JPMorgan Chase Cleans Up Its Portfolio

Many have criticized Wall Street firms for not doing more to manage risk in the lead up to the financial crisis and many have wondered just how much has changed over the past year. Let it be known that JPMorgan Chase is no longer playing by the old rules when banks were handing out loans to anyone who asked. If you're an accused murderer? Well, then, the new JPMorgan Chase wants nothing to do with you.

In May, the bank cut off a home equity line of credit that had been obtained by accused wife-killer Drew Peterson in 2005. ("Imprisonment" was listed as the official reason for the suspension.)

But Peterson, who is currently behind bars awaiting trial for killing third wife—his fourth wife, meanwhile, remains missing—isn't having any of it. He is now suing the bank for damaging his credit. At least the guy still has his priorities in check.

Update: Washington Mutual gave O.J. Simpson a second mortgage at the beginning of the crisis. And WaMu failed. Possible connection?

Drew Peterson Sues Bank For Cutting Credit Line [CBS2 via BI]