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While there is no risk to JP Morgan from the mistakes made on their trades in London, the ramifications may have impact on the debt markets and so on real estate indirectly. We are already seeing the political types going vocal and holding hearings, even though there is no real federal issue involved. This was not Federal money, there is no FDIC issue, no taxpayer issues or any real need for Congress to hold a hearing. It is pure election year politics. There is surely no criminal behavior. That bit is purely to admonish Jamie Dimon for having the audacity to publicly raise real legitimate issues about Dodd Frank. The fear everyone now has is that Congress will go overboard on the regulations and instead of helping control risk, they will inhibit lending and possibly increase risk if they overly restrict banks hedging.

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