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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsIs Obama's Justice Department finally getting tough with the Banks??
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Reuters) - JPMorgan Chase & Co, the biggest U.S. bank by assets, said on Wednesday it is being investigated by criminal and civil divisions of the U.S. Department of Justice over offerings of mortgage-backed securities.
The civil division gave the company a notice in May that it had preliminarily concluded that the firm violated federal securities laws in offerings of subprime and Alt-A residential mortgage securities during 2005 to 2007, JPMorgan said.
JPMorgan said in the filing that it is responding to parallel investigations being conducted by the civil and criminal divisions of the United States Attorney's Office for the Eastern District of California relating to mortgage-backed securities.
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On Tuesday, federal prosecutors filed a $850 million civil lawsuit against Bank of America Corp over the sale of bonds backed by jumbo mortgages. The lawsuit followed a disclosure by Bank of America on August 1 that it expected to be sued by the Department of Justice and SEC over mortgage bonds.
....more
http://www.huffingtonpost.com/2013/08/07/jpmorgan-doj-investigation_n_3721741.html
drm604
(16,230 posts)We can hope.
Marrah_G
(28,581 posts)We'll see what comes of it.
forestpath
(3,102 posts)kentuck
(111,098 posts)But, either way, I would not hold my breath. I suppose this Fannie-Freddie announcement in the last day or so may have something to do with this?
forestpath
(3,102 posts)have any effect on the bank's bottom line much less send anybody there to jail. It's nothing but window dressing.
kentuck
(111,098 posts)I would be surprised.
Tansy_Gold
(17,860 posts)tridim
(45,358 posts)malaise
(269,024 posts)Rec