JPMorgan Chase settles $13 billion mortgage practices case

7:34 AM, Nov 20, 2013   |    comments
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(WZZM) - JP Morgan Chase has reached a landmark settlement in a case with the US government.

The banking giant has agreed to pay $13 billion for taking part in what prosecutors call "recklessness on Wall Street."

JP Morgan was among the major banks that sold mortgage-backed securities that plunged in value when the housing market collapsed in 2006 and 2007. Those losses triggered a financial crisis that pushed the economy into the worst recession since the 1930s.

As part of the deal, JP Morgan has agreed to provide $4 billion in relief to homeowners affected by the bad loans.

 

 

 

 

 

 

 

 

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