JPMorgan has faced a cascade of legal problems in the last few months.
NEW YORK (CNNMoney)
The proposed deal would include $7 billion in penalties and $4 billion in consumer relief of some kind, according to the source, who was not authorized to speak publicly on the matter. Those numbers aren't final, however, and it's unclear if or when the two sides may come to an agreement.
The deal would come under the auspices of a joint federal-and-state task force announced by the Obama Administration last year to investigate the packaging and sale of mortgage-backed securities, which became a key cause of the financial crisis when they failed in droves as the housing market cratered.
"The talks are ongoing, we don't anticipate that there will be an announcement today," Lauren Horwood, a spokeswoman for the U.S. Attorney in Sacramento, said in an email Wednesday.
Related: Three ex-ICAP employees indicted in Libor scandal
JPMorgan -- America's largest bank by assets -- is fresh off of a settlement last week in which it agreed to pay $920 million in connection with the "London Whale" trading debacle. Also last week, regulators ordered the firm to refund $309 million to customers and pay $80 million in fines over alleged unfair credit-card billing practices.
Spokespeople for the Justice Department and JPMorgan (JPM, Fortune 500) declined to comment. The Securities and Exchange Commission did not immediately respond to a request for comment. 
First Published: September 25, 2013: 6:44 PM ET
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