlement now.

The trustees, including Bank of New York Mellon, Deutsche Bank National Trust Co. and HSBC Bank USA face a August 1 deadline for a decision on whether to accept the offer.

JPMorgan does not have to go through with the deal if the number of trusts that reject the deal are in excess of a confidential limit the parties negotiated.

A JPMorgan spokesman declined comment.

Source: Reuters
Read full story

Recent Articles by Ben Lane

Comments powered by Disqus