David Dayen: How America’s Biggest Bank- JPMorgan Chase Paid its Fine for the 2008 Mortgage Crisis—With Phony Mortgages! Alleged fraud put JPMorgan Chase hundreds of millions of dollars ahead; ordinary homeowners, not so much.

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JPMorgan is a criminal Racketeering Organization

 

by David Dayen, for The Nation:

“You know the old joke: How do you make a killing on Wall Street and never risk a loss? Easy—use other people’s money. Jamie Dimon and his underlings at JPMorgan Chase have perfected this dark art at America’s largest bank, which boasts a balance sheet one-eighth the size of the entire US economy.

After JPMorgan’s deceitful activities in the housing market helped trigger the 2008 financial crash that cost millions of Americans their jobs, homes, and life savings, punishment was in order. Among a vast array of misconduct, JPMorgan engaged in the routine use of “robo-signing,” which allowed bank employees to automatically sign hundreds, even thousands, of foreclosure documents per day without verifying their contents……….

To continue to The Nation click here: https://www.thenation.com/article/how-americas-biggest-bank-paid-its-fine-for-the-2008-mortgage-crisis-with-phony-mortgages/

3 Responses

  1. Reblogged this on Deadly Clear and commented:
    Not enough attorneys have included their state AG in the defense action, and fail to quote the National Mortgage Settlement terms, or OCC Consent Orders in detail. Forged documents ought to raise to the level of fraud on the court, right?

    But let’s not let our legislators off the hook, either. Why have they all failed to pass a bill to mandate all endorsements be dated. In the words of Ina Garten, “how simple is that?”

  2. Finally it’s being said out loud PHONY MORTGAGES! And there’s no way scumbag Jamie Dimon, their IT department and their “affiliates” didn’t know about it.

  3. and now they are freaking out because Trump wants them and other banks to cancel (zero out – eat it) Puerto Rico’s $78 Billion debt (a jubilee) and allow the territory a chance to rebuild… they would rather see the people suffer an die than to cancel a debt that controls a government. Time to make the citizens the stockholders and federalize the whole damn bunch of them.

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