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JPMorgan Chase to stump up $11bn in US mishandled mortgage probe

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JPMorgan Chase to stump up $11bn in US mishandled mortgage probe

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JP Morgan Chase is ready to settle all its outstanding mortgage securities issues as part of an 11 billion US dollar deal with state and federal authorities.

The amount is made up of 7 billion in cash and 4 billion in mortgage relief for consumers, after the bank mishandled mortgage loans and securities.

The talks to find a settlement gathered pace earlier this week when the US Department of Justice officials in California told the bank that it was preparing to file a lawsuit.

The bank has spent 10 billion dollars on legal fees in the last two years.