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Of the $5.1 billion it's agreed to pay, JPM will pay about $2.74 billion to Freddie and $1.26 billion to Fannie for mortgage bonds it sold. JPMorgan is paying a separate $1.1 billion for home loans it sold them.
http://www.stowsentry.com/ap%20washington/2013/10/26/jpmorgan-s-5b-settlement-doesn-t-end-its-troubles
The mortgage securities that JPMorgan sold to Fannie and Freddie included billions that were packaged by two institutions that failed in 2008: Wall Street bank Bear Stearns and Seattle-based Washington Mutual, the largest U.S. savings and loan. JPMorgan bought Bear Stearns and Washington Mutual in deals brokered by the government.
A number of big banks, including JPMorgan, Goldman Sachs and Citigroup, previously have been accused of abuses in sales of securities linked to mortgages in the years leading up to the crisis. Together, they have paid hundreds of millions in penalties to settle civil charges brought by the SEC, which accused them of deceiving investors about the quality of the bonds they sold.
But no high-level Wall Street executives has been sent to jail over charges related to the financial crisis. And the banks in all the SEC cases were allowed to neither admit nor deny wrongdoing -- a practice that brought criticism of the agency from judges and investor advocates. Some lawmakers and other critics have demanded that the big bailed-out banks and senior executives be held accountable.
JPMorgan had long enjoyed a reputation for managing risk better than its Wall Street competitors. The bank came through the financial crisis in better shape than most of its rivals.
But in recent months, it has been engaged in a number of embarrassing and costly settlements. In September, the bank agreed to pay $920 million and admit that it failed to oversee trading that led to a $6 billion loss last year in its London operation. That combined amount, in settlements with three regulators in the U.S. and one in Britain, is one of the largest fines ever levied against a financial institution.
In another case, the company agreed to pay a $100 million penalty and admitted that its traders acted "recklessly" with the London trades.
And in a first for a major company, JPMorgan admitted in the agreement with the SEC over the trading loss in London that it failed in its oversight.
230's hell....open dollars higher
PPS was taken to 0.09. Last spring. It's too close to ER for shenanigans. Hopefully this time it won't get jacked
THe run is gonna go way way past $3. Need at least $5 for relisting---and that's a given. I'm with BLUE $60-$200 PPS
Insider info--created Thursday's Volume --144 Mill shares
Glad I'm all IN---but the crooked ways of big money are despicable
no buying either until Monday @ 9:30===probby more news over the weekend
Insider info--created Thursday's Volume
Glad I'm all IN---but the crooked ways of big money are despicable
THe run is gonna go way way past $3. Need at least $5 for relisting---and that's a given. I'm with BLUE $60-$200 PPS
They must be lettin shorts cover today
They must be lettin shorts cover today
SHort volume 26 MIll thursday--GD it
Oct 24 22.36% 2.68 1.86 1.94 -12.22% 26,265,531
117,470,596
I hope you took advantage of The Dip on Thursday--I DID
looks like no sellers
I hope you took advantage of The Dip on Thursday--I DID
Had 40 million traded in first hour on Thursday
Easy, divide earnings by shares.... 300$ is conservative, have a look to Apple, Chevron, Google....
Read the prepared text of DeMarco's remarks at the close of Zillow forum:
GOOGLE: 10/24/13 AND DeMarco AND gse conservatorship is not sustainable
Click on second site down--Zillow and the Bipartisan Policy Center - Federal Housing Finance ...
The site is the FHFA site.
I note that DeMarco offers no justification for the "sweep amendment".
I also note wording that could be construed as a conspiracy to "destroy" the GSE's by denying them the ability to retain capital. I wonder what the lawyers will do with this remark:
page 6
"Long-term, continued operation in a government-run conservatorship is not sustainable because
each company lacks capital, cannot rebuild its capital base, and is operating on a remaining,
finite line of capital from taxpayers."
We got any lawyers on this board???? I have my own thoughts, but I am not a lawyer. The Government should consider themselves fortunate that I am not sitting on a jury trying to sort this mess out. Less
Read the prepared text of DeMarco's remarks at the close of Zillow forum:
GOOGLE: 10/24/13 AND DeMarco AND gse conservatorship is not sustainable
Click on second site down--Zillow and the Bipartisan Policy Center - Federal Housing Finance ...
The site is the FHFA site.
I note that DeMarco offers no justification for the "sweep amendment".
