JPMorgan paying $5.1B to resolve US claims over mortgage securities sold to Fannie, Freddie

  • Article by: MARCY GORDON , Associated Press
  • Updated: October 25, 2013 - 7:20 PM

WASHINGTON — JPMorgan Chase has agreed to pay $5.1 billion to resolve claims that it misled Fannie Mae and Freddie Mac about risky home loans and mortgage securities it sold them before the housing market collapsed.

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vlombardyOct. 25, 13 9:09 PM

JPM paying a few billion is just another "tempest in a teapot" as Dimon termed the London Whale loss of 6 billion. And when you see that JPM has over 60TRILLION DOLLARS worth of outstanding deriviatives contracts, you can see his point. 80% of these are interest rate swaps, and people wonder why interest rates remain down in spite of the trillions of new money given to the banks since 2008. The TBTF banks need to be broken up. A good start would be to declare null and void all outstanding derivatives contracts.

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