JPMorgan, BofA Push Tally for Faulty Mortgages to $69 Billion
This article is for subscribers only.
JPMorgan Chase & Co. 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.
JPMorgan, the biggest U.S. bank by assets, set aside $314 million for buying back defective loans and incurred $1 billion in litigation costs caused mostly by mortgages, according to its Oct. 13 report. That brought the New York-based bank’s total to at least $17.6 billion, according to data compiled by Bloomberg.