Trust Sues JP Morgan's EMC Mortgage Unit Over Loan Pool Purchase -Bloomberg
May 25 2012 - 8:12PM
Dow Jones News
J.P. Morgan Chase & Co. (JPM) unit EMC Mortgage was sued by
a trust that formed in 2006 and bought a pool of residential
mortgage loans from EMC, Bloomberg News reported Friday.
EMC is a former Bear Stearns unit.
SACO I Trust 2006-5 alleges EMC made "numerous breaches of
representations and warranties" about the quality of the loans,
Bloomberg reported.
The trust is seeking damages of at least $293 million plus
interest, Bloomberg reported.
A J.P. Morgan spokeswoman didn't immediately a return an email
from Bloomberg seeking comment.
Full story at
http://www.bloomberg.com/news/2012-05-25/emc-mortgage-sued-by-securitization-trust-in-new-york-2-.html
-Dow Jones Newswires; 212-416-2900
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