Dimon Says Mortgage Clash Swells as ‘Everybody Is Going to Sue’

http://www.bloomberg.com/news/2011-07-14/dimon-everybody-is-going-to-sue-over-mortgages.html

Banks are struggling to stanch losses tied to loans based on missing or wrong data about borrowers and properties and are facing probes of foreclosures that may have used falsified documents. Lenders led by Bank of America Corp. (BAC) have reimbursed investors for losses on mortgages, and New York-based JPMorgan said it has $3.3 billion in costs so far on repurchases from government-backed firms such as Fannie Mae.