JPMorgan Strikes $614M Deal In Mortgage-Loan FCA Suit

Law360, Los Angeles (February 4, 2014, 10:03 PM EST) -- JPMorgan Chase & Co. will pay $614 million to settle allegations that it violated the False Claims Act by approving residential mortgage loans for insurance coverage by the U.S. Department of Housing and Urban Development when they didn't meet the agency's requirements, the government said Tuesday.

Under the settlement, JPMorgan will pay $614 million in cash and agree to enhance its quality-control programs for loans that are submitted to the HUD’s Federal Housing Administration’s Direct Endorsement Lender program, which helps lenders meet the demand for FHA-insured...
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