NY Brings Charges Against J. P. Morgan

1 10 2012

NPR - New York Sues JPMorgan Over Mortgage-Backed Securities

They quote the Wall St. Journal:

“The allegations relate to billions of dollars of subprime securities issued by Bear Stearns Cos. before the troubled firm, now owned by J.P.Morgan, collapsed in 2008. The suit alleges that losses on residential-mortgage securities issued by Bear Stearns in 2006 and 2007 alone were ‘astounding,’ totaling $22.5 billion, or more than a quarter of the original principal balance.”

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