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Posts Tagged ‘JPMorgan Chase’

  • From left: 3 MetroTech Center and 4 MetroTech Center

    From left: 3 MetroTech Center and 4 MetroTech Center

    JPMorgan Chase is rumored to be planning the relocation of 2,000 employees to its Brooklyn MetroTech office by the end of 2014. [more]

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  • jamie-dimon-jpm

    Jamie Dimon

    JPMorgan Chase agreed to pay $614 million in fines after confessing to wrongfully filing Federal Housing Administration and Department of Veterans Affairs mortgages, the bank announced today.

    The bank was in violation of the False Claims Act, in that it purposely originated and underwrote non-compliant loans that received insurance coverage. When internal reviews found more than 500 defective loans that were not supposed to be qualified to be submitted for insurance, the bank also did not notify the FHFA. [more]

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  • From left: Gov. Andrew Cuomo, JPMorgan Chase and Attorney General Eric Schneiderman

    From left: Gov. Andrew Cuomo, JPMorgan Chase and Attorney General Eric Schneiderman

    New York Attorney General Eric Schneiderman’s move to dole out at his own discretion the Empire State’s portion of a $13 billion settlement with JPMorgan Chase has sparked criticism from the governor. [more]

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  • pending-home-sales

    U.S. pending home sales in November ticked upward for the first time in half a year, according to National Association of Realtors data released today.

    Contracts to buy previously owned homes, also known as the Pending Home Sales Index, saw a 0.2 percent month-over-month boost to 101.7. Despite this good news, the year-over-year change was a 1.6 percent decline. Economist projects that signed contracts would go up 1 percent from October, which wasn’t far off. [more]

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  • cyrus-vance

    Cyrus Vance

    The Manhattan District Attorney’s Office indicted a purchasing agent for Unity Electrical Company who allegedly funneled millions of dollars to electrical supply companies. More than 15 companies and 17 people, some who have pleaded guilty, have been charged in the alleged construction kickback operation.

    “As a result of kickback schemes like this one, New Yorkers are footing an inflated bill for public construction throughout the five boroughs,” District Attorney Cyrus Vance said in a statement. [more]

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  • Fosun’s Guo Guangchang and One Chase Manhattan Plaza

    Guo Guangchang and One Chase Manhattan Plaza

    Fosun Group, the Shanghai-based company behind the $725 million acquisition of One Chase Manhattan Plaza is setting its sights on more prime New York real estate, including office, hotel and apartment properties.

    The deal for the 2.2 million-square-foot Lower Manhattan office tower with seller JPMorgan Chase closed Tuesday. [more]

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  • Joseph Stettinius, Jr.

    Joseph Stettinius, Jr.

    Commercial real estate firm Cassidy Turley may soon be partnering up, merging with or selling outright to Newmark Grubb Knight Frank or the Blackstone Group.

    The firm reportedly hired JPMorgan as an advisor over the summer, aiming to drum up equity and accelerate expansion plans. The goal is to find a match before the end of 2013. JPMorgan asked NGKF, Blackstone and Andrew Farkas’ Island Capital to provide a valuation of Cassidy along with investment proposals, according to a news report. [more]

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  • From left: JPMorgan CEO Jaime Dimon and Attorney General Eric Holder

    From left: JPMorgan CEO Jaime Dimon and Attorney General Eric Holder

    JPMorgan Chase has agreed to terms of a $13 billion settlement with federal and state regulators over the bank’s sale of toxic mortgage-backed securities. The agreement, which is expected to be announced today, includes compensatory payments of $7 billion, a fine of $2 billion, and $4 billion in aid to distressed homeowners. [more]

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  • Kent Swig and 90 Broad Street

    Kent Swig and 90 Broad Street

    Developer Kent Swig has claimed that JPMorgan Chase, a lender at his Lower Manhattan office tower at 90 Broad Street, sold it out from under him for $126 million. They will face off in court tomorrow, where Swig aims to stop the deal from going ahead. [more]

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  • dimon

    Jamie Dimon

    Days after the U.S. Department of Justice rejected a JPMorgan Chase offer in talks over a $13 billion settlement over the bank’s sale of mortgage-backed securities, negotiations are back on track.

