JPMorgan says ‘mea culpa’ in $13 billion settlement with U.S.

By way of Aruna Viswanatha, David Henry and Karen Freifeld WASHINGTON/NEW YORK (Reuters) – JPMorgan Chase & Co admitted it incessantly overstated the standard of mortgages it bought to buyers and agreed to pay a document $13 billion to resolve associated costs, federal officers mentioned on Tuesday. The civil agreement would mark the end of weeks of demanding negotiations between JPMorgan Chase, the largest U.S. bank, and government companies which are under force to hold banks accountable for wrongdoing that ended in the housing situation. For JPMorgan, the deal resolves one of the crucial welter of investigations it’s dealing with now. But even after the agreement, the financial institution faces at least nine other govt probes, overlaying everything from its hiring practices in China as to if it manipulated the Libor benchmark interest rate.