JPMorgan Chase & Co (NYSE:JPM) Reaches Agreement With FHFA
JPMorgan Chase & Co (NYSE:JPM) has now reached an agreement with the federal Housing Finance Agency, to resolve all its MBS litigations. The FHFA is the conservator for Fannie Mae and Freddie Mac and will now receive the settlement amount of $4 million. In effect, this settlement resolves the company’s largest MBS-related case and is attached to almost $33.8B worth of securities that had been purchased by Freddie Mac and Fannie Mae from JPMorgan Chase & Co (NYSE:JPM), Washington Mutual and Bear Stearns.
Simultaneously, the company has also agreed to resolve the repurchase claims that Freddie Mac and Fannie Mae had put forth. These claims had been related to the whole-loan purchases of $1.1B, from 2000-2008. This latest settlement totals $5.1B and is a big step towards the broader resolution of the matters connected to MBS that involve governmental entities. This is also a reflection of the notable efforts that have been made by the Department of Justice and various other state and federal governmental agencies.
In Friday’s trading, JPMorgan Chase & Co (NYSE:JPM) rose by 0.55%. The opening price of the shares was $52.16, which climbed to an intraday high of $52.91 and dipped to a close of $52.77. Approximately 20.89 million shares were traded on Friday while an average volume of 22.59 million shares were traded over a 30 day period. The 52-week low of JPMorgan Chase & Co (NYSE:JPM) shares is $38.83 and its 52-week high is $56.93. The company has a market capitalization of $198.37 billion.
About the company
JPMorgan Chase & Co (NYSE:JPM) is a leading global-financial services company that has assets worth $2.5 trillion and operations globally. It is a frontrunner in financial services and investment banking for small businesses and consumers, commercial banking, financial-transaction processing, private equity and asset management.