JPMorgan paying $5.1B in Fannie, Freddie deal
By MARCY GORDON | Associated Press – 1 hour 4 minutes ago
WASHINGTON (AP) — JPMorgan Chase has agreed to pay $5.1 billion to resolve claims that it misled Fannie Mae and Freddie Mac about risky home loans and mortgage securities it sold them before the housing market collapsed.
JPMorgan sold around $33 billion in mortgage securities to Fannie and Freddie between 2005 and 2007, according to the agency. That was the second-most sold to Fannie and Freddie ahead of the crisis, behind only Bank of America Corp.
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