JPMorgan Agrees To $13 Billion Toxic Mortgage Settlement

[hrmjustin]

NY1NEWS

JPMorgan on Tuesday agreed to a $13 billion settlement for misleading investors about toxic mortgages.

It's the largest penalty ever levied against a single company.

The settlement requires JPMorgan to pay $9 billion in penalties and provide $4 billion in consumer relief, including mortgage modifications for homeowners at risk of foreclosure.

New York State will receive more than $1 billion, and another $613 million will go to legal services and housing counseling for those affected by Hurricane Sandy

http://www.ny1.com/content/news/198994/jpmorgan-agrees-to--13-billion-toxic-mortgage-settlement

[truedelphi]

1. Can't you just hear the champagne bottles popping open? 13 bil to them,

Is like the change under my couch cushions to me.

If ever the legal system in this country was rigged by and set up for the One Percent, it's now.

[hrmjustin]

2. I heard something about them not paying any taxes at all.

[truedelphi]

3. Why should any Big Financial Entity pay any taxes? I mean, what's the point of

Buying up the votes of every important elected official out there, if they then still have to pay taxes?

But you are right - much discussion about the tax situation of this 13 bil dollar payment.

http://www.businessinsider.com/tax-deductible-of-jp-morgan-settlement-2013-11


Nine billion of the monies is considered a penalty paid by the bank (the other portion goes to home owner relief).

Of that $9 billion, $2 billion is definitely not tax deductible, according to the settlement, as that money is being paid specifically to address bad mortgages issued by JPM.

The rest of that $9 billion, though, is meant to address bad mortgages issued by Washington Mutual and Bear Stearns. JP Morgan could still deduct those from its taxes, according to the agreement. How much exactly is up to the IRS.

My comment - so it is up to the IRS. and who really runs the IRS? Treasury Department does - and since the treasury is owned lock stock and barrel by Wall Street, we all know how this will end up. Wall Street folks might not believe in Santa, but I am sure they have confidence in how Jack Lew will handle all of this.

Read more: http://www.businessinsider.com/tax-deductible-of-jp-morgan-settlement-2013-11#ixzz2l8K4aQCS

[hrmjustin]

4. That is criminal that some of this is tax deductable.

[truedelphi]

5. Yeah but the criminal class is running America these days.

And through the conspiracy to make us all afraid of terrorists all the time, we have those same criminals using the oldest Mafia motto out there as an exhortation for us to be in patriotic support of their endless wars: "You are either with us or against us." George W Bush, shortly after Nine eleven

[hrmjustin]

6. Corporate America needs to be given it's pink slip.

[Marblehead]

7. they will just print up some more money.....

[hrmjustin]

8. And get away with it.

[hrmjustin]

9. Glad the state will at least get a bbillion out of it.