JPMorgan Chase recently reached a tentative $13 billion settlement with the Department of Justice for selling the faulty mortgage securities that led to the financial crisis.
If finalized, this would be the largest penalty payment ever made by a single company.
Interestingly, JPMorgan and its executives will still be at risk of criminal prosecution after the settlement. This was a huge concession by the bank.
Sadly, only about $4 billion of the settlement will go toward relieving current struggling homeowners.
Read more here: https://www.dallasnews.com/news/local-news/20131019-jpmorgan-said-to-be-nearing-record-13-billion-settlement-over-mortgage-practices.ece
If you are a struggling homeowner, contact a mortgage mediation attorney who can protect your rights and help you either save your home or establish greater financial stability outside of your home.