PMorgan is in talks to settle a number of government investigations related to mortgage-backed securities for a whopping $11 billion, according to a source familiar with the situation.

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.

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