Oct 1 An insider at JPMorgan Chase & Co
has supplied a large amount of information related to the sale
of mortgage securities to the U.S. Justice Department, which is
using the documents to pursue possible criminal charges against
the bank, the Wall Street Journal reported citing people
familiar with the matter.
The cooperating person has provided information including
emails suggesting that JPMorgan vastly overstated the quality of
mortgages that it packaged into securities and sold to investors
before the financial crisis, the newspaper quoted the sources.
The sources declined to identify the insider or say whether
the individual was still employed at JPMorgan, the report said.
The documents and other material provided by the insider
have proved critical to the Justice Department's investigation
and are fueling the government's aggressive push to elicit an
admission of wrongdoing by JPMorgan as part of any settlement,
the Journal said. ()
JPMorgan is seeking a "global" settlement of federal and
state mortgage-related probes that could involve a payment of $7
billion in cash plus $4 billion for consumers, Reuters reported
on Monday, citing people familiar with the negotiations.
JPMorgan could not immediately be reached for comment by
Reuters outside of regular U.S. business hours.