MURDER, POLITICS, AND THE END OF THE JAZZ AGE
by Michael Wolraich
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Hits of the Day
JPMorgan Reveals It Faces Civil and Criminal Inquiries
By artappraiser on Wed, 08/07/2013 - 9:57pm |By Jessica Silver-Greenberg & Ben Protess, Deal Book @ nytimes.com, Aug. 7, 2013
JPMorgan Chase disclosed on Wednesday that it faced a criminal and civil investigation into whether it sold shoddy mortgage securities to investors in the run-up to the financial crisis, the latest legal threat to the nation’s biggest bank.
JPMorgan acknowledged for the first time the existence of the investigation — one of several mortgage-related problems looming for the bank — in a quarterly regulatory filing. It said that the civil division of the United States attorney’s office for the Eastern District of California, which covers a stretch of land that includes Sacramento and Yosemite, has “preliminarily concluded” that JPMorgan flouted federal laws with its sale of subprime mortgage securities from 2005 to 2007. The parallel criminal inquiry, according to one person briefed on the matter, is in a more preliminary stage.
Adding to scrutiny of the bank, federal prosecutors in Philadelphia are examining whether JPMorgan duped investors into buying troubled mortgage securities that later imploded, according to people briefed on the matter, who spoke on the condition of anonymity. The prosecutors are investigating whether JPMorgan churned out the mortgage-backed securities without ensuring that the investments met underwriting standards, the people said [....]
Also see:
Justice Dept. Sues Bank of America Over Mortgage Securities
By Jessica Silver-Greenberg, Deal Book @ nytimes.com, Aug. 6, 2013
The Justice Department sued Bank of America on Tuesday, accusing the bank of defrauding investors by vastly understating the risks of the mortgages backing about $850 million in securities.
The lawsuit adds to the hefty legal burden of the bank, which has been badly battered by mortgage-related losses and litigation since the financial crisis. The great bulk of those troubles stem from the bank’s 2008 acquisition of the subprime lender Countrywide Financial.
Yet the latest litigation centers on Bank of America’s own homegrown mortgage operations. And the loans at issue were represented as prime jumbo mortgages — at the time, 2007, loans of more than $417,000 for a single-unit dwelling — rather than subprime mortgages, which were at the heart of the mortgage crisis [....]
URL:
http://dealbook.nytimes.com/2013/08/07/jpmorgan-reveals-it-faces-civil-and-criminal-inquiries/
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Comments
These crooks CAUSED the problem and our own government is complicit. Why is it; that homeowners, who had every intention to keep up their end of the mortgage agreement; by keeping their houses in repair, as required, to protect the banks interest and keep the value of the property up. Yet it appears the bank undermined the borrowers expectations, that the value would be protected. If the homeowner short- sells the house, because they cant sell it or afford it because no one will refi on an asset that has a current mortgage based on more than its worth. Along comes our illustrious leaders with no help at all, then telling the banks to send a 1099 to those homeowners who have had to walk away from their homes. ...... How were these unfortunate homeowners to know, the bank wanted their collateralized debt obligation to be protected, or else; but all the while, they, the banks, were actively undermining the homeowners right to have an asset with value. To make matters worse for homeowners; our government requires a 1099 be sent to the the defaulting homeowners to pay taxes on the borrowed money the banks had lent. Wheres the peoples forgiveness of debt, while our government bails out the money changers? While the lowly are penalized financially and their credit worthiness destroyed because they thought their was protection by those in the government entrusted to protect against fraud by the banks. The government wants their pound of flesh to paid; not by the banks; but by the people who could least afford it. No wonder the NSA is so secretive; the peasant class is becoming more discontent, with the shenanigans of the Banker class/ government corruption, intended to enslave the working class. "You owe, You owe, so off to work you go" and to make sure you do, their will be no retirements, no pensions either. Everyone but the well connected; "Fight for the crumbs" Obamas plan: Give amnesty to 11 million more people/workers , so they too, can get into the ring of despair to entertain the upper class and their senators. When will Congress act against the issuance of 1099's and free the people from debtors prison imposed upon the people by the IRS.
by Resistance on Thu, 08/08/2013 - 6:22am