JPMorgan faces criminal and civil probes over mortgages

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JPMorgan faces criminal and civil probes over mortgages

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JPMorgan faces criminal and civil probes over mortgages

by Wochit 0:55 mins

JPMorgan faces criminal and civil probes over mortgages

by Wochit 0:55 mins

JPMorgan Chase & Co, the biggest U.S. bank by assets, said it is being investigated by civil and criminal divisions of the U.S. Department of Justice over offerings of mortgage-backed securities. While parallels have been drawn between Detroit and Chicago for their huge unfunded pension liabilities, Jack Ablin of BMO Private Bank says his hometown is in an entirely different position. Says Ablin, Chicago's population is stable and growing and real estate prices are rising, whereas Detroit's demise has been a slow and steady decline that started in the 1970s. The Bank of England said that it planned to keep interest rates at a record low until unemployment falls to at least 7 percent.

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