2017-10-17 17:40:49

Big Bank Used Other People's Money to Pay Fine, Special Report Finds

GUEST: David Dayen, contributor to The Intercept, the Nation, and a weekly columnist for the New Republic. He is the author of Chain of Title: How Three Ordinary Americans Uncovered Wall Street's Great Foreclosure Fraud. He just published the findings of his special report for The Nation Magazine entitled, How America’s Biggest Bank Paid Its Fine for the 2008 Mortgage Crisis—With Phony Mortgages!

BACKGROUND: You may think the sub-prime mortgage crisis of 2008 is old news. Wall Street is booming, and big banks have closed the chapter on their dirty deeds. Indeed, corporate America has one of their own in the White House and many colleagues in cabinet posts.

But a new special investigation has found that the practices of one of the nation's biggest banks, JP Morgan Chase, is worth a deeper look. Writing for the Nation, journalist David Dayen found that JP Morgan Chase, headed by CEO Jamie Dimon, paid for its settlement with the government over the sub-prime mortgage crisis, by forgiving home loans on properties that had been sold off to others already.

Big Banks JP Morgan Rising Up with Sonali United States Wall Street

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