Better Than A Wall Street Bonus

A former J.P. Morgan Chase & Co. employee who tipped the feds that his firm was falsely certifying FHA and Dept. Of Veterans Affairs loans received $63.9 million for his efforts. J.P. Morgan agreed to pay the $614 million to settle the case with the agencies. The bank admitted that it approved thousands of FHA loans and hundreds of VA loans that didn’t meet underwriting requirements, and agreed to enhance quality control as part of the settlement.