????摩根大通最終可能能賺10億美元多一點。摩根大通將向房利美和房地美支付的11億美元是用于回購借款人中斷一次還款或完全停止還款的貸款，并不意味著這些貸款分文不值。有些借款人將來可能恢復還款，可能依靠自己，也可能是修改條款后。被取消止贖權的房屋仍可出售。而且，對沖基金和不良債務買家很樂意以一定價格從摩根大通手中購買這些貸款。根據摩根大通過去的估算，它出售這些回購貸款可獲得1.51億美元。

????所有這些都可以解釋，或者至少可以在一定程度上解釋，為什么雖然摩根大通的法律問題在不斷惡化，它的股價卻一直攀升。對于摩根大通而言，歷史按揭債券導致的處罰力度最終遠遠小于表面看起來的樣子。（財富中文網）???

????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.