ALBANY, N.Y. — JPMorgan Chase & Co. has reached a record US$13 billion settlement with federal and state authorities, resolving claims over the bank’s sales of mortgage-backed securities that collapsed during the U.S. housing crisis.
It is the largest settlement ever between the Department of Justice and a corporation and marks a key chapter for the crisis.
The government’s largest effort to compensate victims of the banks’ foreclosure practices is finally sputtering to an end. But for most of those eligible – nearly three million borrowers – it won’t be much of an ending: they’ll be receiving a check for $300 to $500. Payments to Homeowners