Embattled mega-bank offers to settle probes for $11 billion

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JPMorgan Chase has offered to pony up $11 billion to resolve government probes into its allegedly questionable mortgage practices during the housing boom, The New York Times reports.

Under the terms of the offer, the bank would pay a $7 billion fine and distribute $4 billion in mortgage relief to borrowers, according to the newspaper.

The Times said the government has reportedly signaled approval of the offer to pay $4 billion in aid, but is seeking to levy a larger fine than $7 billion.

It remains unclear, The Times says, what proportion of mortgage-related investigations into JPMorgan would be put to rest by the settlement.

Source: The New York Times