I also note wording that could be construed as a conspiracy to "destroy" the GSE's by denying them the ability to retain capital. I wonder what the lawyers will do with this remark:
page 6
"Long-term, continued operation in a government-run conservatorship is not sustainable because
each company lacks capital, cannot rebuild its capital base, and is operating on a remaining,
finite line of capital from taxpayers."
We got any lawyers on this board???? I have my own thoughts, but I am not a lawyer. The Government should consider themselves fortunate that I am not sitting on a jury trying to sort this mess out. Less
Well I heard him say that they couldn't grow because of the lack of capital which is being sucked up by the government. That is about to end
"We FLYYY Tomorrow!" Awesome--WHY??
Demarco on now -link
http://www.zillow.com/education/HousingForum/
Warner is a DOOSH...acts like the toxic mortgages dumped on FNMA was FAnnies fault
Mark Warner is on now-link
http://www.zillow.com/education/HousingForum/
If you want to listen to the Zillow housing conference live heres the link.
http://www.zillow.com/education/HousingForum/
are the hearings with Demarco and Corcker going on now?
are the hearings with Demarco and Corcker going on now?
are the hearingS going on now?
40 mill in 1st hour---nothing goes straight up---the trading computers need to take profit at some point
pretty serious volume
BofA lawsuit appears to be peanuts--read it
More banks in the crosshairs after JPM deal
http://money.cnn.com/2013/10/23/news/economy/jpmorgan-settlement-fhfa/
Related: JPMorgan's fine is bad news for BofA, Wells
Fannie and Freddie, the government-backed housing finance firms, sustained massive losses on mortgage-backed securities as the housing market imploded, requiring a bailout of over $187 billion. The firms have been controlled by the FHFA since their 2008 rescue.
Swiss lender UBS (UBS) has already reached an $885 million settlement with the FHFA in connection with losses Fannie and Freddie sustained on over $6.4 billion worth of mortgage securities. The agency also settled for undisclosed sums earlier this year with Citigroup (C, Fortune 500) and General Electric (GE, Fortune 500).
The FHFA is reportedly seeking $4 billion from JPMorgan to resolve its claims over $33 billion worth of securities sold to Fannie and Freddie by JPMorgan, Bear and WaMu.
Bank of America (BAC, Fortune 500), which acquired Countrywide and Merrill Lynch during the crisis era, could be on the hook for even more. The Charlotte-based firm is facing claims from the FHFA over $57 billion worth of mortgage bonds.
In all, the 18 FHFA lawsuits cover more than $200 billion in allegedly misrepresented securities.
The question of whether any individual bankers will be held to account in is another matter. Thus far, criminal cases related to the packaging and sale of mortgage-backed securities have been conspicuously absent.
The proposed JPMorgan settlement covers only civil charges, and would not settle the question of whether any individual executives engaged in wrongdoing. There is an ongoing federal criminal probe based in Sacramento, Calif., the state where Washington Mutual was based.
JPMorgan originally sought to be protected from any criminal charges as part of this deal, but that request was rejected by the government. To top of page
IMO uplisting won't happen til all lawsuits are settled
there are about 18..I think....how many at this point? guessing 5-8
GE,CS,JPM, SUNTRUST....CITI--
BAC will be soon _JPM This week
anybody know more?
https://www.google.com/search?q=FNMA+SETTLEMENTS&rlz=1C1GGGE_enUS525US528&oq=FNMA+SETTLEMENTS&aqs=chrome..69i57j0.18028j0j8&sourceid=chrome&espv=210&es_sm=122&ie=UTF-8#es_sm=122&espv=210&q=FNMA+SETTLEMENTS&tbm=nws
JPM must be payin up,,
Nice Volume
Kinda confirms the breakout--getting over $2
Kinda confirms the breakout--getting over $2
Lunch cost $2---are you hungry yet?
Lunch cost $2---are you hungry yet?
OMFG---that would be sooooooo schweeeeet
IMO uplisting won't happen til all lawsuits are settled
there are about 18..I think....how many at this point? guessing 5-8
GE,CS,JPM, SUNTRUST....CITI--
BAC will be soon _JPM This week
anybody know more?
https://www.google.com/search?q=FNMA+SETTLEMENTS&rlz=1C1GGGE_enUS525US528&oq=FNMA+SETTLEMENTS&aqs=chrome..69i57j0.18028j0j8&sourceid=chrome&espv=210&es_sm=122&ie=UTF-8#es_sm=122&espv=210&q=FNMA+SETTLEMENTS&tbm=nws
Lots of big funds can't get in until $5 minimum PPS