, Singapore

Bad mortgages reach a whopping $69b since 2007

Blame it on JP Morgan’s recent disclosure of its $1.3b new expenses related to faulty mortgages and foreclosures.

Bloomberg noted that JPMorgan set aside $314 million for buying back defective loans and incurred $1 billion in litigation costs caused mostly by mortgages, according to its Oct. 13 report.

In the report, Paul Miller, the FBR Capital Markets & Co. analyst said that the total may top $120 billion because mortgage buyers such as Fannie Mae are becoming more aggressive, and claims are spreading to loans written after banks said they reformed their practices.

View the full report here.
 

Follow the link for more news on

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!