“If the allegations are true, JPMorgan screwed everybody.” —former congressman Brad Miller

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“If the allegations are true, JPMorgan screwed everybody.” —former congressman Brad Miller

Post by FluteHolder on Fri Oct 06, 2017 9:32 pm

https://www.thenation.com/article/how-americas-biggest-bank-paid-its-fine-for-the-2008-mortgage-crisis-with-phony-mortgages/




But in the United States, white-collar criminals rarely go to prison; instead, they negotiate settlements. Thus, on February 9, 2012, US Attorney General Eric Holder announced the National Mortgage Settlement, which fined JPMorgan Chase and four other mega-banks a total of $25 billion.
JPMorgan’s share of the settlement was $5.3 billion, but only $1.1 billion had to be paid in cash; the other $4.2 billion was to come in the form of financial relief for homeowners in danger of losing their homes to foreclosure. The settlement called for JPMorgan to reduce the amounts owed, modify the loan terms, and take other steps to help distressed Americans keep their homes. A separate 2013 settlement against the bank for deceiving mortgage investors included another $4 billion in consumer relief.
Nation investigation can now reveal how JPMorgan met part of its $8.2 billion settlement burden: by using other people’s money.

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Re: “If the allegations are true, JPMorgan screwed everybody.” —former congressman Brad Miller

Post by MaxEntropy_Man on Sat Oct 07, 2017 9:36 am

Wow! Just wow! Thanks for posting.
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