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Thursday, February 6, 2014
JPMorgan to pay $614 million in mortgage lending settlement
[JURIST] JPMorgan Chase & Co. (JPM) [corporate website] will pay the US government $614 million and improve company mortgage lending practices under a settlement announced Tuesday for claims it approved thousands of unqualified home mortgage loans for government insurance since 2002 and cost the government millions of dollars when the loans defaulted. As part of the settlement, JPMorgan admitted [Reuters report] that it approved thousands of insured loans that were ineligible for insurance by the Department of Housing and Urban...
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