[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
Inside
Weather
Santa Clarita CA
Intermittent clouds
Intermittent clouds
93°F
 
Calendar
Today in
S.C.V. History
July 28
1938 - Newhall Tunnel cut away, replaced by Sierra Highway [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.

LOCAL BUSINESS LINKS
LOCAL BUSINESS HEADLINES
FINANCIALS OF LOCAL INTEREST
MARKETS & METALS
NASDAQ4444.909  chart -0.10%
S&P 5001978.91  chart +0.03%
STOCKS OF LOCAL INTEREST
Bank Santa Clarit9.20  chart +0.00%
Biosolar, Inc.0.20  chart +0.00%
Cu Bancorp (ca)18.68  chart -0.21%
Enable Ipc Corp0.003  chart +0.00%
Flextronics Inter10.86  chart +0.18%
Linn Energy, Llc30.96  chart -0.67%
Linn Co, Llc29.48  chart -1.34%
Mannkind Corporat8.64  chart -1.54%
Mission Vly Bcp C6.10  chart +0.00%
Quest Diagnostics62.11  chart -0.05%
Santa Clara Valle5.90  chart -0.67%
Tejon Ranch Co Co28.32  chart +0.00%
Us Energy Initiat0.0033  chart -15.38%
Wesco Aircraft Ho19.04  chart -0.68%

Apple Inc.99.02  chart +1.38%
At&t Inc.35.65  chart +0.31%
Autonation, Inc. 55.12  chart -1.45%
Best Buy Co., Inc31.55  chart +1.68%
Big Lots, Inc. Co44.28  chart +1.44%
Barnes & Noble, I21.96  chart -0.63%
Brady Corporation26.57  chart -0.60%
Bre0.00  chartN/A
Bry0.00  chartN/A
Boston Scientific12.97  chart -1.07%
Brookfield Reside19.11  chart -0.57%
Cbre Group Inc Co32.98  chart -1.61%
Carnival Corporat36.50  chart -0.49%
Comcast Corporati54.73  chart +0.63%
Costco Wholesale 117.12  chart -0.37%
Curtiss-wright Co61.73  chart +0.13%
Cvs Caremark Corp78.38  chart -0.94%
Cemex, S.a.b. De 12.74  chart -1.62%
D.r. Horton, Inc.21.48  chart -0.60%
Walt Disney Compa87.15  chart +1.07%
Edison Internatio57.47  chart +1.50%
Hyatt Hotels Corp61.61  chart -0.52%
Home Depot, Inc. 81.07  chart +0.05%
Kb Home Common St17.05  chart -1.73%
Kroger Company (t50.13  chart -1.14%
Lennar Corporatio37.64  chart -2.06%
Laboratory Corpor105.72  chart -0.32%
Linn Energy, Llc30.96  chart -0.67%
Linn Co, Llc29.48  chart -1.34%
Lowe's Companies,47.69  chart -0.02%
Marriott Internat66.17  chart -0.30%
Mcdonald's Corpor95.78  chart +0.06%
Mitsubishi Ufj Fi5.97  chart +2.05%
Netflix, Inc.424.66  chart +0.66%
Office Depot, Inc5.04  chart -0.79%
Regal Entertainme20.03  chart +1.73%
Republic Services37.28  chart -0.24%
Radioshack Corpor0.7708  chart -3.72%
Starbucks Corpora78.36  chart -0.48%
Sears Holdings Co38.38  chart -0.85%
Six Flags Enterta39.10  chart +0.33%
Sonova Hldg N140.40  chart -0.64%
Staples, Inc.10.94  chart -0.45%
Supervalu Inc. Co9.42  chart +0.96%
Safeway Inc. Comm34.79  chart -0.23%
Target Corporatio60.30  chart -0.15%
Time Warner Cable149.01  chart +0.44%
Ulta Salon, Cosme92.29  chart -0.38%
Walgreen Co. Comm71.45  chart -2.51%
Waste Connections48.50  chart -0.16%
Whole Foods Marke36.53  chart -0.96%
Waste Management,43.89  chart -0.48%
Wal-mart Stores, 75.71  chart -0.34%
Woodward, Inc.49.78  chart -1.60%
CURRENCY CONVERTER

