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November 19, 2013

U.S. Poised to Announce $13 Billion JPMorgan Settlement

The Justice Department is set to announce a $13 billion settlement with JPMorgan Chase over the bank’s questionable mortgage practices in the run-up to the financial crisis, people briefed on the deal said on Monday, as prosecutors and the bank hashed out the final details of the deal.

The announcement, expected as soon as Tuesday, will detail how the government will divide the record $13 billion payout, with $4 billion directed to struggling homeowners. Under the settlement, the people briefed on the deal said, JPMorgan will have to hire an independent monitor to oversee the distribution of the $4 billion in relief, a black mark for a bank once considered one of Wall Street’s most trusted institutions.

The settlement, which comes after months of negotiations, will resolve an array of state and federal investigations into the bank’s sale of troubled mortgage securities to investors. Such securities, sold by banks across Wall Street, were at the center of the 2008 financial crisis.”

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Read full New York Times article here

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