$4.5B JP MORGAN CHASE RMBS TRUST, November 15, 2013

National Debt

national debt

Regulators

Mortgage Related

Government Sponsored

Announcement Date: October 12, 2016

settlement

Banking giant JPMorgan Chase has reached a tentative $4.5 billion settlement with 21 major institutional investors over mortgage-backed securities sold to them before the national financial crisis.

The settlement covers 330 residential mortgage-backed securities trusts issued between 2005 and 2008 by the nation’s largest bank and Bear Stearns, the investment bank and brokerage it acquired during the crisis. It does not resolve claims on similar trusts issued by Washington Mutual, the bank JPMorgan also acquired during the crisis.

The tentative deal is unrelated to a potential $13 billion agreement the bank has been negotiating with the U.S. Department of Justice to settle a broad range of issues related to the marketing and sale of mortgages that went bad during the financial crisis.

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