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JPMorgan Subpoenaed For Mortgage Debt Records

Submitted by Tyler Durden on 05/05/2011 19:23 -0400

First we had this: JPM's Mortgage Unit Sued To Disclose Loan Quality Data, Following Allegations It Misrepresented Over 70% Of Loan Portfolio

then this: JP Morgan Sold Investors MBS Covered By "SACK OF SHIT" Loans... Then Shorted All Those With Exposure: A Goldman-AIG Redux

and lastly, this: Here Comes Abacus V 2011: Former Head Of JPM's Structured Products Desk To Be Charged With Securities Fraud For CDO Transactions

All of which combined or seperately lead to this:

JPMORGAN SAID TO BE SUBPOENAED BY SEC FOR MORTGAGE DEBT RECORDS

As for questions of whether there will be any prison sentences to come out of any of this, save them for comedy hour. At best, we will get another Credit Suisse disclose-and-settle standby case.

- advertisements -

Thu, 05/05/2011 - 19:24 | 1245689 tallen

SEC actually doing something about the TBTFs? I don't believe you! They're all too busy watching porn.

Thu, 05/05/2011 - 19:56 | 1245807 In Fed We Trust

So I am wondering if it is possible to corner or squezze the CDS market?? And cause a crash in the credit markets that spread to commodities and stocks as we saw in 2008.

Lets see.

Goldman Sachs Profits $9 billion on that trade alone.

Goldmans client, Paulson also profits 9 billion. SO now were at 18.

Throw in the same trade by JP Morgan and any other big name GS clients who were let in on the "big Short" trade of the centuray and it could soon tally $50 billion !

Is that enough to have caused ther crash? And if not howe many more billion would it have taken, Tyler?

All we have to do is prove it caused the crash. It would be absurd for all them to claim they didnt now it would crash the market, when they were only trying to attempt to bring CDS to a corrected level.

They Had to have known, Hank Paulson epesically.

There is your Treason charge. Their is your finacial 911.

Ron Paul needs to campiagn with "End the FED" not "audit the fed"

Fri, 05/06/2011 - 00:23 | 1246190 euclidean

You don't see that Bernanke is running policies consistent with ending the Fed? He's running the fucker into the ground to leave you morons with fists full of cowshit. You want to be campaigning on keeping the Fed and lynching the gimps who run it. Make it retrospective to get King Gimp Greenspan himself. The Fed is fubar - Greenspan laid it out, and Bernanke knows it. It is Wall Street's bitch. Like Enron, Lehman and Bears - it is being milked before your very open and blinking eyes.

edit: In short, Bernanke wants the end to the Fed; the legacy that will be left behind won't be worth 2 nods of goatshit. The vaults will be filled with cheap USTreasuries. The gold would have been sold off long ago. The excuse: "Well how else do you think we was gonna pay for it? You guys in Congress wasn't building any employment." Gimps 1, USA 0.

Fri, 05/06/2011 - 00:24 | 1246392 asdasmos

Donate

http://www.ronpaul2012.com/

Fri, 05/06/2011 - 02:44 | 1246535 Michael

OT or not; When I repeat something 3 times on the Internet, and this is the third time, I usually hear it repeated in the coming days.

New Campaign Slogan for Dr. Ron Paul;

A prescription for the Cure from the Good Doctor: Liberty!

Take a large dose and call me in the morning.

P.S.

Over $1 million donated to Dr. Ron Paul today in a money bomb.

Sat, 05/07/2011 - 04:51 | 1250590 euclidean

WTF? Your entire Congress is fucked up. The only 2 people who understood what was happening when it was happening are Brooksley Born and Congress Woman Marcy Kaptur. Brooksley's now on the payroll so that leaves Marcy alone in the world of paid and legislated unconscionable conduct. Just bend over and stop all the bitching or they'll stop applying the lubricant.

Thu, 05/05/2011 - 20:43 | 1245965 EscapeKey

It won't matter. Obama's too busy sucking Jamie Dimon's cock to notice any large scale ongoing frauds. Take physical delivery; the more it dips, the more you buy. It's the achilles heel of the financial system - GOD DAMN, THEY HAVE TO SUPPLY ANYTHING BUT WORTHLESS PAPER????

