Graham Fisher Sees Parallels to Fannie Mae in JPMorgan

Joshua Rosner, co-author of a book detailing Fannie Mae’s role in the housing crisis, said he sees parallels between the failed mortgage-finance giant and the strategies JPMorgan Chase & Co. uses to win government and investor confidence.

JPMorgan, like Fannie Mae before its collapse in 2008, has a reputation among industry executives and analysts for being the best managed among its competitors, yet the bank still faces more regulatory and legal actions unrelated to mortgages than most of its rivals, Rosner, a 46-year-old analyst at Graham Fisher & Co. in New York, wrote yesterday in a 45-page note titled “JPMorgan Chase: Out of Control.”