JPMorgan Chase and Co. has revealed that is has an expenses bill of 1.3 billion dollars relating to mis-sold mortgages and foreclosures in its third quarter.
This increases the bill for the five most sizeable mortgage lenders since 2007 to nearly $69 billion.
JPMorgan, the largest American bank going by assets, put aside $314 million for buying back mis-sold mortgages and incurred $1 billion in litigation costs, says its report dated Oct. 13.
This brought the bank's total costs to $17.6 billion, as per data compiled by Bloomberg.
Costs are piling up as investors, borrowers and states accuse banks of mis-selling mortgages and improper foreclosures.
The total may even top $120 billion as mortgage buyers such as Fannie Mae become more aggressive.
Mis-sold Mortgage Claims > Mortgage News
JP Morgan Pays out USD1.3 Billion for Missold Mortgages
Mon, 24 Oct 2011
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