Tag Archives: Federal takeover of Fannie Mae and Freddie Mac

ZeroHedge – JP Morgan Problem Writ Large – 19 October 2013

ZeroHedgeAuthored by Howard Davies, originally posted at Project Syndicate,

JPMorgan Chase has had a bad year. Not only has the bank just reported its first quarterly loss in more than a decade; it has also agreed to a tentative deal to pay $4 billion to settle claims that it misled the government-sponsored mortgage agencies Fannie Mae and Freddie Mac about the quality of billions of dollars of low-grade mortgages that it sold to them. Other big legal and regulatory costs loom. JPMorgan will bounce back, of course, but its travails have reopened the debate about what to do with banks that are “too big to fail.”

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