Thu, 05/05/2011 - 22:08 | 1246178 legal eagle

So the SEC will collect a few bucks or one bank will use another, but The Sheep will still be underwater with no real recourse.

Thu, 05/05/2011 - 19:26 | 1245699 Yen Cross

The bankster hunt begins.

Thu, 05/05/2011 - 21:55 | 1246152 Nobody special

I wantz whut you smokin!

The only way this is a bankster hunt is if a greater bankster is behind the takedown.

Thu, 05/05/2011 - 23:11 | 1246266 Yen Cross

OxyMoron!

Fri, 05/06/2011 - 08:26 | 1246814 Papasmurf

Some day the zombies will be eating each other.

Thu, 05/05/2011 - 19:28 | 1245704 Cdad

Just one more instance of the criminal syndicate known as Wall Street devising ways to destroy both value and capital...while in the real world, Average Joe continues to register his dissent by taking in every last ounce of it and ignoring the stock market...for more than three years now.

I wonder if any of these brain trusts actually has the capacity to understand what ANYTHING means?

Thu, 05/05/2011 - 19:34 | 1245714 Plata con Carne

Hang them all!

Fri, 05/06/2011 - 00:37 | 1246416 raki_d

& bury them in the sea !!

Thu, 05/05/2011 - 19:32 | 1245715 Fred Hayek

They'll fine them or file a civil suit or something risible like that.

Can anyone tell me when this first happened that the U.S. gov't, rather than send someone to jail who had committed brazen fraud, instead chose to file a civil suit against them?

I don't remember ever hearing about such a ridiculous reluctance to punish wrongdoers properly in those horrible 1980's. Hundreds fo S&L guys went to jail. A bunch of people like Boesky went to jail for insider trading.

Now, Angelo Mozilo, agrent freaking orange just gets fined after committing massive fraud. Goldman Sachs just gets fined for committing massive fraud.

When did this change?

Thu, 05/05/2011 - 20:05 | 1245838 Yen Cross

Send the banksters to Pakistan. I'm hearing rumors, that Parliament is opening some positions. A new party has been formed. The new party calls itself the (O.O.M. Party.)

Osama. Obama Mis. Information Party

Thu, 05/05/2011 - 22:05 | 1246175 NidStyles

Google March Rich.

Fri, 05/06/2011 - 15:30 | 1248869 dizzyfingers

http://www.businessinsider.com/goldmans-ny-cdo-prop-trading-desk-is-right-next-to-its-client-trading-desk-and-both-share-the-same-director-2010-3

Thu, 05/05/2011 - 19:34 | 1245716 willien1derland

Jamie Dimon will have another opportunity to blame the poor for defaulting & doing what he does best - reinforcing the fact the he is an arrogant, obnoxious, prick

Thu, 05/05/2011 - 19:37 | 1245725 chet

Sorry Mr. SEC, but it seems those records accidently fell into the shredder in 2008.

Thu, 05/05/2011 - 19:46 | 1245761 SunBlaster

SEC: Non issue, case closed.

ps - Atleast we tried.

Thu, 05/05/2011 - 19:42 | 1245757 Catullus

The SEC got involved to broker a "settlement" and force other plantiffs to eat crow. They're not going after them, they're protecting them.

Thu, 05/05/2011 - 19:50 | 1245795 nah

SEC should ban JP Morgan traders from zerohedge.com and wikileaks.com... at risk of destroying their careers that will teach em' to obey the .gov

Thu, 05/05/2011 - 21:47 | 1246130 velobabe

william black for president!

Thu, 05/05/2011 - 19:53 | 1245809 Die Weiße Rose

Boondoggling SEC

It is really the SEC that should be investigated, because from 2003 to 2007 they were boondoggling full steam ahead, while all this shit happened right under the SEC's very nose. Now that the Horse has bolted, the SEC find themselves on a cruse abord the Titanic, arranging a deck-chair here and pretending to send a message in a bottle somewhere to boondoggle land, just to be seen to be doing something useful, like arranging deckchairs on the sunken Titanic or sending an SOS in a bottle to themselves....

what on Earth was I just talking about ?

Thu, 05/05/2011 - 20:05 | 1245846 I am Jobe

J.P. Morgan's Food Stamp Monopoly: The More Americans That Fall Into Poverty The More Money Jamie Dimon Makes (Video)

http://www.activistpost.com/2011/05/jp-morgans-food-stamp-monopoly-more....

