Chase to Pay $13B for Selling Bad Mortgages

The bank has reached a record settlement with the government for its role in the 2008 housing crisis
0:50 | 11/19/13

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Transcript for Chase to Pay $13B for Selling Bad Mortgages
The largest ever settlement between the u.S. Government and a corporation. Jpmorgan chase is about to pay for its role in selling bad mortgages. And some homeowners could see a reduction in their payments. Senior justice correspondent pierre thomas has the new details. Pierre? Reporter: Good morning, josh. The civil settlement totals $13 billion, much in fine and penalties. But $4 billion will go straight to struggling homeowners. 1.5 billion will be forgiving mortgage principals for those under water. And $2 billion for rate reductions and new loans. The bank is also expected to cooperate in the ongoing criminal investigation to target the people who sold those mortgages that helped lead to the financial crisis of 2008. The question is, is anybody going to jail, josh? A question yet to be answered. Pierre thomas, thank you for that.

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