JPMorgan Chase will pay $13 billion settlement in mortgage case

JPMorgan Chase: A settlement with feds.

JPMorgan Chase: A settlement with feds.

A person familiar with negotiations between the federal government and JPMorgan Chase & Co. says the bank has tentatively agreed to pay $13 billion to settle allegations surrounding the quality of mortgage-backed securities it sold in the run-up to the 2008 financial crisis.

The person tells The Associated Press that the tentative settlement was negotiated Friday night. The person spoke on condition of anonymity because the deal has not been made final.

The person says the tentative agreement does not extend to a criminal investigation of the bank’s conduct that is being handled by federal prosecutors in Sacramento, Calif.

The person says those negotiating the deal are Attorney General Eric Holder, Associate Attorney General Tony West, J.P. Morgan CEO Jamie Dimon and the bank’s general counsel, Stephen Cutler.

___

Copyright  © 2013 Capitol Hill Blue

Copyright  © 2013 The Associated Press. All rights reserved.

Enhanced by Zemanta

One Response to "JPMorgan Chase will pay $13 billion settlement in mortgage case"

  1. Jon  October 20, 2013 at 4:53 am

    So like what, a couple weeks worth of profit from a scam that ran for five years or more? Yeah, that’ll really make them change their ways.

    *snort*

    J.

Comments are closed.