Hundreds of millions of dollars in mortgage-fraud settlements from JPMorgan Chase & Co. and other banks are providing a windfall to state attorneys general -- and creating a new class of political winners and losers.
You may have heard that JPMorgan is paying a lot of people billions of dollars to settle those people's lawsuits over bad mortgages that Washington Mutual sold them back in the day. Some people think that this is unfair to JPMorgan, since it wasn't selling the bad mortgages, WaMu was. Why should JPMorgan pay for the sins of WaMu?
The Volcker Rule, which curbs risk- taking by banks by imposing restrictions on speculating with their own money, excludes collateralized loan obligations that don’t hold assets other than loans, according to the Loan Syndications & Trading Association.