U.S. seeking $6 billion from JPMorgan to settle mortgage claims: source

Jamie Dimon,  CEO of JPMorgan Chase

Jamie Dimon, CEO of JPMorgan Chase (Photo credit: jurvetson)

By David Henry, Margaret Chadbourn, Gary Hill, & Matthew Lewis

U.S. government housing finance authorities are pressing JPMorgan Chase & Co for at least $6 billion to settle lawsuits over bonds backed by subprime mortgages, according to a person familiar with the matter.

The company is arguing that it should pay less to settle the claims by the U.S. Federal Housing Finance Agency, according to the source, who was not authorized to speak for attribution.The FHFA litigation is among a raft of legal issues JPMorgan is trying to work through in addition to investigations over its $6.2 billion “London Whale” derivatives loss of last year.An FHFA spokeswoman declined to comment.The FHFA, which oversees Fannie Mae and Freddie Mac, sued JPMorgan over some $33 billion of securities two years ago and also sued at least 16 other financial institutions.The lawsuits alleged that the

via U.S. seeking $6 billion from JPMorgan to settle mortgage claims: source | Reuters.

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An observer to the world. I have a unique view of the world and want to share it. It's all in love from the people of the "blues". Love, Knowledge, and Sharing amongst all is the first steps towards solving all the problems amongst humanity.
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