JPMorgan Chase has reached a record $13 billion settlement with federal and state authorities to resolve claims over the bank's sales of mortgage-backed securities that collapsed during the U.S. housing crisis.
It is the largest settlement ever between the Department of Justice and a corporation, and marks a key chapter for the crisis. But the deal does not affect an ongoing criminal probe.
The settlement announced Tuesday requires JPMorgan to pay $9 billion and provide $4 billion in consumer relief, including principal reductions and other mortgage modifications for homeowners facing foreclosure.
The bank said it committed to completing all of those consumer measures by the end of 2017.