US sets $16b mortgage settlement with JPMorgan Chase: Source

NEW YORK CITY (AFP) - US regulators have reached a US$13 billion (S$16 million) settlement with JPMorgan Chase to resolve numerous suits alleging poor mortgage practices, a person familiar with the matter told AFP on Tuesday.

The settlement, the latest in a string of agreements over allegations that the largest US bank by assets misled investors on mortgages, includes US$4 billion in relief for consumers and US$2 billion in penalties related to mortgage practices in California.