Thu, 05/05/2011 - 20:14 | 1245868 riley martini

We've seen this game before if a group of politicians aren't getting their share of the stolen funds . They have the SEC bring charges which usually follow with bribes, contributions and a public settlement of a small fine and complete denial of any wrong doing.

Thu, 05/05/2011 - 20:15 | 1245882 I am Jobe

Yeap, the episode repeat itself. A fine and back to doing the same thing. Why , the SEC has big packages waiting when they leave office. Shows no matter how educated one is in the USA, it is who you blow to get a job . So much for ethics and hardwork in the USA.

Now start hanging the bitchezzzz.

Thu, 05/05/2011 - 20:19 | 1245884 Cdad

This has been discussed here at length. I'm on record as saying...not this time. The American citizenry has ZERO confidence in the markets now. Something will have to be done to reverse that. Money printing...ehem...did not achieve this effect.

I suspect we are within days...or maybe weeks...from some serious headline damage in this way. JP Morgan receiving a subeona does not quite get us there...but we draw nearer each day.

Thu, 05/05/2011 - 21:49 | 1246140 velobabe

cdad, i was just chatting with an older woman, who is religious with zerohedge, and registered member, but only reads zerohedge for the articles. she said she isn't interested in the comments section. fascinating†

Fri, 05/06/2011 - 00:12 | 1246364 Gold 36000

Most of us skip the articles and head straight to the soap box.

Thu, 05/05/2011 - 20:14 | 1245876 schadenfreude

This is going to end with a fine for paying us a Whopper Menu, relatively spoken.

Thu, 05/05/2011 - 20:17 | 1245891 Atomizer

The crock of lies are getting harder to cover up.

Turd & Harvey have been very accurate in laying out future events. TPTB has been skillfully clever with their propaganda campaign. Dumbphones and social networking is only netting a 25-35% success rate. Bwahahahaha.

I love when the useful progressive idiots turn on their own. Take a moment to watch. You won't be disappointed. Keep up the good work Tyler and company.

TED-Filter Bubbles-Unseen Censorship on the Internet

Korn Fuck that [Y'all want a single]

Thu, 05/05/2011 - 20:31 | 1245933 buzzsaw99

Nice try bitchez. Ain't buying it.

Fri, 05/06/2011 - 01:22 | 1246476 Yen Cross

You know I respect you Buzz!

Thu, 05/05/2011 - 20:34 | 1245934 Die Weiße Rose

Yes,we know all that. -

what I really want to know:

what is happening in FUKUSHIMA TEPCO's Nuclear REACTOR 1,2,3 and four ?

with the latest drone videos please...

if TEPCO and the Japanese Government allows, although I doubt it...

otherwise I can't eat my 55c Can of Sardines (marked: FAO Major Fishing Areas 71,)

even though I am on a mean budget !

I need to know: has the Nuclear Disaster been cleaned up yet ?

Thu, 05/05/2011 - 20:44 | 1245972 Yen Cross

Excellent Point! WTF? Did Fukushima disolve?

Thu, 05/05/2011 - 22:09 | 1246179 Nobody special

The absence of info on Fukushima surprises me. It isn't odd for MSN to drop things like this, but I'd have expected Zerohedge would still have active discussion.

The latest info I've heard is that the Japanese Gov't is going to release the measurements from the first weeks of the accident. They were initially withheld to prevent panic. This sharing of information was announced May 3rd and should mean an update soon. Be nice to see what the experts make of it.

Thu, 05/05/2011 - 23:21 | 1246286 Problem Is

"I need to know: has the Nuclear Disaster been cleaned up yet ?"

Yeah, just like the BP Gulf oil gusher is cleaned up...

BTW Die: Corexit jumbo shrimp? Help yourself! I have another platter full in the kitchen...

Thu, 05/05/2011 - 20:48 | 1245977 AC_Doctor

These pompous assholes are really gonna feel like they got assraped when a Judge opens the door on all their silver trading manipulation ponzi scheme....

Thu, 05/05/2011 - 20:50 | 1245989 EscapeKey

No doors will be opened, those assholes own the judges.

Thu, 05/05/2011 - 20:49 | 1245987 downwiththebanks

Blah, blah blah. Lots of money for the corporate lawyers, eventually to settle for about $134.84.

