new york sues jpmorgan over mortgage securities
Last Updated : GMT 15:30:33
Arab Today, arab today
Arab Today, arab today

New York sues JPMorgan over mortgage securities

Arab Today, arab today

Arab Today, arab today New York sues JPMorgan over mortgage securities

New York - AFP

The state of New York filed suit against JPMorgan Chase and its subsidiary JPMorgan Securities over the allegedly fraudulent sales of mortgage-backed securities ahead of the US financial crisis. New York\'s attorney general accused the bank and the securities unit, which at the time was the separate Bear Stearns & Co., of systematically selling the residential mortgage-backed securities (RMBS) as carefully evaluated and structured products, when in fact they were slapped together with little regard to quality or viability. The suit accused JPMorgan Chase, the then-Bear Stearns, and a third company, EMC Mortgage, of lying to buyers of the securities over the quality of their underlying assets, which were hundreds of thousands of home mortgages. The attorney general said the fraudulent marketing of the RMBS in 2005-2007 caused losses of $22.5 billion, 26 percent of their original face value. \"Defendants led investors to believe that Defendants had carefully evaluated -- and would continue to monitor -- the quality of the loans in their RMBS,\" the suit said. \"In fact, Defendants systematically failed to fully evaluate the loans, largely ignored the defects that their limited review did uncover, and kept investors in the dark about both the inadequacy of their review procedures and the defects in the underlying loans.\" \"As a result, the loans in Defendants\' RMBS included many that had been made to borrowers who were unable to repay, were highly likely to default, and did in fact default in large numbers.\" Bear Stearns collapsed in 2007-2008, the first major casualty of the financial crash that was rooted in the imploding housing sector. JPMorgan Chase took the company over in March 2008 in a deal organized by the Federal Reserve to prevent the imploding investment bank\'s losses from pulling down other banks. The New York attorney general called for the court to force disgorgement of earnings and benefits on the sales of the RMBS, pay restitution to investors, and order defendants to pay unspecified damages in addition.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

new york sues jpmorgan over mortgage securities new york sues jpmorgan over mortgage securities

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

new york sues jpmorgan over mortgage securities new york sues jpmorgan over mortgage securities

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Visit Jamaica for more than just sun

GMT 09:45 2017 Tuesday ,21 November

Visit Jamaica for more than just sun
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today UN warns of conflict in Gaza

GMT 08:39 2017 Tuesday ,21 November

UN warns of conflict in Gaza
Arab Today, arab today Missouri problem mirrors woes

GMT 06:46 2017 Tuesday ,21 November

Missouri problem mirrors woes
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today VW says will invest over 34bn euros

GMT 07:19 2017 Tuesday ,21 November

VW says will invest over 34bn euros
Arab Today, arab today Driverless, electric future just round

GMT 02:45 2017 Monday ,20 November

Driverless, electric future just round
Arab Today, arab today Fedra happy for “Between Two Worlds” success

GMT 09:23 2017 Saturday ,18 November

Fedra happy for “Between Two Worlds” success
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 12:15 2017 Friday ,17 November

Mona Abdel Ghany increased artistic activities

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 00:54 2017 Monday ,20 November

Mideast in danger as London explores

GMT 03:12 2017 Saturday ,18 November

Prince's vision spurs new Cornwall village

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday