J.P. Morgan Faces Suits Alleging Foreclosure Fraud
by David Benoit - The Mesh Report
NEW YORK—J.P. Morgan Chase & Co. is facing two purported class-action suits alleging foreclosure fraud after the bank temporarily halted foreclosures in September. In its quarterly filing Tuesday, J.P. Morgan also reported that its trading operations managed a perfect quarter, with no net loss on any day. Over the past three quarters, J.P. Morgan said it had experienced only eight days of losses, all of which were in the second quarter.
Over those nine months it said its trading averaged $91 million in revenue a day, with 12 days bringing in more than $200 million each. J.P. Morgan joins Bank of America Corp. in posting a perfect quarter during the previous three months. J.P. Morgan also became the latest big Wall Street bank to disclose a laundry list of lawsuits it is facing that allege the banks’ underwriting of mortgages used in securitizations harmed investors in those securitizations.
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