银行会计奇迹：摩根大通和解交易推升利润

    摩根大通最终可能能赚10亿美元多一点。摩根大通将向房利美和房地美支付的11亿美元是用于回购借款人中断一次还款或完全停止还款的贷款，并不意味着这些贷款分文不值。有些借款人将来可能恢复还款，可能依靠自己，也可能是修改条款后。被取消止赎权的房屋仍可出售。而且，对冲基金和不良债务买家很乐意以一定价格从摩根大通手中购买这些贷款。根据摩根大通过去的估算，它出售这些回购贷款可获得1.51亿美元。

    所有这些都可以解释，或者至少可以在一定程度上解释，为什么虽然摩根大通的法律问题在不断恶化，它的股价却一直攀升。对于摩根大通而言，历史按揭债券导致的处罚力度最终远远小于表面看起来的样子。（财富中文网）   

    And it's possible that JPMorgan could make more than $1 billion. The $1.1 billion JPMorgan is paying Fannie and Freddie is to repurchase loans on which borrowers have missed a payment or stopped paying completely. That doesn't mean those loans are worthless. Some of those borrowers might start paying again, either on their own or after a modification. Houses that end up in foreclosure can still be sold. What's more, there are hedge funds and distressed debt buyers who would be happy to take those loans off JPMorgan's hands for a price. Based on the bank's past estimates, JPMorgan could generate $151 million from selling the repurchased loans.

    All this could explain, at least in part, why JPMorgan's stock has continued to climb even as its legal problems have grown. For JPMorgan, the penalty for its past mortgage deeds will end up being far less painful than it seems.