Transcript for JP Morgan Pays the Biggest Bank Settlement Ever
with run ins with the laws. His life has been a pageant of mug shots. Tonight jpmorgan has agreed to the biggest settlement in this country's history, paying back americans after the financial collapse that brought the country to the brink. We asked the attorney general will anyone go to jail for this and how much of that $13 billion settlement will american homeowners actually see. Here now or senior justice correspondent pierre thomas one-on-one. Reporter: Tonight the justice department is accusing jpmorgan chase of helping trigger the financial meltdown of 2008. They have admitted to packaging risky mortgages likely to fail selling them to investors as a good bet. When the loans weren't paid, they went south, anything nighting the housing market collapse. Millions of families lost their homes. The debt kept getting higher and higher. Reporter: Thousands of investors were wiped out. When you all of it it's devastating. Reporter: During the years of the housing bubble jpmorgan millions. Ceo jamie diamond made $19.7 million. At least a part of the reason why the economy collapsed in 2008, 2009 time period was as a result of the problems we had in the mortgage sector. Do you think crimes were committed? We're still in the process of looking at this conduct. Five years later not a single high ranking banging official has gone to jail. Why is that? No institution is too big to be accountable. Reporter: The massive $13 billion settlement triple the size of any in history does inflict a measure of pain on the bank with $4 billion going to directly help wounded homeowners. An estimated billion and a half will be spent on loan forgiveness, another $2 billion goes to rate reductions and other financial support. Millions more will be spent on improving blighted neighborhoods. For some who lost everything, this is all simply too late. David? Pierre thomas live in washington. Pierre, thank you.
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