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Wells Fargo (WFC) sues JPMorgan (JPM), seeking to force the bank to buy back more than 800 punk...

Wells Fargo (WFC) sues JPMorgan (JPM), seeking to force the bank to buy back more than 800 punk mortgages it sold. "The loans have been plagued by an alarming rate of defaults and foreclosures." It appears the maxim about Piranhas in a tank not eating each other isn't true.
Comments (2)
  • 7footMoose
    , contributor
    Comments (2266) | Send Message
     
    What exactly is a "punk" mortgage?
    15 Sep 2011, 04:56 PM Reply Like
  • alibeamish
    , contributor
    Comments (342) | Send Message
     
    US banks are still lending in risky markets -for example Australia. House prices are slowly falling there and unemployment is increasing.
    The average price in Darwin or Sydney is over $500,000. That is maybe 1.5 million to pay back, seems alot for the average borrower.
    15 Sep 2011, 05:16 PM Reply Like
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