Latest Additions to SCVNews.com
This is the season of the summer doldrums. It is too hot even for our City Council to heat things up. I hope folks have decided to enjoy the summer rather than the usual ranting about our local political climate
Orange Peels and Duct Tape
1938 - Newhall Tunnel cut away, replaced by Sierra Highway [story]
New commercial space is expected to increase through 2017 across most California real estate markets, thanks in part to job growth and goods moving through the state’s ports.
UCLA Anderson Forecast: Calif. is Building Again
The Seventh Annual Citrus Classic Balloon Festival in Santa Paula was a hit with thousands of people from all over Southern California who came to see the colorful hot air balloons.
Balloon Festival Draws a Crowd in Santa Paula
Val Verde residents say they were told in 1997 that the expansion then was going to be the last one. What is this proposed expansion now? What happens if isn’t approved and the dump reaches capacity soon?
Let’s Make It a Date
1876 - 223-foot Soledad train tunnel completed; last tunnel on line linking L.A. & S.F. [story]
For a little investment in time, you can grow healthier, disease- and pest-resistant plants that are bigger and more productive than plants raised with artificial fertilizers and herbicides.
Composting 101
The victim of Thursday’s single-car crash in Valencia died from her injuries Saturday morning, Los Angeles Police Department officials confirmed.
LAPD Officer Succumbs to Injuries from Crash Near COC
Two DUI checkpoints conducted by Santa Clarita Valley Sheriff’s Station deputies on Friday resulted in 16 arrests, authorities said.
16 Arrests at Friday-night Checkpoints
2002 - Hollywood premiere of Disney's "The Country Bears," filmed at Golden Oak Ranch in Placerita Canyon [story]
I discovered, of course, that despite what seemed to be huge differences in religion, culture, class, there were also so many similarities between myself and many of the Egyptians I met. I learned of the diversity of Islam and how it is practiced and lived in so many ways, just like Christianity is in the United States.
Things Remembered, Things Forgotten
I look at the stats for the Chiquita Canyon Landfill and see that seldom does it operate at daily or weekly capacity. Do we need an expansion? Is something else going on? Is Sunshine Canyon Landfill just south of the SCV almost full?
More Trash Talk
A Santa Clarita Valley woman is in critical condition after a single-car crash Thursday morning on Valencia Boulevard near a College of the Canyons parking lot.
Woman Clinging to Life After Crash Near COC
The median single-family home price in the Santa Clarita Valley dipped slightly in June to $481,000 from $485,000 in May, but the figure was still well ahead of last June’s $430,000.
Typical Single-family Home Sells for $481,000
College of the Canyons is nearing the end of construction on two new buildings at the Valencia Campus. That plus more on tonight's edition of SCV NewsBreak.
SCV NewsBreak for Friday, July 25, 2014
The Crime Prevention Unit at the SCV Sheriff’s Station is welcoming a new face, as the current Valencia zone leader is being promoted to detective.
Valencia Crime Solver Promoted; New Zone Leader Named
Homeowners who love the idea of getting government rebates to replace their turf — but don’t love the idea of completely giving up their lawns — have a local option that qualifies for the rebates without losing the lush look and feel of real grass.
Lawn Dying? Here’s a Replacement Idea
Rancho Camulos Museum and National Historic Landmark has been selected as one of the non-profits benefiting from the 2014 Citrus Classic Balloon Festival, Friday night and all day Saturday in Santa Paula.
July 25-26: Balloon Fest Benefits Historic ‘Home of Ramona’
Zonta Club of SCV launches up its 2014-15 season of LifeForward free workshops for women on Saturday, Aug. 16, with a program on life balance and goal setting.
Aug. 16: Zonta Workshop on Life Balance, Goal Setting
The event will feature a hike to visit to an American Indian rock carving site on Piute Butte led by Museum Curator Peggy Ronning. This site is normally closed to park visitors, so the hike will provide a rare and unique opportunity to view it.
July 26: ‘Rock Art’ Hike at AV Indian Museum; more
Another sizzling weekend in the SCV, with lots of cool music ahead. Friday night, the Valencia Jazz and Blues Concert series wraps for the summer with world-traveled blues singer and keyboardist Doňa Oxford.
July 25-26: SCV Entertainment Beat
Los Angeles County’s fourteenth rabid bat of the season turned up this month in front of somebody’s garage in Newhall. According to county health officials, it hissed when it was approached.
SCV Still Tops in L.A. County
Ronald Lee Holt, 47, of Castaic, is scheduled to be sentenced Sept. 4 at Los Angeles County Superior Court in San Fernando, where he faces 26 years in state prison. He is charged with assaulting a wheelchair-bound Sunland man named Lance Love with a miniature baseball bat March 17, 2013.
Castaic Man Takes 26-Year Deal for Beating Man in Wheelchair
Two Palmdale men charged with a string of robberies in the Santa Clarita Valley in 2013 accepted a plea bargain this month.
2 Palmdale Men Sentenced for SCV Crime Spree