JPMorgan Possibly Striking a $13 Billion Settlement

At around 3 PM today, it was rumored that JPMorgan Chase & Co., the bank responsible for that whole housing crisis thing, (In case you've forgotten...) is close to coming to a $13 billion mortgage settlement with the US Government.

CNBC reports,

"During a late Friday call between JPMorgan Chief Executive Jamie Dimon, Attorney General Eric Holder and lawyers for both sides, the bank agreed to pay about $13 billion to settle civil cases pending with the Justice Department, the New York Attorney General, and the Federal Housing Finance Agency."

 The FHFA accused JPMorgan and its affiliates of giving false information and withholding the truth "in selling $33 billion in mortgage funds to Fannie Mae and Freddie Mac from September 7, 2005 through Sept. 19, 2007."

If this is the case and the Justice Department goes through with this deal, this settlement would be the, as Fox Business puts it, "largest-ever settlement involving a U.S. Company."

Furthermore, this would not release the bank from criminal liability, according to a Reuters source. 

Justice served? Only time will tell. Details will be added as they come.