JPMorgan Chase To Pay Historic Settlement

05:17

November 19, 2013

JPMorgan Chase CEO Jamie Dimon, head of the largest bank in the United States, prepares to testify before the Senate Banking Committee in June 2012. (AP)

Update 1:50 p.m. via Associated Press: Justice Dept and JPMorgan Chase & Co. have finalized a $13 billion deal

The Justice Department is expected to announce a landmark $13 billion settlement with JPMorgan Chase.

It would be by far the largest settlement the federal government has ever made with a single company. At issue are the bank's questionable mortgage practices leading up to the financial crisis.

Under the terms, JPMorgan will spend $4 billion to help distressed homeowners, in addition to $6 billion to compensate investors who bought mortgage-backed bonds from the bank.

NPR's Chris Arnold joins Here & Now's Jeremy Hobson to discuss the settlement.

Guest

Chris Arnold, business correspondent for NPR. He tweets at @Chris_ArnoldNPR.

This segment aired on November 19, 2013.