JP Morgan Chase Set to Pay Record Fine for Financial Meltdown

Americas biggest agrees to $13 billion settlement for selling bad mortgages to investors.
0:51 | 10/20/13

Coming up in the next {{countdown}} {{countdownlbl}}

Coming up next:

{{nextVideo.title}}

{{nextVideo.description}}

Skip to this video now

Now Playing:

{{currentVideo.title}}

More information on this video
Enhanced full screen
Explore related content
Comments
Related Extras
Related Videos
Video Transcript
Transcript for JP Morgan Chase Set to Pay Record Fine for Financial Meltdown
now to what could be a historic penalty. A record fine for america's biggest bank. There is word tonight jpmorgan chase is set to pay $13 billion for its role in the financial meltdown, selling bad mortgages to investors. It's a headline that's expected to break wide open tomorrow and abc news contributor and bloomberg anchor betty liu is with us now. A lot of people wondering, where does this money go? Reporter: It is a staggering amount of money. And here's how we believe it's going to break down. Of that $13 billion, $4 billion will go towards homeowners. The other $9 billion will pay government fines. There is always a fear that the banks will pass it down to the consumer to make up for it. Reporter: It's a legitimate concern. The bank says, we have $23 million to pay these costs, so, we're okay, but every time you pay uncle sam this much money, you have to earn that back. Perhaps, in higher bank fees.

This transcript has been automatically generated and may not be 100% accurate.

{"id":20629433,"title":"JP Morgan Chase Set to Pay Record Fine for Financial Meltdown","duration":"0:51","description":"Americas biggest agrees to $13 billion settlement for selling bad mortgages to investors.","section":"WNT","mediaType":"Default"}