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JPMorgan to pay $614 mln to settle mortgage fraud case - U.S.

Tuesday, 4 Feb 2014 | 6:43 PM ET

WASHINGTON, Feb 4 (Reuters) - JPMorgan Chase & Co has agreed to pay $614 million to the U.S. government to settle claims it defrauded federal agencies by underwriting sub-standard mortgage loans, the U.S. Justice Department said on Tuesday.

JPMorgan is admitting in the settlement that for more than a decade it approved thousands of loans that were not eligible for insurance by the Federal Housing Administration or the Department of Veterans Affairs, the department said in a statement.

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