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2013-02-12 — americanbanker.com
``The settlement stems from a lawsuit the SEC filed in U.S. District Court in Washington in November that charged JPMorgan Chase with misleading investors about loans that provided collateral for a December 2006 offering of residential mortgage-backed securities. The suit alleged the bank knew that 7% of the loans that backed the securities were delinquent by between 30 and 59 days and in some instances longer but only told investors that 0.04% of the loans had such infirmities. Investors lost at least $37 million as a result of the allegedly undisclosed delinquencies while JPMorgan Chase received fees of roughly $2.7 million in underwriting fees.''
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