JPMorgan Chase Reaches Settlements with the Federal Housing Finance Agency,
Freddie Mac and Fannie Mae
Settlements Represent an Important Step Towards a Broader Resolution of
Mortgage-Backed Securities Matters
NEW YORK -- October 25, 2013
JPMorgan Chase has reached an agreement to resolve all of its mortgage-backed
securities (MBS) litigation with the Federal Housing Finance Agency (FHFA) as
conservator for Freddie Mac and Fannie Mae for $4 billion. This settlement
resolves the firm’s largest MBS case and relates to approximately $33.8
billion of securities purchased by Fannie Mae and Freddie Mac from J.P.
Morgan, Bear Stearns and Washington Mutual. The firm has also simultaneously
agreed to resolve Fannie Mae’s and Freddie Mac’s repurchase claims associated
with whole loan purchases from 2000 to 2008, for $1.1 billion.
Today’s settlements totaling $5.1 billion are an important step towards a
broader resolution of the firm’s MBS-related matters with governmental
entities, and reflect significant efforts by the Department of Justice and
other federal and state governmental agencies.
JPMorgan Chase & Co. (NYSE:JPM) is a leading global financial services firm
with assets of $2.5trillion and operations worldwide. The Firm is a leader in
investment banking, financial services for consumers and small businesses,
commercial banking, financial transaction processing, asset management and
private equity. A component of the Dow Jones Industrial Average, JPMorgan
Chase & Co. serves millions of consumers in the United States and many of the
world's most prominent corporate, institutional and government clients under
its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is
available at www.jpmorganchase.com.
J.P. Morgan Chase & Co.
Sarah Youngwood, 212-270-7325
Brian Marchiony, 212-270-7433
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