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09-25-2013, 03:55 PM #1
JPMorgan Could Pay $11 Billion To Settle Mortgage Probes
JPMorgan Could Pay $11 Billion To Settle Mortgage Probes: Source
AP | By By MICHAEL VIRTANEN Posted: 09/25/2013 2:08 pm EDT | Updated: 09/25/2013 3:09 pm EDT
A JPMorgan sign is seen outside the office tower housing the financial services firm's Los Angeles, California offices, August 8, 2013. US banking giant JPMorgan Chase said August 8, 2013 it is facing parallel civil and criminal investigations over its sale of mortgage-backed securities before the financial crisis. JPMorgan disclosed in a securities filing that in May it was notified by the civil division of the US Attorneys Office for the Eastern District of California stating that it had prel | Getty
ALBANY, N.Y. (AP) — An official familiar with ongoing negotiations among federal and state officials and JPMorgan over mortgage-backed securities says a national settlement for $7 billion in cash and $4 billion in consumer relief is under discussion.
The government official says the Justice Department is taking the lead, though the settlement would include states with claims against the bank. The official spoke Wednesday with The Associated Press on condition of anonymity because a settlement hasn't been reached and the person wasn't authorized to discuss it publicly.
The government has continued investigating JPMorgan over mortgage-backed securities, which banks sold in the run-up to the financial crisis. The securities lost value after a bubble in the housing market burst.
http://www.huffingtonpost.com/2013/0...n_3990406.htmlNO AMNESTY
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