JPMorgan Chase to pay $614M over mortgage lending

Published: February 4, 2014
Advertisement
;

The nation’s largest bank, JPMorgan Chase & Co., will pay $614 million and improve mortgage lending practices under a deal announced Tuesday to settle claims it approved thousands of unqualified home mortgage loans for government insurance and refinancing since 2002, costing the government millions when the loans defaulted.

U.S. District Judge J. Paul Oetken in Manhattan approved the deal, which calls for JPMorgan to pay the money within a month and install an improved quality control program to review loans it underwrites using a federally maintained software application that determines if a loan qualifies for government insurance.

JPMorgan said it had already reserved the money for the settlement.

Associated Press



Trending Now


AROUND THE WEB

  1. 1
    How a 15-year-old stopped more killings in Texas
  2. 2
    Should President Obama visit the Texas border?
  3. 3
    KOCO: Poisoned service dog recovering in vet's care as Oklahomans donate to medical expenses
  4. 4
    Best cities to launch a startup
  5. 5
    Drought-stricken California may restrict outdoor water use
+ show more