Globe and Mail (CAN) (08/13/08); Fineman, Josh; Chan, Cathy
JPMorgan Chase disclosed in an Aug. 12 regulatory filing that it has taken a $1.5 billion loss on mortgage-backed assets in less than two months. The latest losses were caused by the widening spread on mortgage-backed securities and loans as well as by deteriorating trading conditions. "This is as close to the perfect storm as the bank can get," said Richard Bove, an analyst at Ladenburg Thalmann & Co. The report spun JPMorgan Chase stock to its steepest decline in six years as the share price fell 11 percent to $37.27 before closing at $37.92.
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