The company expects to continue to buy back shares consistent with its repurchase authorization.

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Remember, all of those fantastical losses that lenders were reporting from loan defaults in the wake of the mortgage meltdown, were caused by bad loans they were forced to repurchase or buy back from investors like FannieMae and FreddieMac.

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Dimon also commented on mortgage repurchase payments saying he doesn't expect the bank to have to buy back any private-label mortgage securities.

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