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JP Morgan Chase Agrees to $13 Billion Settlement

JP Morgan Chase Agrees to $13 Billion Settlement

(Washington, DC) -- JPMorgan Chase is signing off on a $13 billion settlement for misleading investors on mortgage-backed securities.

The Department of Justice calls it the largest settlement with a single entity in U.S. history. A statement says JPMorgan Chase will be required to "provide much needed relief to underwater homeowners and potential homebuyers, including those in distressed areas of the country."

Turmoil in the mortgage-backed securities market played a big role in prompting the 2008 financial meltdown and housing crisis.

 

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