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JPMorgan Chase lost close to 1.5 billion since July

Wed Aug 13, 2008 05:08PM | By Tony

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This can be a little more than pocket change, compare with what's coming. According to a regulatory filing August 11, JPMorgan held as of June 30, an aggregate $19.5 billion of prime and Alt-A mortgage exposure, $1.9 billion of subprime mortgage exposure, and $11.6 billion of commercial mortgage-backed securities exposure. JPMorgan wrote down the value of its $33 billion in mortgage-backed securities as prices continued to drop in July, following recent sale by Merrill Lynch of $30.6 billion in bad debt to Lone Star funds for puny $6.7 billion, or about 22 cents on the dollar.

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