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Cost of JPMorgan Mortgage Loan Settlement Is Said to Rise to $13 Billion

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A Chase branch in Manhattan
(image by Leslye Davis/The New York Times)

JPMorgan Chase and the Justice Department are moving closer to a $13 billion settlement over the bank's mortgage practices, a record penalty that would cap weeks of heated negotiating and underscore the extent of the bank's legal woes. Until now, JPMorgan was offering about $11 billion in total. And it was refusing to increase its offer until the Justice Department dropped a parallel criminal investigation into the bank's sale of troubled mortgage securities to investors.

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