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US sets $13 bn mortgage settlement with JPMorgan Chase: source

November 20, 2013 at 1:58 am | News Desk

US sets $13 bn mortgage settlement with JPMorgan Chase: source New York City: US regulators have reached a $13 billion settlement with JPMorgan Chase to resolve numerous suits alleging poor mortgage practices, a person familiar with the matter told AFP Tuesday.

The settlement, the latest in a string of agreements over allegations the largest US bank by assets misled investors on mortgages, includes $4 billion in relief for consumers and $2 billion in penalties related to mortgage practices in California.

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