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JPMorgan Knew Some Mortgage Deals Were Bad, Duh

By zzyzzx (89/89 = 100% civil)   2013 Feb 7, 3:20am   ↑ like   ↓ dislike   290 views   0 comments   watch (1)   share   quote

Rather than disclosing the full extent of problems like fraudulent home appraisals and overextended borrowers, the bank adjusted the critical reviews, according to documents filed early Tuesday in federal court in Manhattan. As a result, the mortgages, which JPMorgan bundled into complex securities, appeared healthier, making the deals more appealing to investors. The trove of internal e-mails and employee interviews, filed as part of a lawsuit by one of the investors in the securities, offers a fresh glimpse into Wall Streets mortgage machine, which churned out billions of dollars of securities that later imploded.


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