A $4 billion-plus settlement to resolve JPMorgan Chase’s liability for more than 300 pools of home loans has raised objections from a number of entities, including the government-chartered agency that liquidated several credit unions and a residential mortgage-backed securities insurer on the hook to pay more than $500 million for the failed trusts.
Manhattan Commercial Division Justice Marcy S. Friedman still must approve the July 29 settlement, which would resolve at least $65 billion in liability, in an Article 77 proceeding. The case involves mortgage securities put together by Bear Stearns before it went under during the 2008 financial crisis and was acquired by JPMorgan.
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