by Calculated Risk on 10/01/2012 07:38:00 PM

First, from Reuters: JPMorgan Sued for Fraud by NY Attorney General

New York Attorney General Eric Schneiderman on Monday filed a lawsuit against JPMorgan Chase for fraud over faulty mortgage-backed securities packaged and sold by the former Bear Stearns.

The Residential Mortgage-Backed Securities Working Group was formed to probe the pooling and sale of risky mortgages in the run-up to the 2008 financial crisis.

Some of those Bear Stearns deals were really ugly. I remember an Ambac presentation about a Bear Stearns deal in 2008 with "100 people in the round ... 82 have walked out and not paid you a whole lot back". Ouch.  It probably ended up with close to 100 out of 100 walking ...

On Tuesday:
• Early: Reis Q3 2012 Office vacancy rates. Last quarter Reis reported that the office vacancy rate was unchanged at 17.2%.

• All day: Light vehicle sales for September. The consensus is for light vehicle sales to be unchanged at 14.5 million SAAR in September (Seasonally Adjusted Annual Rate).


A question for the October economic prediction contest (Note: You can now use Facebook, Twitter, or OpenID to log in).