Daily News: February 5, 2014

Reuters: JPMorgan to Pay $614MM in U.S. Mortgage Fraud Case

Reuters reported that JPMorgan Chase settled the latest in a string of legal claims when it agreed to pay $614 million to the U.S. government and admitted that it defrauded federal agencies by underwriting sub-standard mortgage loans.

Reuters said further court papers reveal that JPMorgan said as part of the settlement it approved thousands of insured loans that were not eligible for insurance by the Federal Housing Administration or the Department of Veterans Affairs for more than a decade.

To read the entire Reuters article, click here.

Previously on abfjournal: Reuters: JPMorgan CEO Dimon Says Government Cases Were ‘Unfair’, January 24, 2014