its investors. , and of course, this money doesn t do anything for the people affected by the jpmorgan mortgage practices, does it? well, some of it will. some of it is supposed to provide some remediation. that s why it will be tax deductible, but compared to the damage done, damages like this, penalties down here. el. well, we did lose $24 billion on the shutdown. so i don t know who is doing the math on this deal. i don t know how the would the justice department they re the ones that came up with the number? this is a negotiated number. it is unprecedented. but what does it mean? does this mean that wall street is going to just say, you know what, we re going to do what we want to do and we ll pay the fines when the time comes. yeah, it s a little more than a traffic ticket. but it is not really dealing with what was calculated, deliberate, planned, profitable, cheating. criminal activity. we should be seeing criminal indictments. unfortunately, eric holder s position is
relief which is basically loan modifications and help for consumers who may have had some problems as a result of some of these practices, these mortgage practices, so that is being discussed right now, and what is not included, and this is important, is a federal criminal investigation, which is continuing at jpmorgan chase, and that focuses on people, individuals, who may have misled investors and whether there was an credible wrong doing, and that s a big deal because the justice department, they do the settlements with big banks and nobody is held personally accountable for some of the issues that happened. this week is a big one for wall street. investors getting their hands on all the information they couldn t get because of the partial government shutdown. alison kosik has a preview. it s finally coming out, the
promised they d clean up their act and help struggling homeowners. but the state of new york says two big banks still aren t playing 100% by the rules. new york s attorney general says bank of america and wells fargo flagrantly violated legal obligations to protect homeowners, putting them at risk of foreclosure. the attorney general claims b of a and wells fargo didn t acknowledge applications to refinance in time. in other cases new york says the banks didn t notify borrowers about problems in their applications, and then didn t give them time to fix those problems. plus, failing to make decisions about loan modifications within 30 days. new york s attorney general says it has 339 documented cases. bank of america says, and i m quoting here, it has provided relief for more than 10,000 new york homeowners through the national mortgage settlement, that totals more than $1 billion. now that settlement was reached in february of last year. five of the largest mortgage servicers agreed to
23 past the hour. time to take a look at the morning papers. the new york times on the heels of paying back a $182 billion bailout. aig is mulling whether or not to sue the federal government. on wednesday, the company s board will consider joining a $25 billion shareholder lawsuit. the litigants argue the government s high interest rates on the loan cheated shareholders out of billions of dollars. the charlotte observer, 10 mortgage lenders including bank of america ca and wells fargo have made a settlement totaling $8.5 billion and go to cash payments and mortgage relief and end a lengthy close of mortgage practices. many banks were accused of robo-signing mortgages while false falsely saying they reviewed each case. around the country, many
speaking their mind today and really putting chief executive brian moynihan on the defensive and hot seat about their mortgage practices particularly when they accused him trying to put it off on legacy assets from buying countrywide financial which specialized in subprime mortgages that purchase cost couple billion years ago and but cost the bank 10 billion in loan losses since then. talking about the depreciation of the stock price. shareholders holding bank of america since the 80s and 90s. after all the drama said being a shareholder is more like a comedy but not a very happy one as he has seen his shares depress. they re basically worth half what they were when brian moynihan took over as chief executive on new year s day, 2010. jenna, back to you. jenna: interesting comment there. a comedy. not a lot of people laughing at all this inside i m sure. reporter: not indeed. jenna: thank you very much, robert gray in north carolina. thank you. jon: right now former senator john edw