Seeking Alpha

JPMorgan extends deadline on mortgage settlement

  • The trustees originally had until March 16 to accept JPMorgan's (JPM +0.6%) $4.5B settlement offer, but have asked for and have been granted another three months to mull it over.
  • The deal is to pay bond investors for MBS investments that didn't quite work out as hoped, and is part of continuing and apparently futile efforts by JPM to put the last cycle behind it. The agreement was originally announced in November, just ahead of the $13B settlement with the GSEs.
  • Eyeing the lawsuit in the $8.5B Bank of America private mortgage settlement, the JPMorgan trustees no doubt don't want to find themselves in court for taking it too easy on JPMorgan.
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