More banks in the crosshairs after JPMorgan deal

JPMorgan is trying to finalize a settlement that has to do with the mortgage-backed securities that they purchased. The bundled payments from individual mortgages failed badly when the housing market crashed and many could not pay on their loans. A lawsuit was brought against them by the Federal Housing Finance Agency for Fannie Mae and Freddie Mac.

JPMorgan was not the only financial institution involved. The FHFA sued 18 companies all together in 2011saying that they had not fully disclosed the "more risky characteristics" in their sales material. The Swiss lender UBS is one of the 18 companies involved, and they have already reached their settlement to the tune of $885 million. They had already settled with Citigroup and General Electric earlier this year for a sum that was not disclosed to the public.

The FHFA is looking to get $4 billion from JPMorgan, but they are looking for even more from Bank of America. All in all, the government lawsuit is looking to receive $200 billion.

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POSTED October 24 2013 10:44 AM

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