Chase: Buying Back Mortgages Could Be Costly — New York Real Estate

Chase: Buying Back Mortgages Could Be Costly

by John Tayeb on October 20, 2010

mortgage-backed securities

In a report to shareholders, J.P. MorganChase said the cost to buy back troubled mortgage-backed securities could top $120 billion, but unless it is forced to do that, the foreclosure freeze is much ado about nothing.

The bank’s fixed-income strategists, Ed Readon and John Sim, said in a note that the issue was overestimated in media and market analysts’ reports and costs related to resolving these paperwork issues were “likely to be minimal. … They are process oriented and can be fixed in the near term.”


Source: Dow Jones Business News, Chris Dieterich (10/18/2010)

 

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