US Seeking $6B From JPMorgan In Bad MBS Suit

Law360, Los Angeles (August 27, 2013, 9:40 PM EDT) -- The Federal Housing Finance Agency wants banking giant JPMorgan Chase & Co. to pay $6 billion to resolve claims it misrepresented the quality of mortgage-backed securities it sold to Fannie Mae and Freddie Mac before the 2008 financial crisis, according to a news report.

The Financial Times reported the FHFA's proposed $6 billion settlement figure Tuesday, citing people close to the case. Those sources also told the newspaper that JPMorgan, the largest U.S. bank by assets, is fighting for a lower settlement, although it still expects to settle for billions of dollars.

Representatives of both...
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