Despite mounds of documentary evidence of mortgage fraud that JP Morgan Chase was fully aware of the lies it told investors about flawed mortgage investments, the bank continues to dodge responsibility for the financial crisis. Included in court documents are e-mails, exchanged amongst JP Morgan Chase employees, that show the bankhired independent analyst to review the quality of home loans packaged to be sold to investors before the housing market collapse. Although the independent review demonstrated that up to 80% of the loans did not meet underwriting standards — including loans to unqualified borrowers, loans made despite missing documents and based upon fraudulent home appraisals — JP Morgan sold the loans as securities and lied to investors about the number of delinquent loans. Still, it looks like they will get away with it with a slap on the wrisst that will leave it the most valuable bank in the country.
Below Alyona Minkovski and politics reporter Arthur Delaney of HuffPost live discuss the meaning and the likely repercussions from the documented lies told by the bank.
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