Volume 2014 - Number 6
February 14, 2014
Group Challenges Legality of $13B JPM Settlement; CFC Accuses FHFA of Foot Dragging in MBS Suit
The nonprofit Wall Street advocacy group Better Markets filed a lawsuit against the Justice Department this week challenging DOJs authority to unilaterally enter into the unprecedented and historic $13 billion deal with JPMorgan Chase last fall. In November, DOJ announced the largest legal settlement on record with JPMorgan, which acknowledged making misrepresentations about billions of dollars in MBS sold to investors prior to Jan. 1, 2009. The settlement does not release bank employees from civil charges, nor does it release JPMorgan or any other individuals from criminal prosecution. However, in its complaint filed in the U.S. District Court for the District of Columbia, Better Markets claimed...
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This weekly covers the secondary mortgage market, including mortgage-backed securities and asset-backed securities.
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