JPMorgan Strikes Deal with Mortgage Investors

JPMorgan Strikes Deal with Mortgage Investors

11/18/2013 BY: CARRIE BAY

JPMorgan Chase & Co. has reached a $4.5 billion agreement with 21 institutional investors to settle mortgage repurchase and servicing claims on 330 residential mortgage-backed securities (RMBS).

JPMorgan will make a binding offer to the trustees of theRMBS trusts issued by J.P. Morgan, Bear Stearns, and Chase. The group of investors support the arrangement, according to the Houston-based law firm representing the group, Gibbs & Bruns LLP, and have asked the trustees to accept JPMorgan’s offer.

JPMorgan called the settlement “another important step” in its efforts to resolve legacy RMBS matters and said it believes it is “appropriately reserved for this and any remaining RMBS litigation matters.”

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