Business

JPMorgan Strikes Tentative $13B Mortgages Settlement

NPR | Oct. 19, 2013 2:28 p.m. | Updated: Oct. 21, 2013 7:39 a.m.

Contributed By:

Mark Memmott

JP Morgan Chase & Company headquarters in New York.

JP Morgan Chase & Company headquarters in New York.

Emmanuel Dunand, AFP/Getty Images

We’re seeing multiple reports that:

— “J.P. Morgan has reached a $13 billion tentative settlement with the Justice Department.” (The Wall Street Journal)

— “JPMorgan Chase has reached a $13 billion tentative deal with the Justice Department, said a person familiar with the negotiations.” (CNBC)

— “JPMorgan Chase & Co. has reached a tentative resolution of all civil mortgage-related matters with the U.S. Department of Justice, a person familiar with settlement negotiations said.” (Bloomberg News)

— “JPMorgan Chase & Co has reached a tentative $13 billion deal with the U.S. Justice Department to settle a range of mortgage issues, a source close to the talks said on Saturday. The settlement does not include any release from criminal liability for the bank, the source said.” (Reuters)

NPR’s Business Desk is working the story. We’ll update as things develop.

At $13 billion, the settlement would be about $2 billion more than recent reports had predicted. As The Associated Press has written, JPMorgan had been:

“Said to be discussing an $11 billion national settlement with the Department of Justice over mortgage-backed securities. The securities lost value after a bubble in the housing market burst, helping to bring on the financial crisis.”

Last month, as we wrote, the bank “agreed to acknowledge that it violated federal securities laws and [to] pay $920 million in penalties assessed by regulators in the U.S. and U.K. to settle charges related to the huge trading losses racked up by its London traders last year.”

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