Reuters: DoJ to sue JPMorgan Chase over mortgage-backed securities

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JPMorgan Chase & Co. may be headed to court over mortgage-backed securities it sold during the housing boom. Reuters reports that the U.S. Department of Justice is preparing a suit, although it “was not immediately clear whether the new charges would be civil, criminal or both.”

Bank of America is fighting civil charges filed by the DoJ last year blaming the lender’s Countrywide unit for more than $1 billion in losses at Fannie Mae and Freddie Mac. Bank of America denies the charges and the case is set to go to trial this week. Source: reuters.com