Thursday, 8 August 2013

JPMorgan: We're being investigated by DOJ over mortgages

'According to the bank in its quarterly regulatory filing, the company was notified in May that it had violated Federal securities laws in offerings of subprime and Alt-A residential mortgage securities (RMBS) during 2005 to 2007, according to Reuters.

At the end of June, JP Morgan raised its estimate of possible legal losses in excess of reserves to $6.8 billion. The estimate was $6 billion before.

JPMorgan says it is responding to “parallel investigations” by Civil and Criminal divisions of United States Attorney’s Office for the Eastern District of California, according to Forbes.'