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Report: JP Morgan Chase to pay $13 billion to settle residential mortgage bond lawsuits

J.P. Morgan will settle civil lawsuits related to mortgage bond matters with the U.S. Department of Justice for a record $13 billion, sources have told Bloomberg, The Wall Street Journal and other outlets. In a call last night, U.S. Attorney General Eric Holder and J.P. Morgan negotiators tentatively settled on…

Calif. county rebukes JP Morgan, Bank of America over fraud settlements

Officials in Santa Cruz county, California, have cut all ties with Bank of America and JP Morgan Chase after an examination of both organizations’ histories of cash settlements over fraud allegations. Santa Cruz Treasurer-Tax Collector Fred Keeley said Thursday evening that the banks, which were handling some of the county’s…

Four ‘Occupy Wall Street’ protestors arrested

NEW YORK — New York police arrested four people Wednesday during an Occupy Wall Street rally outside a skyscraper housing JP Morgan Chase bank. About 100 people took part in the protest, chanting “we are 99 percent” and “tax the rich!” The protest quickly dispersed after the arrests, an AFP…

‘Occupy Wall Street’ plans to march on Koch, Murdoch mansions

The protesters who have been inhabiting lower Manhattan’s Zuccotti Park for nearly four weeks are reportedly planning an uptown jaunt — to “occupy” the sidewalks outside the homes of Wall Street power brokers such as David Koch, JP Morgan Chase CEO Jamie Dimon and embattled News Corporation CEO Rupert Murdoch.…

U.S. government to sue major banks over mortgages: report

The United States plans to file lawsuits against more than a dozen big banks over mortgage-backed securities seen to have fueled the 2008 economic crisis, the New York Times said. The lawsuits are set to be filed Friday or early next week against Bank of America, JP Morgan Chase, Goldman…

CNBC predicts Congress will retroactively legalize foreclosure fraud

Congress will pass a bill to “forgive” banks the potentially criminal errors made in foreclosure proceedings, a senior CNBC editor predicts. In a blog column Friday, John Carney argues that lawmakers in DC won’t allow the country’s largest issuers of mortgages to suffer financial losses following revelations of numerous mishandled…

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