ALBANY, N.Y. (AP) — An official familiar with ongoing negotiations among federal and New York officials and JPMorgan over mortgage-backed securities says a national settlement for $7 billion in cash and $4 billion in consumer relief is under discussion.
The government official says the Department of Justice is taking the lead. The official spoke Wednesday with The Associated Press on the condition of anonymity because a settlement hasn't been reached and the official isn't authorized to discuss it publicly.
The government has continued investigating JPMorgan over mortgage-backed securities, which banks sold in the run-up to the financial crisis. The securities lost value after a bubble in the housing market burst.
The company has declined to comment.