Issues Lurk Behind JPM's Jump in Mortgages, Investment Banking
American Banker (10/12, Peters, Subscription Publication, 9K) reports that "enough pesky annoyances floated around JPMorgan that its outlook for the rest of the year can only be described as cloudy." Noting that "regulators and prosecutors from multiple jurisdictions are putting heavy pressure on JPMorgan," American Banker adds that the bank "also faces the same tight margins and tough loan environment plaguing other banks." The piece goes on to say, "One bit of noise came from JPMorgan's home equity loans. The Office of the Comptroller of the Currency ordered it to take an additional $825 million of chargeoffs on home equity loans. The home equity loans were written down to their collateral value, even though in many cases the borrowers are current."
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