JPMorgan hit for record $13 bn over mortgage bonds

[World News Headlines -]

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JPMorgan Chase will pay a record $13 billion to settle a litany of lawsuits over high-risk mortgage securities it sold as safe bets ahead of the housing bust, officials announced Tuesday. The settlement with federal and state authorities included an acknowledgement by the largest US bank that it routinely bundled low-rated loans into securities that were billed as high-quality to investors. Officials said the settlement, the largest ever against an individual company, held JPMorgan to task for reckless conduct that led to the financial crisis. "This settlement is a major step in restoring confidence in our financial markets," said New York Attorney General Eric Schneiderman.

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