The U.S. Justice Department is investigating JPMorgan Chase
& Co over allegations that Bear Stearns provided misleading information
about its mortgage products during the lead-up to the financial crisis,
according to people familiar with the matter.
JPMorgan acquired Bear Stearns in a 2008 fire sale
encouraged by the government, and has pushed back against various government
suits that have sought to hold JPMorgan accountable for the failed investment
bank's alleged mortgage-related misconduct.
In this investigation, civil lawyers in the Justice
Department are looking into whether Bear Stearns altered due diligence
information that third parties provided about the quality of mortgage loans
packaged into securities, said the people, who were not authorized to speak
publicly about the probe....
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