SEC subpoenas JPMorgan, Credit Suisse over mortgage practices

TRD New York /
May.May 06, 2011 10:01 AM

JPMorgan Chase has been subpoenaed by the U.S. Securities and Exchange Commission over mortgages issued before the real estate collapse that have since soured, Bloomberg News reported. The move comes amid an SEC probe into the mortgage practices of several U.S. banks, including Credit Suisse, which was subpoenaed last week. The JPMorgan subpoena is seeking information related to Bear Stearns mortgage practices, after bond insurers alleged that the bank, which JPMorgan acquired in 2008, had demanded refunds from originators but then failed to share those refunds with sellers. Meanwhile, the Credit Suisse investigation was disclosed yesterday by the bond insurance unit of MBIA, in a filing in New York State Supreme Court. MBIA said it is seeking the same documents the SEC is asking for in an attempt to prove that Credit Suisse deliberately packaged bad loans into bonds, and then failed to repurchase them out of a 2007 securitization as it was obligated to do under its contract. [Bloomberg]


Related Articles

arrow_forward_ios
JPMorgan Chase CEO Jamie Dimon (Getty, iStock)

JPMorgan wants to invest $700M building rentals in Sun Belt states

JPMorgan wants to invest $700M building rentals in Sun Belt states
Companies are relying on surveys and other data points to determine who will come back to offices first. (iStock)

How do companies decide who should return to offices first? It’s tricky

How do companies decide who should return to offices first? It’s tricky
Deutsche Bank CEO Christian Sewing and Deutsche Bank's Manhattan headquarters at 60 Wall Street (Getty)

Deutsche Bank: Employees can stay home until mid-2021

Deutsche Bank: Employees can stay home until mid-2021
Jamie Dimon and 383 Madison Avenue (Getty, Google Maps)

JPMorgan suffers setback in return to office

JPMorgan suffers setback in return to office
JPMorgan Chase CEO Jamie DImon and 410 Madison Avenue (Getty Images, Google Maps)

JPMorgan Chase closes on $115M buy of Bank of China’s former HQ

JPMorgan Chase closes on $115M buy of Bank of China’s former HQ
JPMorgan Chase's Jamie Dimon and Fortress Investment Group's Wes Edens (Dimon via Mark Wilson/Getty Images; Edens via Scott Olson/Getty Images)

JPMorgan, Fortress are the latest firms to build up war chests

JPMorgan, Fortress are the latest firms to build up war chests
American Homes 4 Rent CEO David Singelyn and  JPMorgan CEO Jamie Dimon (Credit: Singelyn via Cal Poly Pomona; Dimon via Alex Wroblewski/Getty Images)

JPMorgan showers single-family rental partnership with cash

JPMorgan showers single-family rental partnership with cash
JPMorgan's Jamie Dimon (Credit: Dimon via KENA BETANCUR/AFP via Getty Images; Background via David Dee Delgado/Getty Images)

JPMorgan dodged a bullet with sale of WeWork stake: report

JPMorgan dodged a bullet with sale of WeWork stake: report
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...