'Law' and the sanctity of contracts are so much bullshit among liars and thieves.

Thu, 05/05/2011 - 21:24 | 1245992 neelyfallon

Most of those shit loans came from American Home Mortgage which BS funded. AHM securitized thru BS & then serviced by EMC, originally a division of BS. JPM picked up various sacks of AHM/BS/EMC shit for pennies (or fractions thereof) on the dollar. But the true bag holders are those sold the shit as a good investment & we taxpayers. I believe JPM got the service rights and/or senior tranche rights to these "assets" & non-recourse on the actual securitization underwriting & may have little or no downside risk / liability & all upside. God Bless American Crony Capitalism!

Thu, 05/05/2011 - 20:52 | 1245995 mynhair

Were other strippers involved, or just the same one?

Thu, 05/05/2011 - 21:03 | 1246019 Tunga

Paging Linda Green!

You do know she got her start with the IRS don't you? Oh yes. Tunga knows her.

Tunga absolutely loves her. Soon you will too.

XOXO

Thu, 05/05/2011 - 21:42 | 1246122 velobabe

tyler, you tease write. honestly, it is like your heart rate goes up and then the last sentence just kinda makes you not hard any more. the house is a rockin with gold and silver.

Fri, 05/06/2011 - 00:20 | 1246383 Gold 36000

LOL

Thu, 05/05/2011 - 21:51 | 1246138 SwingForce

Don't get so excited that you miss the best part of the show: The banks have the profits, but they also have the underlying properties that YET HAVE BEEN WRITTEN OFF THEIR BOOKS! Meaning, as long as they stall the REO SALES, they get to pretend they can keep that money. Once they book the sale/ loss, it all gets eaten up and the FDIC gets to run their businesses. Forget about the blame-game, its another stalling diversion, ON WITH THE MARKDOWNS!

Thu, 05/05/2011 - 21:59 | 1246156 JW n FL

http://market-ticker.org/post=185551

Oh Boy.... The Mother Of All Complaints

I was wondering how long it would take for this sort of complaint to show up.

This is from Michael T. Pines, who has earned himself a history of doing rather, well, extraordinary things to fight what he has alleged are illegal foreclosures against his clients. That extraordinary level of activity recently earned him a suspension of his law license.

Not content to take that lying down, he has filed a rather interesting complaint, suing cities and their counsel.

The bottom line is that he contends that the vast majority of the foreclosures that are taking place are unlawful. They're unlawful because the purported lender has no standing to foreclose as that lender suffered no injury.

The essence of the claim lies in the allegation that after all the credit enhancements, default swaps and other items are netted, the lender suffered no loss:

Thu, 05/05/2011 - 22:50 | 1246230 Tunga

Did someone say extraordinary things? Well then; lets just have a look at just who is liable under 26 USC shall we?

Perusing paragraph (a) will get you somewhere won't it?

http://codes.lp.findlaw.com/uscode/26/F/64/D/II/6331

Levy may be made upon the accrued salary or wages of any officer, employee, or elected official, of the United States, the District of Columbia, or any agency or instrumentality of the United States or the District of Columbia, Oh my. That does sort of limit things there doesn't it? Elected officials in all. Sounds VERY important doesn't it?

Fri, 05/06/2011 - 00:16 | 1246373 Gold 36000

LOL He is suggesting that after a judge has signed a foreclosure order (and it has been entered in the court) that his clients disregard that order and break into the house and reoccupy it. I am not so sure he is the hero you think he is. I hope you are more careful with your law license. LOL I am an annoying dork because I like to write LOL. LOL! Wasn't that funny? LOL

Fri, 05/06/2011 - 00:16 | 1246375 Gold 36000

LOL

Thu, 05/05/2011 - 22:26 | 1246206 tradewithdave

There must be some sort of mistake. Here's what the CEO of JP Morgan had to say about their mortgage business. “A lot of mistakes were made, when we make mistakes, we need to admit that and fix them. Every time, we’ve made almost none when it comes to foreclosures, but if we have, we will make it up to that person I promise you that, ok?”

