WERE AM Mobile App 2020


News Talk Cleveland Featured Video


via BBC News

JP Morgan Chase and Credit Suisse will together pay $417m (£263m) to settle charges that they misled investors in residential mortgage-backed securities offerings, US regulators have said.

JP Morgan has agreed to pay $296.9m to settle the charges while Credit Suisse will pay $120m, the Securities and Exchange Commission (SEC) said.

Both banks agreed to settle without admitting or denying the charges.

The SEC said it plans to distribute the money to harmed investors.

The SEC said that JP Morgan received fees of more than $2.7m, and investors sustained losses of at least $37m on these undisclosed bad loans.

The bank was also charged for the failure of an investment bank it bought, Bear Stearns, to disclose its practice of obtaining and keeping cash settlements from mortgage loan originators on problem loans that Bear Stearns had sold on.

JP Morgan said it was pleased to have reached an agreement with the SEC to put these matters concerning mortgage-backed securities behind it.

Credit Suisse was accused of similar practices.

Read Full Story

Article courtesy bbc.co.uk

Also On WERE-AM 1490:
A Photo Book Into The Life Of Civil Rights Icon & Congressman John Lewis
24 photos