It’s official: JPMorgan signs $13B RMBS settlement

The agreement resolves 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 January 1, 2009. Read more . JPMorgan Chase pays largest penalty for mortgage misdeeds

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The Department of Justice trumpeted its settlement as a big step. A sign outside the headquarters of JP Morgan Chase & Co in New. But they canceled it at the last minute as JPMorgan reached out to government officials.

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The unit of US Bancorp said it made its request at the direction of a majority certificate holder in the trust. US Bank also sued Bear Stearns and its former EMC mortgage corp unit. JPMorgan bought Bear Stearns in 2008. The lawsuit was filed on Friday in the New York State Supreme Court in Manhattan, and publicly docketed on Tuesday.

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The Justice Department, along with federal and state partners, today 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.

In April, Jamie Dimon, chief executive of JPMorgan Chase, previously the posterchild of resilience in the financial crisis and now. by making bids at artificial prices. In its settlement with the.

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