Daily News: October 21, 2013

WSJ: JPMorgan in Tentative $4B Deal to Settle Mortgage Claims

The Wall Street Journal reported, citing people close to the discussions, that JPMorgan Chase has reached a tentative $4 billion agreement with the U.S. Federal Housing Finance Agency to settle claims that the bank misled government-sponsored mortgage agencies, Fannie Mae and Freddie Mac, about the quality of mortgages it sold them during the housing boom.

The Journal said the FHFA and JPMorgan have worked out an agreement that the bank wants to consolidate into a larger deal that has been discussed with the Justice Department under which JPMorgan would pay a total of $11 billion to cover claims from the FHFA and other government agencies.

To read the full Wall Street Journal article click here.