NEW YORK — JPMorgan Chase, the nation’s largest bank, has agreed to pay a record $13-billion settlement for its role in the 2008 mortgage meltdown.
Attorney General Eric Holder says JPMorgan still could face criminal prosecution, and this huge payout of nine billion in cash and four billion in homeowner relief is punishment in itself.
“This is not simply something that JPMorgan simply signed a check and smilingly said this is good deal for us. This inflicts pain on that institution,” Holder says.
It’s also a symbolic victory for New York and other states where housing markets are still climbing back from the economic abyss.
“No matter how big you are, you will be held accountable if you break the rules,” warned New York Attorney General Eric Schneiderman.