Daily News: November 18, 2013

Reuters: JPMorgan Chase to Pay $4.5B in Mortgage Security Deal

Reuters reported that JPMorgan Chase said it agreed to pay $4.5 billion to settle claims by investors who lost money on mortgage-backed securities before the collapse of the U.S. housing market.

The bank reached the agreement with 21 institutional investors in 330 residential mortgage-backed securities trusts issued by JPMorgan and Bear Stearns, which it took over during the financial crisis, according to the bank and lawyers for the investors, Reuters said further.

Previously on abfjournal: WSJ: JPMorgan Talks Stall in Settlement Effort, October 31, 2013

To read the entire Reuters article, click here.