MORTGAGE BACKED SECURITIES
A year ago the DOJ announced that the banking giant JPMorgan Chase would avoid criminal charges by agreeing to pay $13 billion to settle claims that it had routinely overstated the quality of mortgages it was selling to investors. But how did the bank avoid prosecution for committing fraud that helped cause the 2008 financial crisis?
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As I watched Governor Romney in the presidential debate Wednesday night I was reminded of a financial tactic the candidate's political supporters and financial backers on Wall Street used during the mortgage boom -- the one that netted them billions of dollars while simultaneously pushing the American economy off a cliff.