KRWG

JPMorgan Likely To Settle Mortgage-Backed Securities Case

Sep 26, 2013
Originally published on September 26, 2013 5:09 am
Copyright 2018 NPR. To see more, visit http://www.npr.org/.

DAVID GREENE, HOST:

NPR's business news begins with a settlement in the making.

(SOUNDBITE OF MUSIC)

GREENE: JPMorgan Chase is negotiating an $11 billion settlement. The Wall Street Journal reports the firm would pay $7 billion in cash to regulators and $4 billion to consumers. JPMorgan is one of several large banks being investigated for its handling of mortgage-backed securities in the years leading up to the housing crisis.

The settlement would be a major victory for the federal government, after suffering years of criticism for its failure to hold Wall Street accountable for the crash. Transcript provided by NPR, Copyright NPR.