New York Post- Taxpayers are all but certain to take a hit on the securities the Federal Reserve accepted as part of JPMorgan Chase’s takeover of Bear Stearns, according to a report by a hedge fund that is an investor in JPMorgan.

The reports comes as the Fed said last week said it valued the bundle of assets it accepted as collateral for the $28.8 billion loan at $28.9 billion as of June 26.

That’s a drop of 3.7 percent from earlier this year.

JPMorgan is on the hook for just the first $1.15 billion of value below the loan amount – with the taxpayers having to make good for any additional deterioration in value of the collateral.

"We expect that the loss will exceed the $1 billion exposure for JPM," the hedge fund said in the report, a copy of which has been seen by The Post on the basis of not identifying the name of the fund.

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