JPMorgan Chase & Co. revealed Monday that it has incurred more substantial losses in its mortgage investments so far in the third quarter than it did in the previous three months.
In a regulatory filing to the Securities and Exchange Commission, the bank said turbulence in the credit markets has caused it to lose about $1.5 billion, after hedges, in its mortgage-backed securities and loans to date in the July-to-September quarter.
That's more than the $1.1 billion markdown the bank took in its investment bank's portfolio during the second quarter.
As of June 30, the New York-based bank had $19.5 billion in exposure to prime and Alt-A mortgages, $1.9 billion in exposure to subprime mortgages, and $11.6 billion in exposure to commercial mortgage-backed securities.
During the second quarter, JPMorgan Chase _ which in March bought the investment bank Bear Stearns & Cos. _ posted a 53 percent drop in profit after marking down its investment portfolio, writing off more consumer loans as unpaid, and bulking up its reserves for further loan losses.
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