JP Morgan's $ 13 billion apology

American bank JP Morgan, which sold to investors prior to the 2008 financial crisis in the mortgage agreement which exaggerated the quality of the product in exchange for the abandonment of the claim that the U.S. government has agreed to pay 13 billion dollars.

Agreement with the Ministry of Justice explaining this result, before the financial crisis because of the attitude of the banks is an important step towards accountability, he said.

Reuters was the trigger of the crisis' authorities according to a report, the largest U.S. bank, JP Morgan, accept responsibility for the behavior of the housing bubble inflates or said that the essence of why. This is conducted by banks defective mortgage loan agreements, they are relatively safe for you to sell to investors is defined as. With the introduction of loans to investors lost confidence in the banking system and the housing market crisis, the financial crisis in the country has become. Ministry of Justice, in his written statement in this regard, the JP Morgan bank should be never be sold to investors in mortgage loans purchased acknowledged that persistently and knowingly reported.

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