Here's the mojo video: http://tradewithdave.com/?p=6252

Dave Harrison

www.tradewithdave.com

Thu, 05/05/2011 - 22:29 | 1246214 Westcoastliberal

Our "elected representatives" and the courts are so bought & paid for we shouldn't expect any of these crooks to serve time or pay out any money that is meaningful (to them).

And for sure the looting of our treasury is right on schedule and being supported by the Fed. If taxpayers had any idea what is really going on they would shit a brick.

The only advice I can offer is that tyranny will only be tolerated by the masses for so long. The problem we have now IMHO is the media being controlled by the same crowd that's causing the damage. I don't think the Internet has enough power to counter MSM. So long as the people are drinking the koolaid from Fox & others, we'll not reach any critical mass for a backlash that can overwhelm the status quo.

Thu, 05/05/2011 - 22:34 | 1246216 Eireann go Brach

A fucking DD is all everyone has in this country, what happened to the nuclear reactors? the war in Libya? Where is Gaddafi? What is going on with Egypt?

Thu, 05/05/2011 - 23:12 | 1246265 Atomizer

Your fed daily distractions to cultivate fear. Based on your belief of this manufactured news, you'll either bite or ignore. What is frustrating, the architect(s) are not getting the results which were predicted by the committee model.

Changing behavior habits is not as easy as this small group thought. In fact, it has created more distrust. Tis, tis, tis.

For the kooks reading this, please continue your mission. It will only help others see the bigger picture. Gray haired are going to be considered.. Obsolete. Your baited breath can only determine the future of extended free taxpayer ride. Will you become close to retirement and find out the system can no longer support you?

What countries are experiencing this event today?

Thu, 05/05/2011 - 23:18 | 1246280 Problem Is

If there is a trial... will they have to go to the morgue and roll Eric "Empty Suit" Holder out of the freezer after 9 years like Osama Been Laden??

I think Holder is the one that has been dead since 2002...

Thu, 05/05/2011 - 23:22 | 1246290 ebworthen

I'd pay an ounce of gold to watch the public hanging of the sacks of shit.

Fri, 05/06/2011 - 00:05 | 1246359 Gold 36000

It will not do any good. Banksters are immortal unless you kill the head bankster. We must find his lair, but where? He only comes out at night but I cannot stay awake past 2300. It is hopeless.

Thu, 05/05/2011 - 23:35 | 1246312 shazbotz

$5 bet outcome results in slap on the wrist?

Fri, 05/06/2011 - 00:08 | 1246362 jack1sparrow

http://www.munknee.com/2011/04/11-u-s-states-to-adopt-canadian-dollar-as...

Welcome to the Twilight Zone.

Fri, 05/06/2011 - 00:18 | 1246378 Gold 36000

Cue scary music LOL

Fri, 05/06/2011 - 00:18 | 1246379 Gold 36000

LOL!

Fri, 05/06/2011 - 13:48 | 1248447 shazbotz

that was an April fools...

Fri, 05/06/2011 - 00:19 | 1246380 Gold 36000

OH well. If this thread is dead I might as well find some internet porn. LOL

Fri, 05/06/2011 - 00:54 | 1246449 Jovil

You are right Tyler. We are becoming a third world nation full of white collar criminals taking advantage of the middle class.

http://lonerangersilver.wordpress.com/2011/04/24/pyramid-of-capital-syst...

Fri, 05/06/2011 - 01:20 | 1246474 AldoHux_IV

Here come a few scraps to make the peasants think the government and regulators are on the beat and they will fight for America-- comedy hour indeed.

Let's see these assholes sent to pound-me-in-the-ass prison.

Fri, 05/06/2011 - 02:43 | 1246537 suckerfishzilla

This case will go up in a puff of cigar smoke. I am going to attack their soft underbelly in the morning and buy some more Argent. What else is there? I could get up off my you know what and scrap a few hundred pounds of copper in my basement. That amounts to work though. I try to avoid that. Oh well anything for the SLA. Duty calls.

Fri, 05/06/2011 - 02:46 | 1246539 suckerfishzilla

JPM is long copper last I checked.

Fri, 05/06/2011 - 06:26 | 1246657 hangemhigh77

Well the SEC can't possibly do anything at this time, they don't have enough money. We need to give the agency an extra 500 million so they can "get the job done". They are the highest paid porn surfers in the world.

Fri, 05/06/2011 - 06:39 | 1246667 nathan1234