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$13B JPM Settlement With DOJ Includes $4B In Consumer Relief

Tuesday, November 19, 2013 - 2:13 PM
From MarketWatch:
J.P. Morgan Chase & Co.and the Justice Department are almost ready to announce a $13 billion settlement after weeks of negotiations and speculation. As part of the historic settlement, $4 billion will go as aid to distressed homeowners. The deal may resolve several major legal issues for the largest U.S. bank, which could clear the way for an announcement as soon as Tuesday, according to people familiar with the talks, said a report in The Wall Street Journal.

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A Breaking News update issued a few moments ago confirms that the landmark settlement, which is the largest in U.S. history, has been announced and includes $4Billion in aid to distressed homeowners. 
pearlbrownpearlbrown1,491 posts since
Nov 2, 2010
Rep Points: 6,476
1. Wednesday, November 20, 2013 - 5:38 PM
When we were at our local Chase bank yesterday closing out two matured CDs, I was discussing with the banker the billions of dollars Chase is having to pay out for their problems.  He made a statement I felt was very odd.  He said all that stuff is about JP Morgan and has nothing to do with the local Chase Banks so he did not know why customers were concerned about the news.  To me that is like saying if your spouse gets into big financial problems it will not affect his family.  The local Chase banks are in the family of JP Morgan so how could this not eventually affect the local banks?  I agreed with him that since Chase has tons of money the billions will not cause it to go bankrupt but it also doesn't help them in giving us better CD rates and that is why I was taking my new CDs elsewheres.   He was very eager to know just where I was going and I told him he could probably see the name when they did a transfer of the funds needed for the new CDs from my checking account to their new CDs.  It has already been done and is the first time I have done it this way.  Thanks to those who explained the system to me so I could understand what I was doing.
paoli2paoli21,406 posts since
Aug 10, 2011
Rep Points: 6,152