[Sign Up Now] to Receive Our FREE Daily SCVTV-SCVNews Digest by E-Mail

SCVNews.com | JP Morgan Chase Paying $300 Mil. to CalPERS, CalSTRS; Part of $13 Bil. Nationwide Settlement | 11-19-2013
Santa Clarita CA
Mostly cloudy
Mostly cloudy
Today in
S.C.V. History
April 24
1962 - SCV residents vote to connect to State Water Project, creating CLWA [story]

Kamala Harris

Kamala Harris

Attorney General Kamala D. Harris announced a settlement Tuesday with J.P. Morgan Chase & Co. over its misrepresentations in residential mortgage-backed securities sold to California’s public employee and teacher pension funds, CalPERS and CalSTRS, between 2004 and 2008.

According to the terms of the settlement, California will recover $298,973,000 in damages.

“JP Morgan Chase profited by giving California’s pension funds incomplete information about mortgage investments,” Attorney General Harris said. “This settlement returns the money to California’s pension funds that JP Morgan wrongfully took from them.”

An investigation conducted by Attorney General Harris showed that offering documents for the securities failed to accurately disclose the true characteristics of many of the underlying mortgages, and that due diligence to weed out poor quality loans had not been adequately performed.

The broader settlement reached today by the United States Department of Justice and other federal and state agencies totals $13 billion, and represents the largest settlement with a single entity in American history.

CalPERS and CalSTRS will be reimbursed through this settlement for losses on investments in mortgage-backed securities of J.P. Morgan Chase or its predecessors Washington Mutual Bank and Bear Stearns.

J.P. Morgan Chase will also provide $4 billion in relief to aid consumers across the country, including Californians, harmed by the unlawful conduct of J.P. Morgan Chase, Bear Stearns and Washington Mutual. That relief will take various forms, including principal forgiveness, loan modification, targeted originations and efforts to reduce blight. An independent monitor will be appointed to determine whether J.P. Morgan Chase is satisfying its obligations.

The settlement related to California’s pension funds arises from the investigation into mortgage-backed securities by Attorney General Harris’s Mortgage Fraud Strike Force, which was formed in May 2011 to comprehensively investigate misconduct in the mortgage industry. The Attorney General’s additional efforts to investigate the mortgage crisis include securing an estimated $20 billion for California in the National Mortgage Settlement and sponsoring the California Homeowner Bill of Rights, a package of laws instituting permanent mortgage-related reforms.

Comment On This Story
COMMENT POLICY: We welcome comments from individuals and businesses. All comments are moderated. Comments are subject to rejection if they are vulgar, combative, or in poor taste.
REAL NAMES ONLY: All posters must use their real individual or business name. This applies equally to Twitter account holders who use a nickname.

Comments are closed.

NASDAQ5092.08  chart +0.71%
S&P 5002117.69  chart +0.23%
Bank Santa Clarita9.20  chart +0.00%
Biosolar, Inc.0.09  chart +0.00%
Sierra Bancorp16.52  chart -0.18%
Cu Bancorp (ca)21.26  chart +1.00%
Enable Ipc Corp0.0032  chart -36.73%
Flextronics International Ltd.12.35  chart -1.44%
Linn Energy, Llc13.565  chart -0.33%
Linn Co, Llc12.13  chart -1.94%
Mannkind Corporation4.80  chart -3.23%
Mission Vly Bcp Ca6.30  chart +0.00%
Quest Diagnostics Incorporated 75.81  chart +0.80%
Tejon Ranch Co Common Stock25.42  chart +2.21%
Us Energy Initiative0.0011  chart +22.22%
Wesco Aircraft Holdings, Inc. C15.97  chart -0.93%

