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JPMorgan's $13 billion deal hits stumbling blocks: sources
Source: Reuters
JPMorgan's $13 billion deal hits stumbling blocks: sources
By Aruna Viswanatha and David Henry
Tue Oct 29, 2013 6:31pm EDT
(Reuters) - JPMorgan Chase & Co and the U.S. Justice Department have hit snags in working out the final details of their $13 billion settlement over the bank's mortgage bonds, two people familiar with the talks said.
The bank and the government are arguing over whether JPMorgan should be forced to pay for mistakes made by Washington Mutual, the failed mortgage lender it bought during the financial crisis.
JPMorgan is also looking to shut down some criminal inquiries into the bank's mortgage business before the financial crisis, said one of the sources. The other source said there appeared to be a misunderstanding over whether that's what the bank wanted.
Both sources added that whatever disagreements the government and the bank may have, the talks are continuing and have not broken down.
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By Aruna Viswanatha and David Henry
Tue Oct 29, 2013 6:31pm EDT
(Reuters) - JPMorgan Chase & Co and the U.S. Justice Department have hit snags in working out the final details of their $13 billion settlement over the bank's mortgage bonds, two people familiar with the talks said.
The bank and the government are arguing over whether JPMorgan should be forced to pay for mistakes made by Washington Mutual, the failed mortgage lender it bought during the financial crisis.
JPMorgan is also looking to shut down some criminal inquiries into the bank's mortgage business before the financial crisis, said one of the sources. The other source said there appeared to be a misunderstanding over whether that's what the bank wanted.
Both sources added that whatever disagreements the government and the bank may have, the talks are continuing and have not broken down.
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Read more: http://www.reuters.com/article/2013/10/29/us-jpmorgan-settlement-idUSBRE99O12820131029
1 replies
= new reply since forum marked as read
= new reply since forum marked as read
Put Jamie in jail. This is not the time to back off.
