I don't like pubs http://www.mburtonphoto.com/about/ glucophage 1 g  Investors in private-label MBS have experienced hundreds of billions of dollars in losses. Let's look, for instance, at JPMorgan's description of the fate of mortgage-backed securities sold by the bank and its predecessors Bear and WaMu. According to JPMorgan's 2012 annual report, the three entities sold a combined $450 billion in MBS to private investors (as opposed to Fannie Mae and Freddie Mac) between 2005 and 2008. More than a quarter of the original face value of the securities, or $118 billion of that $450 billion, has been liquidated, with investors suffering average losses of more than 60 percent on liquidated underlying loans. By my math, that's about $71 billion in losses for private-label JPM, Bear and WaMu MBS trusts as of the filing of the bank's annual report last December - with more likely, since the report also disclosed that $39 billion in underlying mortgage loans were at least 60 days overdue.