Now JP Morgan’s Being Subpoenaed By The SEC Over Their Failed Mortgages


We found out that Credit Suisse was subpoenaed by the SEC earlier today, and now Bloomberg reports that JP Morgan has also received a subpoena from regulators over failed mortgages.

Apparently the SEC’s request for information stems from unsealed allegations made about Bear Stearns mortgage practices in another lawsuit.

The SEC is looking into the banks because they were “allegedly boosting their profits by failing to share refunds from sellers of faulty debt.”

Deutsche Bank was also sued earlier this week for mortgage fraud.

Read the full story at Bloomberg >