Daily News: October 23, 2013

A JPMorgan Settlement May Impact Other Subprime Lenders

The Street reported that JPMorgan’s prospective $13 billion settlement with the Department of Justice over the bank’s origination of mortgages prior to the collapse of the housing market clouds a banking sector that is struggling to grow in a weak economic recovery.

The Street notes that JPMorgan’s legal woes are also germane to other large pre-crisis subprime lenders such as Bank of America, Citigroup, Morgan Stanley and Goldman Sachs and may pave the way for similar regulatory inquires and settlements across the banking industry.

To read the entire article, click here.