In a lead story in the Christian Science Monitor, Professor David Reiss commented on JPMorgan’s $13 billion civil settlement with the Justice Department – the largest such settlement ever reached between the government and a corporation. The agreement follows months of negotiations, stemming from JPMorgan’s sale of mortgage-backed securities that led to the economic crash in 2008.
“I think that the Department of Justice has heard the public in terms of saying, if people were criminally responsible, they should be held liable,” said Professor Reiss, who has written extensively on the mortgage crisis. “Just a handful of people have faced any serious personal liability as a result of the events of the financial crisis of the 2000s.”
He also authored a Law360 op-ed, titled “3 Housing Riddles for Bill DeBlasio,” which outlines the fundamental questions facing those who manage the city’s housing policy. “The only thing that is clear is that there are no right answers and no easy answers when it comes to housing policy in New York City,” he wrote.
In addition, Professor Reiss will appear on a November 21 panel titled, “The Future of Fannie Mae and Freddie Mac.” Sponsored by the Urban Land Institute, the panel will seek to shed light on the road ahead for the government-sponsored enterprises (GSEs) and their impact on commercial real estate lending and residential mortgage securitization.
Read more about Professor Reiss.