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JPMorgan reaches deal with SEC staff on two mortgage probes; executives may avoid charges

Nov 09 2012 Reuters

JPMorgan Chase & Co has reached an agreement in principle with the staff of the U.S. Securities and Exchange Commission to resolve two previously disclosed investigations related to mortgage-backed securities, the company disclosed. The SEC does not intend to charge any JPMorgan executives in the investigations, the Wall Street Journal reported. The company did not say in a quarterly filing on Thursday how much the settlements could cost, but the newspaper report said the payment was expected to be less than the $550 million paid by Goldman Sachs Group Inc in 2010 to settle claims by the SEC that it misled investors in a type of mortgage bond deal. One of the cases is related to disclosures by JPMorgan of delinquencies involving one mortgage-backed securitization. The other case is over multiple securitizations done by Bear Stearns, the failed investment bank that JPMorgan took over in March 2008 during the financial crisis. The company faces numerous other government

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