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J.P. Morgan Chase & Co. JPM -0.09% will pay $614 million to settle a case over false claims the bank made regarding certain mortgage loans submitted to be insured by the Federal Housing Administration and the Department of Veterans Affairs, the U.S. Justice Department said Tuesday.
The bank admitted that it approved thousands of FHA loans and hundreds of VA loans that didn't meet underwriting requirements, the Justice Department said.
"For years, J.P. Morgan Chase has enjoyed the privilege of participating in federally subsidized programs aimed at helping millions of Americans realize the dream of homeownership," said Manhattan U.S. Attorney Preet Bharara.
A spokesman for J.P. Morgan wasn't immediately available for comment.
The bank started falsely certifying the FHA and VA loans as early as 2002, and the agencies suffered "substantial losses" in covering associated losses, according to the Justice Department.
The case was initiated by allegations from a private whistleblower, the department said.
J.P. Morgan to settle over false-mortage claims - MarketWatch
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