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RPT-JPMorgan in talks with federal, state officials on $11 bln deal -source
September 25, 2013 / 9:04 PM / in 4 years

RPT-JPMorgan in talks with federal, state officials on $11 bln deal -source

NEW YORK, Sept 25 (Reuters) - JPMorgan Chase & Co is in talks with federal and state officials to settle mortgage securities probes for as much as $11 billion, according to a person familiar with the matter.

The talks are fluid and the $11 billion amount could change, but the person said the figure is “realistic.” The sum being discussed would include $7 billion of cash and $4 billion of consumer relief, the person said.

The discussions include the U.S. Department of Justice, Securities and Exchange Commission and Department of Housing and the New York State attorney general, the person said.

It was not immediately clear exactly how many sources of potential liability for JPMorgan would be covered by the settlement being discussed.

Authorities have been investigating the role of the bank - and of two companies it bought in the financial crisis - in the marketing of securities backed by subprime and other risky mortgage loans.

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