Apple Inc.130.28  chart +0.47%
At&t Inc.34.01  chart -0.64%
Autonation, Inc. Common Stock64.80  chart -0.26%
Best Buy Co., Inc. Common Stock35.39  chart -2.05%
Big Lots, Inc. Common Stock47.57  chart -0.34%
Barnes & Noble, Inc. Common Sto23.16  chart +0.87%
Brady Corporation Common Stock27.26  chart -0.91%
Boston Scientific Corporation C18.34  chart -0.43%
N/aN/A  chartN/A
Cbre Group Inc Common Stock Cla38.49  chart +0.68%
Carnival Corporation Common Sto46.38  chart +0.19%
Comcast Corporation59.64  chart +0.69%
Costco Wholesale Corporation148.12  chart +0.56%
Curtiss-wright Corporation Comm75.71  chart -0.12%
Cvs Health Corporation Common S101.58  chart +0.69%
Cemex, S.a.b. De C.v. Sponsored10.38  chart +2.37%
D.r. Horton, Inc. Common Stock26.57  chart +1.61%
Walt Disney Company (the) Commo109.53  chart +0.49%
Edison International Common Sto61.58  chart +1.89%
Hyatt Hotels Corporation Class 58.38  chart -0.63%
Home Depot, Inc. (the) Common S113.70  chart -0.23%
Kb Home Common Stock14.88  chart +0.74%
Kroger Company (the) Common Sto71.70  chart +1.09%
Lennar Corporation Class A Comm47.19  chart +1.01%
Laboratory Corporation Of Ameri126.93  chart +0.44%
Linn Energy, Llc13.565  chart -0.33%
Linn Co, Llc12.13  chart -1.94%
Lowe's Companies, Inc. Common S73.16  chart -0.29%
Marriott International - Class 81.84  chart +0.60%
Mcdonald's Corporation Common S98.74  chart +1.79%
Mitsubishi Ufj Financial Group,7.21  chart +0.00%
Netflix, Inc.558.395  chart -0.12%
Office Depot, Inc.9.24  chart -0.22%
Rexford Industrial Realty, Inc.15.88  chart +0.38%
Regal Entertainment Group Class22.59  chart +1.44%
Republic Services, Inc. Common 41.23  chart +3.10%
Radioshack Corp.N/A  chartN/A
Starbucks Corporation51.84  chart +4.88%
Smart & Final Stores, Inc. Comm17.90  chart -1.16%
Sears Holdings Corporation41.13  chart -1.25%
Six Flags Entertainment Corpora51.08  chart +2.41%
Sonova Hldg N135.60  chart +0.82%
Staples, Inc.16.25  chart +0.37%
Sunpower Corporation33.97  chart -2.53%
Supervalu Inc. Common Stock10.86  chart -0.46%
Safeway Inc.N/A  chartN/A
Target Corporation Common Stock82.70  chart +0.94%
Time Warner Cable Inc Common St155.26  chart +4.37%
Ulta Salon, Cosmetics & Fragran157.08  chart +0.06%
Waste Connections, Inc. Common 46.52  chart +0.69%
Whole Foods Market, Inc.49.63  chart +2.86%
Waste Management, Inc. Common S52.66  chart -0.04%
Wal-mart Stores, Inc. Common St79.84  chart +0.83%
Woodward, Inc.48.46  chart -1.10%

