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Trouble For Bear Stearns Mortgage Book?

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The departures of two senior Bear Stearns executives from JP Morgan Chase may signal problems with the value of the Bear Stearns mortgage portfolio. Over the weekend Henny Sender of the Financial Times reported that Jeff Mayer and Craig Overlander, the two men who had been in charge of the fixed income arm of Bear Stearns and were named vice-chairman of JP Morgan's investment bank shortly after the acquisition of Bear was announced, were headed out the door.
Sender's report cites "question" about the value of the mortgage book, and is written in a weird negative way. The men are leaving for reasons "not exclusively" related to the mortgage book. Which apparently means "but pretty much" related to the mortgage book. At least that seems to be the favorite read of most people watching the move.
Bear duo quit new JPMorgan jobs [Financial Times]