bank buys failing lender to protect country against fallout from the 2008 implosion, lender had made bad loans, purchaser is responsible for said loans going bad, really bad.
That is the scenario as I understand it and JPMorgan Chase* is paying the price to Fannie Mae and Freddie Mac which bought those loans. True, the loans were badly written but what was JPMorgan Chase to do?
Will someone please explain this to me as if I was a six-year old? Read the full report from CNN.
JPMorgan paying $5.1 billion
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*Disclosure - I hold a small investment in JPMorgan Chase (but I'd be taking the same position if the article was about Bank of America.
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