By Neil Irwin
JPMorgan Chase is nearing a $13 billion civil settlement with the Justice Department for its mortgage lending practices. So what’s going on here? We’re here to help. See answers to the following questions here:
What is JPMorgan Chase?
So what is this settlement about?
What did this have to do with the financial crisis?
So what did JPMorgan Chase do wrong in all of this?
OK, but what are they accused of actually doing?
So was JPMorgan the only firm doing this stuff?
So did the government force them to buy these companies that are now dragging them down?
This all happened a really long time ago. Whatever happened to the statute of limitations?
So is anyone going to jail?
But why now, more than five years after the financial crisis and six or more years after the bad lending practices took place?
This is going to be a $13 billion settlement. But how much is that for JPMorgan?
So who gets the money?
So are they going to admit wrongdoing?
So what does this mean for Jamie Dimon and JPMorgan?
Is there a song, preferably by The Clash, that characterizes JPMorgan’s recent entanglements with the Justice Department?