Is Obama's Justice Department finally getting tough with the Banks??
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Reuters) - JPMorgan Chase & Co, the biggest U.S. bank by assets, said on Wednesday it is being investigated by criminal and civil divisions of the U.S. Department of Justice over offerings of mortgage-backed securities.
The civil division gave the company a notice in May that it had preliminarily concluded that the firm violated federal securities laws in offerings of subprime and Alt-A residential mortgage securities during 2005 to 2007, JPMorgan said.
JPMorgan said in the filing that it is responding to parallel investigations being conducted by the civil and criminal divisions of the United States Attorney's Office for the Eastern District of California relating to mortgage-backed securities.
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On Tuesday, federal prosecutors filed a $850 million civil lawsuit against Bank of America Corp over the sale of bonds backed by jumbo mortgages. The lawsuit followed a disclosure by Bank of America on August 1 that it expected to be sued by the Department of Justice and SEC over mortgage bonds.
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http://www.huffingtonpost.com/2013/08/07/jpmorgan-doj-investigation_n_3721741.html
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