JPMorgan Sued Over Mortgage Securities
The trustee for securities marketed in 2005 by the former Bear Stearns Cos has sued JPMorgan Chase & Co for $95 million over alleged misrepresentations regarding the underlying mortgage loans.
US Bank NA wants to force JPMorgan to buy back the mortgage loans due to the alleged breaches of representations and warranties regarding the Bear Stearns Asset Backed Securities Trust 2005-4, for which it serves as trustee. It accused JPMorgan Chase & Co, the largest U.S. bank by assets, of refusing to provide the underlying loan files, as the trust documents require so it can investigate the extent of the alleged breaches.
The case is Bear Stearns Asset Backed Securities Trust 2005-4 v. EMC Mortgage Corp et al, New York State Supreme Court, New York County, No. 650003/2012.