JPMorgan, Credit Suisse Settle SEC Mortgage Inquiries
News from Businessweek:

JPMorgan Chase & Co. (JPM) and Credit Suisse Group AG (CSGN) agreed to pay almost $ 417 million to settle U.S. regulatory claims they misled investors while selling billions of dollars of investments linked to home loans.

JPMorgan resolved claims that it made misstatements about delinquency data for loans packaged into securities and that Bear Stearns Cos., which the bank acquired in 2008, didn’t tell mortgage investors it kept reimbursements on soured loans, the Securities and Exchange Commission said in a statement. Credit Suisse was also faulted for disclosures on reimbursements.

For JPMorgan Chief Executive Officer Jamie Dimon, whose firm is forfeiting $ 296.9 million in the SEC deal, the claims add to a growing list of regulatory costs from the housing bubble, a botched bet on credit derivatives and an energy- trading probe. Since mid-2011, the bank also has been sued by state and federal watchdogs over sales of mortgage-backed securities to Fannie Mae and Freddie Mac and loans sold to investors by Bear Stearns.

“Misrepresentations in connection with the creation and sale of…………… continues on Businessweek

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