JPMorgan, NY, Federal Gov't Reach $13B Settlement

By: AP
By: AP

ALBANY, N.Y. (AP) -- JPMorgan Chase & Co. has reached a record $13 billion settlement with federal and state authorities.

The agreement resolves claims over the bank's sales of mortgage-backed securities that collapsed during the U.S. housing crisis. It is the largest settlement ever between the Department of Justice and a corporation.

The settlement requires JPMorgan to pay $9 billion and provide $4 billion in consumer relief, including principal reductions and other mortgage modifications for homeowners facing foreclosure.

Attorney General Eric Holder says JPMorgan knowingly bundled toxic mortgage-backed securities and sold them to unsuspecting investors, helping to "sow the seeds of the mortgage meltdown."

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