‘JPMorgan $13 billion mortgage settlement expected’

Even after the settlement,the bank faces at least nine other government investigations.

Written by Reuters | Washington | Published: November 20, 2013 3:15:42 am

JPMorgan Chase & Co is expected to announce a $13 billion agreement with the US government on Tuesday to settle claims it overstated the quality of mortgages sold to investors during the housing boom,two people familiar with the matter said.

The civil settlement would mark the end of weeks of tense negotiations between JPMorgan Chase,the largest US bank, and government agencies that were under pressure to hold banks accountable for wrongdoing that led to the housing crisis.

Even after the settlement,the bank faces at least nine other government investigations,covering everything from its hiring practices in China to whether it manipulated the Libor benchmark interest rate.

JPMorgan Chase and government agencies led by the Justice Department reached a tentative agreement in mid-October and have been hammering out details since then.

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