Latest Additions to SCVNews.com
Scott Wilk marched with the masses today in Los Angeles, plus see what the director of the animated film "The Book of Life" had to say to kids at the Art Tree. Click the link to see those stories and more on tonight's special HD edition of SCV NewsBreak.
SCV NewsBreak for Friday, April 24, 2015
Two murder suspects have been deemed unfit for trial, an official said Friday.
Two Murder Suspects Not Competent For Trial
Los Angeles County officials are planning to deny a request by College of the Canyons to consolidate elections and use cumulative voting next November, officials said.
County To Deny COC Request for Election Change
The William S. Hart Union High School District board unanimously approved charter renewal for iLEAD’s founding school, SCVi Charter School on Wednesday, school officials said Friday.
SCVi Gets Charter Renewal Until 2020
With the theme “The Power of Me,” Sequoia Charter School presented the 2nd Annual Young Women’s Conference Friday at the Child and Family Center.
Conference Empowers Young Women at Sequoia Charter School
Thousands gathered Friday in Los Angeles for the March for Justice, recognizing the 100th anniversary of the Armenian Genocide committed by the Ottoman Empire in modern-day Turkey.
Wilk Marches for Justice for Armenian Genocide Centennial
The Santa Clarita Valley’s only homeless shelter is asking for volunteer dentists, dental assistants and hygienists to help veterans in need, Bridge To Home officials said Friday.
Bridge to Home Seeking Health Volunteers
Storm finished strong with a 4-2 victory over Deportivo Coras U.S.A U23 Sunday at Golden Valley High School for the second leg of the team's United Premier Soccer League Admiral Cup Second Round fixture. Despite the win, the Storm fell in the leg after losing game one 4-1, unable to hold Deportivo off the scoreboard in game two.
Storm Win Game Two But Fail To Advance
The nurses at Henry Mayo will not be on strike May 1, after a productive negotiating session Thursday, hospital officials said.
Nurses Call Off Strike After Negotiations
The Pippins have added two UCLA Bruins to the 2015 roster, announcing the signing of right-handed pitcher Jake Bird and outfielder Dayton Provost.
Two SCV Ballplayers sign with Yakima of West Coast Baseball League
Celebrity and business donors are one thing, but foreign governments are quite another - especially when those governments practice omnipresent abuses of civil rights, especially those of women. Notably, donations kept pouring in to the Clinton Foundation after Hillary became Secretary of State in 2009.
Wronging Women’s Rights
1962 - SCV residents vote to connect to State Water Project, creating CLWA [story]
Two men with ties to Santa Clarita are facing criminal charges, plus the Newhall School District is adopting new voting districts. Click the link to see those stories and more on tonight's edition of SCV NewsBreak.
SCV NewsBreak for Thursday, April 23, 2015
Newhall School District officials are adopting voting districts for their November 2015 elections, officials said Thursday.
Newhall Schools Plan Move To District-Based Elections
Santa Clarita Valley Sheriff’s Station has recently received numerous reports of catalytic converters being stolen from vehicles. The vast majority of the reports have involved thefts from Toyota Sequoia SUV.
Toyota Sequoias Extra Vulnerable to Thieves in SCV
The Los Angeles County Department of Public Health recognizes National Infant Immunization Week by continuing to promote the importance of getting infants, toddlers and children vaccinated. Immunizations are the best protection for children against a number of dangerous diseases such as measles, pertussis, polio, hepatitis B, and chickenpox.
County Health Officials Urge Vaccinations for Kids
At Pitchess Detention Center in Castaic, the Sheriff's Department created an innovative training program for inmates that also diverted tons of materials from landfills.
Pitchess Jailers, Others to be Recognized for ‘Green Leadership’
During spring break, 20 Santa Clarita teens participated in the Teen Leadership Camp at Leo Carrillo State Park in Malibu.
Santa Clarita Teens Participate in Leadership Camp
Net earnings were at a record level for the Bank, totaling $347,000, an increase of nearly 40% over $248,000 earned in the first quarter of 2014. The Bank also reported that its loans totaled $167.6 million at quarter-end, an increase of $9.3 million or 6% over the year-earlier date.
Bank of Santa Clarita Profits Up 40% Over Year-ago Quarter
After almost a year of preparation, the 12th annual Summer Meltdown Austism Awareness Art & Music Festival takes over the Santa Clarita Skate Park this Saturday afternoon and evening. Nearly 40 bands will rock 3 stages, with live art creations, lots of good eats, lifestyle booths and plenty of good times.
SCV Entertainment Beat: Helen Wheels, Summer Meltdown
The Santa Clarita Public Library will celebrate Dia De Los Ninos/Dia De Los Libros with a free event at the Canyon Country Library on Saturday, April 25.
April 25: Dia de los Ninos y Libros at Canyon Country Biblioteca
California State University, Northridge is clearing the air. CSUN will become a smoke- and tobacco-free campus with the start of the fall semester this August.
CSUN Going Smoke- and Tobacco-free
Conceived and constructed by artists Ara Oshagan and Levon Parian and architect Vahagn Thomasian, iwitness will be the first ever public art installation at Grand Park and consists of an inter-connected network of towering asymmetrical photographic sculptures wrapped with massive portraits of eyewitness survivors of the Armenian Genocide.
Antonovich to Attend Unveiling of Armenian Genocide Monument
Michael Anthony Byrne, 23, of Canyon Country, faced preliminary arraignment in November on five counts — meeting a minor for lewd behavior, two counts of oral copulation with a minor under 16 years of age, sexual penetration by a foreign object and unlawful sexual conduct. He pleaded in court to one count of meeting a minor for lewd purposes and is expected to be sentenced to time served.
CC Man Accepts Charge of Lewd Conduct with Minor