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NEWS ABOUT: JPMorgan Chase

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Calif., NY May Sign On to Robo-Signing Settlement

Obama administration nearing deal for mortgage relief

(Newser) - California and New York are close to signing on to the Obama administration's multibillion dollar mortgage robo-signing settlement, significantly expanding the deal, the New York Times reports. If California signs on, the settlement total will jump from $19 billion to $25 billion. In exchange, the states want measures to... More »

Students Revolt Against Big Bank Recruiting

Protests spread across Ivy League campuses

(Newser) - Half of those surveyed in Harvard's class of 2010 went into finance or consulting; at the University of Pennsylvania, the figure was even higher—and some students are fed up with the "brain drain." Inspired in part by the Occupy movement, students have launched protests against recruiting... More »

SEC Letting Big Banks Skirt Fraud Penalties

'New York Times' analysis finds 350 instances of banks getting free passes

(Newser) - The Securities and Exchange Commission has repeatedly allowed Wall Street's biggest banks to avoid penalties specifically intended to punish and deter fraud, a New York Times analysis of SEC records reveals. Over the past decade, the SEC has on almost 350 occasions granted waivers exempting big financial companies from... More »

Emails Offer Clues to Missing MF Global Millions

$200M of customer cash transferred to JPMorgan

(Newser) - Investigators on the trail of the $1.2 billion in customer funds still missing after the collapse of MF Global have found emails detailing money transfers made in the securities firm's dying days at the end of October. One email chain details the transfer of $200 million—believed to... More »

More Banks Scrap Debit-Card Fees

Bank of America now only bank still planning new charges

(Newser) - The people have spoken—and the banks have listened. SunTrust Banks and Regions Financial have become the latest banks to stop charging customers for using their debit cards. JPMorgan Chase and Wells Fargo have also scrapped testing the new charges, and several other banks say they have no intention of... More »

BofA Offers More Ways Around $5 Debit Fee

$20K minimum balance isn't the only option

(Newser) - Turns out Bank of America customers won't have to maintain a $20,000 bank account to avoid monthly debit fees after all. With other banks canceling debit fee plans, BofA will now offer customers other means of avoiding its $5 monthly debit card payment —like having paychecks directly... More »

Global Bank Rules 'Anti-US': JPMorgan CEO

Jamie Dimon suggests US exit Basel group

(Newser) - A new set of international banking regulations are “anti-American,” the CEO of JPMorgan Chase tells the Financial Times —so much so that the US should seriously consider quitting the regulatory group that set the rules. The Basel group’s new regulations require banks to balance risk-taking by... More »

States Offer Banks Immunity From Mortgage Lawsuits

In exchange for up to $25B payoff

(Newser) - State prosecutors are offering big banks an expensive Get Out of Lawsuits Free card. Prosecutors have offered a variety of banks caught up in the “robosigning” scandal immunity from some litigation in exchange for a total of $10 billion to $25 billion in penalties, the Financial Times reports. Some... More »

Feds Sue Big Banks Over Mortgages

US accuses them of dodging due diligence as crisis fallout spreads

(Newser) - The Federal Housing Finance Agency—the agency behind Fannie Mae and Freddy Mac—has filed suit against more than a dozen big banks for their role in the mortgage meltdown mess. The feds, seeking billions in compensation, accuse the banks of misrepresenting the quality of mortgage securities, reports the New ... More »

JP Morgan Coughs Up $153M to Settle Fraud Case

Investors misled about shoddy securities

(Newser) - JP Morgan has paid $153.6 million to settle SEC charges that it misled investors as it scrambled to offload mortgage-backed securities before the 2007 collapse in the housing market, reports Reuters . " We are soooo pregnant with this deal," wrote an exec in a 2007 email, referring to... More »

Audits: Top Mortgage Firms Defrauded Taxpayers

Confidential reports could lead to prosecutions

(Newser) - A set of confidential audits could lead to fraud prosecutions for five of America’s biggest mortgage lenders, officials briefed on the documents tell the Huffington Post . The scathing documents accuse Bank of America, Wells Fargo, JPMorgan Chase, Citigroup, and Ally Financial of defrauding taxpayers by making false claims about... More »

JPMorgan CEO Gets 1500% Raise

Plus, see what other CEOs made in 2010

(Newser) - Jamie Dimon had a pretty decent year: The JPMorgan CEO, who steered his bank through Wall Street's meltdown and saw it emerge as arguably the healthiest US bank, took home $20.8 million last year. That's up roughly 1500% over his $1.3 million compensation package the year before, notes... More »

Trustee: JPMorgan Knew of Madoff's Ponzi Scheme

Lawsuit: Bank had warnings for years

(Newser) - Newly revealed court documents in the Bernie Madoff case show that JPMorgan Chase had serious doubts about the con man's investments more than a year before the bottom fell out—but kept right on letting him move billions in investor cash through his accounts, reports the New York Times . Consider... More »

Banks Expected to Dole Out Dividends Again

Rising profits should lead to 'milestone' soon: Analysts

(Newser) - America’s top banks are expected to report yet another quarter of profits, putting them in prime position to start paying dividends again, analysts tell the New York Times . JPMorgan got things rolling today by reporting a 47% increase in profits, notes the Wall Street Journal . It will be followed... More »

Obama Eyes William Daley as Rahm Replacement

The JPMorgan Chase exec has pro-business reputation

(Newser) - President Obama is considering bringing on Clinton-era Commerce Secretary William Daley as his new chief of staff, or slotting him into some other high-level White House job, sources tell the Wall Street Journal . The appointment would send a powerful message to the business world, where Daley, a champion of free... More »

Big Banks Up Their Lending to Businesses

Moody's estimates 0.2% growth in fourth quarter

(Newser) - We may be on our way to clearing one hurdle on the path to economic recovery: We're seeing the first quarterly increase in commercial and industrial lending in two years, reports the Wall Street Journal , compliments of big banks like JPMorgan Chase and US Bancorp. Moody's Analytics estimates 0.2%... More »

JPMorgan Doubted Madoff Well Before Arrest

But the bank kept working with Ponzi schemer

(Newser) - JPMorgan Chase became suspicious of Bernie Madoff two months before his arrest, calling his investment returns “too good to be true”—yet the bank was still working with him when his Ponzi scheme came to light, according to documents obtained by ABC News . Now, lawyers for Madoff’s... More »

States Asked for Foreclosure Probe—3 Years Ago

Federal regulators turned down request, put off matter

(Newser) - State regulators suspected that there was something fishy about banks' foreclosure procedures as far back as three years ago, but federal regulators forbid them to take action, the Washington Post reports. The federal comptroller told the states his office was already planning an investigation, and that banks should only respond... More »

Investors Flee Banks Over Mortgage Mess

Analysts estimate huge losses

(Newser) - Investors sent bank stocks plunging yesterday, as they finally started to worry about the mortgage robo-signing scandal. Up until now, investors have mostly assumed the crisis would blow over. But on Wednesday, 50 states announced investigations into mortgage servicing practices, and yesterday a San Francisco hedge fund circulated a report... More »

Foreclosure Scandal Messing Up Home Sales

Thousands of sales thrown into limbo

(Newser) - Hundreds of thousands of foreclosures have been thrown into limbo in the wake of revelations that major lenders didn’t properly review the foreclosure documents, creating a big mess for people trying to buy those homes, the New York Times reports. JPMorgan and GMAC have suspended foreclosures in the 23... More »

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