The government’s wide-ranging investigation into the
mortgage meltdown is leaving no bank unscathed, the NY Post says. Regulators
have been methodically extracting their pound of flesh from Wall Street’s
largest firms after the 2008 housing collapse left investors holding billions
of soured securities backed by mortgage loans.
Yesterday, JPMorgan Chase and Credit Suisse became the
latest banks to settle charges they misled investors in selling complex
mortgage-backed bonds. The financial giants agreed to pay more than $460
million to settle charges brought by the Securities and Exchange Commission. The Wall Street watchdog has doled out fines
and penalties totaling nearly $2.6 billion since the start of the mortgage
crisis in 2008. That includes $550 million Goldman Sachs shelled out two years
ago to settle charges that it duped investors in marketing mortgage-backed
bonds.
Regulators also signaled they are just getting started….
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