The truth always finds a way out. When an independent analysis of JPMorgan Chase exposed “serious flaws” in the company’s home loans, it did what Wall Street does best: hid the evidence. In documents released this week, officials found proof that the company “adjusted” the critical reviews it received by buying and selling a new set of home-loan portfolios—creating a “sanitized” pool of data in the process. The move allowed the financial powerhouse to gloss over serious faults in its loans and sell mortgages that appeared healthy to the consumer. The suit, which includes a “trove of internal emails and employee interviews,” may be an important stepping stone in the Federal Housing Finance Agency’s landmark $200 billion case.
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