JP Morgan Chase's $13B Settlment

[MTI]

Here's the rough disbursement



1.) $4 billion to help struggling homeowners

- $2 billion to lower the principal balance of homeowners who owe more than their homes are worth

- $2 billion will go to an array of other types of homeowner relief, including lowering borrowers’ mortgage rates; donating distressed properties to nonprofits; issuing mortgages to low-and-moderate income families harmed by the financial crisis

2.) $9 billion to settle civil claims by various entities related to troubled mortgage-backed securities:

- $2 billion is a civil penalty to be paid to the Justice Department

- $1.4 billion for the National Credit Union Administration

- $515.4 million for the Federal Deposit Insurance Corp.

- $4 billion for the Federal Housing Finance Agency

- $298.9 million for the California attorney general

- $19.7 million for the Delaware AG

- $100 million for the Illinois AG

- $34.4 million for the Massachusetts AG

- $613.8 million for the New York AG

Source: The Justice Department; New York AG

[benhogan]

it's bogus.

the will charge the whole thing (or most of it) to expenses. it will have the effect of lowering their taxable income.

it is like URO parts. on the surface, it looks good but ain't worth a ****.

[MTI]

Originally Posted by benhogan

it's bogus.

the will charge the whole thing (or most of it) to expenses. it will have the effect of lowering their taxable income.

it is like URO parts. on the surface, it looks good but ain't worth a ****.

I believe that $7B worth is deductible.

[t walgamuth]

Originally Posted by benhogan

it's bogus.

the will charge the whole thing (or most of it) to expenses. it will have the effect of lowering their taxable income.

it is like URO parts. on the surface, it looks good but ain't worth a ****.

So what? It still has to be paid out. I suspect it is a legitimate business expense (sort of).