2nd Loans, 2nd Wave of Losses

Gretchen Morgenson is one of the more astute journalists in our country writing with insight for the NY Times about Wall Street and foreclosure frauds.  First thing this morning I was alerted to her latest article calling attention to the fact that the banks may be misrepresenting their profits (ya think? – I’m shocked).  I’m wondering about the rest of the expenses the banks don’t seem to be paying or claiming on their books – like insurance, HOA fees, taxes, maintenance… these are sizable figures and no one seems to be making them accountable.

FAIR GAME
2nd Loans, 2nd Wave of Losses
GRETCHEN MORGENSON
Published: July 16, 2011

HAVE you heard the good news? Big banks are making more money than we thought.

On Thursday, JPMorgan Chase said it earned $5.4 billion during the second quarter. On Friday, Citigroup said it earned $3.3 billion. Continue reading