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JPMorgan Reaches Record $13 Billion MBS Accord With DOJ

Handshake Credit: Digital Vision

The U.S. Department of Justice, along with federal and state partners, has announced a $13 billion settlement with JPMorgan—the largest settlement with a single entity in American history—to resolve federal and state civil claims arising out of the packaging, marketing, sale and issuance of residential mortgage-backed securities (RMBS) by JPMorgan, Bear Stearns and Washington Mutual prior to Jan. 1, 2009. As part of the settlement, JPMorgan acknowledged it made serious misrepresentations to the public—including the investing public—about numerous RMBS transactions.Click to continue

JPMorgan Chase to Pay $4.5 Billion to Investors

Money in Hand/Copyright: Getty Images/Credit: Jupiterimages

JPMorgan Chase & Co. has reached a $4.5 billion agreement with 21 major institutional investors, represented by Gibbs & Bruns LLP, to make a binding offer to the trustees of 330 residential mortgage-backed securities (RMBS) trusts issued by J.P. Morgan, Chase, and Bear Stearns.

This settlement is another important step in J.P. Morgan's efforts to resolve legacy related RMBS matters. The firm believes it is appropriately reserved for this and any remaining RMBS litigation matters.Click to continue

Dutch Bankers Cashing in on American Debt Crisis


Back in 2009, during the bailout of ING, the Dutch decided to hold onto their investment in American securities. As reported by Bloomberg, that decision has seemingly paid off, resulting in $1.1 billion in interest accrued on their investment.Click to continue

ICBA Lobbies for Continued Access for Community Banks to Secondary Market


The Independent Community Bankers of America (ICBA) told Congress during the hearing, “Housing Finance Reform: Protecting Small Lender Access to the Secondary Mortgage Market,” that continued community bank access to the secondary mortgage market is essential so these institutions can continue to meet the mortgage-lending needs of consumers.Click to continue

JP Morgan Chase Reaches Historic $5 Billion-Plus Settlement With FHFA

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The Federal Housing Finance Agency (FHFA), as conservator of Fannie Mae and Freddie Mac, has announced it has reached a settlement with JP Morgan Chase & Company and related companies for $ 4 billion to address claims of alleged violations of federal and state securities laws in connection with private-label, residential mortgage-backed securities (PLS) purchased by Fannie Mae and Freddie Mac.Click to continue

Ginnie Mae Secures $31 Billion-Plus in MBS for September


Ginnie Mae announced that it guaranteed $31.22 billion in mortgage-backed securities (MBS) in September 2013. More than $27.54 billion in Ginnie Mae II single-family pools were issued in September, while Ginnie Mae I single-family pools totaled $3.68 billion. In addition, Ginnie Mae issued $2.48 billion in multifamily MBS in September. Issuance for the Ginnie Mae Home Equity Conversion Mortgage-Backed Securities (HMBS), included in Ginnie Mae II single-family pools, was $662 million.Click to continue

ICBA Weighs in on Housing Reform in New White Paper

House Atop Money/Credit: Creatas

The Independent Community Bankers of America (ICBA) has released a comprehensive white paper that provides the community banking industry’s priorities as Congress debates how to reform the housing finance system. Housing Finance Reform: A Community Banking Perspective outlines the community banking industry’s role in the housing finance system, principles for reforming the secondary mortgage market and perspectives on current reform proposals.Click to continue

LenderLive Names Fulton SVP of Secondary and Capital Markets


LenderLive Network Inc. has named Robert Fulton senior vice president of secondary and capital markets for its correspondent lending unit. Fulton is responsible for managing all of LenderLive’s loan pricing, hedging, trading and investor relationships. Prior to joining LenderLive, Fulton was senior vice president of secondary and capital markets at Greenlight Financial Services, a nationwide retail, wholesale and reverse mortgage bank in Irvine, Calif.Click to continue

NCUA Files Suits Against Nine Firms Over Bad MBS

Cherry Red Gavel/Credit: Comstock

The National Credit Union Administration (NCUA) has filed nine lawsuits in Federal District Court in New York against Morgan Stanley & Co., Inc. and eight other institutions over the sale of nearly $2.4 billion in mortgage-backed securities (MBS) to Southwest and Members United corporate credit unions.Click to continue