Faulty mortgages have cost 5 biggest home lenders $69 billion

Faulty mortgages have cost 5 biggest home lenders $69 billion

“JPMorgan Chase disclosed $1.3 billion of new expenses tied to faulty mortgages and foreclosures in its third quarter, pushing the bill for the five biggest home lenders since 2007 to almost $69 billion…

…Cost are mounting as borrowers, investors and states accuse banks of sloppy lending and improper foreclosures. The total may top $120 billion because mortgage buyers such as Fannie Mae are becoming more aggressive, said Paul Miller, the FBR Capital Markets analyst, and claims are spreading to loans written after banks said they changed their practices.”

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