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JPMorgan Chase On Verge of $13 Billion Deal on Bad Mortgages

Sunday, October 20, 2013 8:37
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(Before It's News)

The U.S. Justice Department and JPMorgan Chase have struck a tentative $13 billion deal to settle investigations into bad mortgage loans the bank sold to investors in the lead-up to the financial crisis, someone close to the talks said on Saturday.

—Posted by Alexander Reed Kelly.

Reuters via The Guardian:

The deal, which would be the largest ever between the US government and a single company, would not release the bank from criminal liability for some of the mortgages it packaged into bonds and sold to investors.

That had been a major sticking point in the discussions, but the government refused to budge and JPMorgan felt it had no choice but to give in, according to a second source. Until recently, the most that JPMorgan was willing to pay was closer to $11bn.

The biggest US bank sidestepped the worst of the financial crisis but now faces more than a dozen investigations globally into everything from alleged bribery in China to a possible role in manipulating benchmark interest rates known as Libor.

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Source: http://www.truthdig.com/eartotheground/item/jpmorgan_chase_on_verge_of_13_billion_deal_on_bad_mortgages_20131020/

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