Via: New York Times:
JPMorgan Chase disclosed on Wednesday that it faced a criminal
and civil investigation into whether it sold shoddy mortgage securities
to investors in the run-up to the financial crisis, the latest legal
threat to the nation’s biggest bank.
JPMorgan acknowledged for the first time the existence of
the investigation — one of several mortgage-related problems looming for
the bank — in a quarterly regulatory filing. It said that the civil
division of the United States attorney’s office for the Eastern District
of California, which covers a stretch of land that includes Sacramento
and Yosemite, has “preliminarily concluded” that JPMorgan flouted
federal laws with its sale of subprime mortgage securities from 2005 to
2007. The parallel criminal inquiry, according to one person briefed on
the matter, is in a more preliminary stage.
No comments:
Post a Comment