    Negotiators from both sides will likely agree on final terms this week, people familiar with the situation said. Specifically, they are making progress regarding who is responsible for liabilities tied to Washington Mutual, the failed bank that JPMorgan acquired in the wake of the economic crisis. [more]

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  • Fannie Mae has filed suit against nine banks, including Bank of America and JPMorgan Chase, for working to suppress the London interbank offered rate, commonly known as LIBOR. [more]

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  • Jamie Dimon

    Jamie Dimon

    JPMorgan Chase’s $13 billion mortgage bond settlement, which includes a $5.1 billion deal with the Federal Housing Finance Agency, is in jeopardy.

    The bank proposed offsetting the settlement with a reimbursement from the Federal Deposit Insurance Corporation, which federal officials rejected. The thumbs down from the U.S. Department of Justice could derail the expansive settlement. [more]

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  • JPMorgan CEO Jamie Dimon

    CEO Jamie Dimon

    JPMorgan Chase’s record $13 billion settlement over civil claims that it misleadingly sold mortgage-backed securities won’t deter most big-ticket investors, even though the settlement, reached Friday, doesn’t absolve the bank from potential criminal liability.

    Ken Langone, the billionaire founder of Home Depot, told Bloomberg News that the settlement marks a good opportunity to invest in the bank, led by CEO Jamie Dimon. The claims stem from JPMorgan’s acquisition of Bear Stearns and Washington Mutual, but the “brunt of the misbehavior occurred before Jamie or JPMorgan had anything to do with these two companies,” Langone said. [more]

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  • 1 Chase Manhattan Plaza and Fosun's Guo Guangchang

    1 Chase Manhattan Plaza and Fosun’s Guo Guangchang

    JPMorgan Chase has agreed to sell 1 Chase Manhattan Plaza, a 2.2 million-square-foot Lower Manhattan office tower, to the investment arm of a Chinese industrial giant for $725 million. [more]

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  • From left: Scott Rechler, 1 Chase Manhattan Plaza and Mort Zuckerman

    From left: Scott Rechler, 1 Chase Manhattan Plaza and Mort Zuckerman

    The new owner of 1 Chase Manhattan Plaza, a 2.2 million-square-foot Lower Manhattan office tower currently owned by JPMorgan Chase, could be chosen as early as this week, executives close to the deal said. Bidders on the 60-story landmarked tower run the gamut from New York developers such as Scott Rechler to Asian investors, and have put forward several ideas including converting the building to condominiums or hotels, or retaining it as an office property. [more]

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  • jpm

    From left: Attorney General Eric Schneiderman and JPMorgan’s Jamie Dimon

    Federal prosecutors are expected to charge JP Morgan Chase over the bank’s sales of mortgage-backed securities during the financial crisis.

    The investigation arose from the work of an Obama administration task force — which included New York Attorney General Eric Schneiderman and U.S. Attorney Ben Wagner in Sacramento, Calif. — that last year organized prosecutions of fraudulent underwriting activity by U.S. banks at the heart of the crisis. Investigators from Wagner’s office headed up the subsequent probe of alleged fraud. [more]

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  • From left: George Soros and Lloyd Blankfein

    From left: George Soros and Lloyd Blankfein

    Billionaire investor George Soros, Goldman Sachs and JPMorgan Chase are poised to make a killing from a housing bet that they made at the peak of the financial crisis. Essent Group, a Bermuda-based mortgage insurer backed by the trio that premiered in 2009, filed for an initial public offering, the first by a home-loan guarantor in almost twenty years. Early investors in a company can see their investment multiply several times over when shares are sold to the public. [more]

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  • Banks are giving investors a heads up that home-loan profits will fall. [more]

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  • 11 Times Square and 200 West Street

    Ten large Manhattan office tenants have committed to lowering their energy consumption by 30 percent over the next ten years, Crain’s reported. The pledge will affect the efficiency of about 17 million square feet of office space.

    Though new developments like 11 Times Square and One Bryant Park have energy-saving systems, the owners have had difficulty reigning in tenants’ high consumption. [more]

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  • JPMorgan CEO Jamie Dimon

    A federal judge has dismissed a lawsuit that accused banking giant JPMorgan Chase of tricking investors into buying troubled mortgage-backed securities, the New York Times reported.

    The ruling is against only one of the lawsuit’s plaintiffs so JPMorgan is less vulnerable but not out of court. Another plaintiff, FSA Asset Management, can proceed with its claims, the Times reported. Dexia sued JPMorgan, Bear Stearns and Washington Mutual in United States District Court in Manhattan last year. [more]

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