Former Washington Mutual Inc. Chief Executive Officer Kerry Killinger and two other bank officials are in settlement talks with the Office of the Comptroller of the Currency, the last chapter in the government’s probe of the largest U.S. bank failure.
MBIA Inc. agreed to insure a $1.16 billion pool of mortgages without its employees reading a report the bond insurer now claims was altered to hide flaws in the loans, JPMorgan Chase & Co.’s lawyers told a judge.
The Justice Department’s $13 billion mortgage securities settlement with JPMorgan Chase & Co. is a record and also a rarity -- Attorney General Eric Holder’s first big win against a bank at the heart of 2008’s financial crisis.
JPMorgan Chase & Co.’s record $13 billion deal to end mortgage bond probes has terms that undermine U.S. efforts to reduce taxpayer support of the market, according to BlackRock Inc., the world’s biggest money manager.
Banks should avoid large acquisitions “until the dust settles” from deals done during the financial crisis, U.S. Bancorp Chief Executive Officer Richard Davis said, citing costs that can come years later.
JPMorgan Chase & Co. agreed to drop litigation against the Federal Deposit Insurance Corp. over some mortgage bonds sold by Washington Mutual Inc., clearing the way for a $9 billion accord with state and federal officials, two people briefed on the matter said.
JPMorgan Chase & Co. has resolved the last obstacles to a record $13 billion settlement of civil state and U.S. probes over the sale of mortgage bonds, clearing the way for a deal today after months of negotiations, two people briefed on the matter said.