J.P. Morgan faces fine of $6bn over mortgage sales - reports

J.P. Morgan could be hit with a fine of more than $6bn from US authorities as they pursue the bank over sales of securities to government-backed mortgage companies.

According to a report in the Financial Times, US legislators are demanding J.P. Morgan Chase pay more than $6bn to settle allegations it mis-sold the securities to government-backed mortgage companies in the run-up to the financial crisis. The report says the bank is refusing to make such a payment at present. A fine on that scale would be its single biggest penalty and one of the largest post-crisis settlements by any bank. It is the latest crisis to hit the group, following the "London whale" trading scandal, and it also exceeds the penalties for its alleged manipulation of commodit...