The Verge

Shame on JP- Morgan

Thursday, January 19, 2017 • • General
On Wednesday, the Department of Justice (DOJ) filed suit against JPMorgan Chase, accusing the bank of discriminating against minority borrowers by charging them with higher rates and fees on home mortgage loans between 2006 and 2009. (Reuters, January 18) Also this week, the DOJ officially reached settlement agreements involving residential mortgage-backed securities (RMBS) with Deutsche Bank and Moody's over activities leading up to the financial crisis. The settlement with Deutsche Bank totaled $7.2 billion (the largest RMBS settlement for a single entity), $4.1 billion of which will go toward relief for distressed borrowers, underwater homeowners and their communities. Moody's settlement totaled $864 million. (DS News, January 17 & DOJ, January 17)

On Wednesday, the Department of Justice (DOJ) filed suit against JPMorgan Chase, accusing the bank of discriminating against minority borrowers by charging them with higher rates and fees on home mortgage loans between 2006 and 2009. (Reuters, January 18) Also this week, the DOJ officially reached settlement agreements involving residential mortgage-backed securities (RMBS) with Deutsche Bank and Moody's over activities leading up to the financial crisis. The settlement with Deutsche Bank totaled $7.2 billion (the largest RMBS settlement for a single entity), $4.1 billion of which will go toward relief for distressed borrowers, underwater homeowners and their communities. Moody's settlement totaled $864 million. (DS News, January 17 & DOJ, January 17)

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