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Author Topic: JPMorgan is being charged with Mortgage fraud.  (Read 1345 times)

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Offline nickiknack

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JPMorgan is being charged with Mortgage fraud.
« on: October 03, 2012, 12:23:16 am »
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The federal mortgage task force that was formed in January by the Justice Department filed its first complaint against a big bank on Monday, citing a broad pattern of misconduct in the packaging and sale of mortgage securities during the housing boom
The civil suit against Bear Stearns & Company, now a unit of JPMorgan Chase, was brought in New York State Supreme Court by Eric T. Schneiderman, the attorney general who is also a co-chairman of the task force, known as the Residential Mortgage-Backed Securities Working Group.
The complaint contends that Bear Stearns and its lending unit, EMC Mortgage, defrauded investors who purchased mortgage securities packaged by the companies from 2005 through 2007.

http://www.nytimes.com/2012/10/02/business/suit-accuses-jpmorgan-unit-of-broad-misconduct-on-mortgage-securities.html?hp&_r=1&

This pleases me very much. I hope my state(NY) nails these suckers.
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Offline Smurfette Principle

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Re: JPMorgan is being charged with Mortgage fraud.
« Reply #1 on: October 03, 2012, 12:26:10 am »
FUCK YEAH.
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Offline Fpqxz

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Re: JPMorgan is being charged with Mortgage fraud.
« Reply #2 on: October 03, 2012, 06:17:51 am »
This article was rather confusing.  It talks about the federal mortgage task force but the lawsuit in question was brought be Atty. Gen. Schneiderman in NY State Court, which appears to be unconnected to the Federal government's cases.
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Offline rookie

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Re: JPMorgan is being charged with Mortgage fraud.
« Reply #3 on: October 03, 2012, 09:06:10 am »
Quote from: Fpqxz on October 03, 2012, 06:17:51 am
This article was rather confusing.  It talks about the federal mortgage task force but the lawsuit in question was brought be Atty. Gen. Schneiderman in NY State Court, which appears to be unconnected to the Federal government's cases.

It didn't say so in the article, but my guess is some deal was reached to prosecute them for breaking New York laws. Perhaps the fines are larger, or someone's contemplating a run for (higher) office, or New York didn't want to wait for the Fed to build a complete case. The nation where it currently is, J.P. Morgan is a pretty good face for Wall Street, and I don't need to remind you about Wall Street's current standing with we the people.
But that's just a guess.
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Offline Tolpuddle Martyr

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Re: JPMorgan is being charged with Mortgage fraud.
« Reply #4 on: October 03, 2012, 09:34:21 am »
About bloody time!
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Offline Old Viking

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Re: JPMorgan is being charged with Mortgage fraud.
« Reply #5 on: October 03, 2012, 05:19:13 pm »
Say it isn't so. <sob>
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Offline ironbite

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Re: JPMorgan is being charged with Mortgage fraud.
« Reply #6 on: October 03, 2012, 08:26:59 pm »
Only issue I have is it'll be money they'll be paying, not jail time.
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