JP MORGAN MAY FINALLY PAY $13 BILLION FOR THE SELLING OF FALSE RATED MORTGAGE SECURITIES THAT LED TO THE HOUSING MARKET COLLAPSE PERPETRATED BY DEMOCRATS FORCING BANKS BY LEGISLATION TO GIVE LOANS TO LESS CREDIT WORTHY AMERICANS

FHFA had sued the bank for making false statements about $33 billion worth of mortgage bonds two years ago. Reuters notes that the $4 penalty would amount to a payment of 12 cents on the dollar. That agreement is reportedly a part of the $13 billion settlement.

The bank may also be on the hook for troubled mortgage deals done by two institutions that it took over during the crisis, Washington Mutual and Bear Stearns.

Last month, JPMorgan Chase head Jamie Dimon was spotted at the Justice Department headquarters in Washington on his way to discuss terms of the settlement.

The Wall Street Journal also reported that JPMorgan reached a separate deal with the National Credit Union Administration, though the terms have not yet been revealed.

A Justice Department official could not immediately comment about the settlement.

Read more: http://thehill.com/blogs/on-the-money/banking-financial-institutions/329427-jpmorgan-to-pay-4-billion-#ixzz2iENnWTJk