Jamie Dimon Admits Mortgages Are An "Unmitigated Disaster"

``"There have been so many flaws in mortgages that it's been an unmitigated disaster," Dimon said during a conference call today. "We just really need to clean it up for the sake of everybody. And everybody is going to sue everybody else, and it's going to go on for a long time." JPMorgan disclosed about $2.5 billion in second-quarter costs tied to faulty mortgages and foreclosures. The bank added $1.27 billion to litigation reserves, mostly for mortgage matters, and incurred $1 billion of expenses tied to foreclosures, according to a slide showaccompanying today's earnings report. Repurchase losses were $223 million, according to the company, which ranks second by assets among U.S. banks. ''