JPMorgan Loses Court Ruling Over Loan Putbacks | Syncora Guarantee Inc v. EMC Mortgage Corp

JPMorgan loses court ruling over loan putbacks

* Syncora can pursue claims based on entire loan pool

* Insurer need not show breaches of individual loans

NEW YORK, March 28 (Reuters) – JPMorgan Chase & Co (JPM.N) could be forced to repurchase thousands of home equity loans, after a judge ruled in favor of a bond insurer that argued it could build its case based on a sampling of loans.

The ruling against EMC Mortgage Corp, once a unit of Bear Stearns Cos, comes amid many lawsuits seeking to force banks to buy back tens of billions of dollars of mortgage and other home loans that went sour. JPMorgan bought Bear Stearns in 2008.

Syncora Guarantee Inc now can pursue claims concerning the entire 9,871-loan pool that backed a securities issue, according to the ruling late Friday from U.S. District Judge Paul Crotty in Manhattan.

The ruling lowers the hurdle for insurers trying to prove they were deceived by banks, and increases the potential that banks could be forced to buy back more loans.

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Syncora Guarantee Inc v. EMC Mortgage Corp

Comments
2 Responses to “JPMorgan Loses Court Ruling Over Loan Putbacks | Syncora Guarantee Inc v. EMC Mortgage Corp”
  1. TONY says:

    I also have EMC mortgage as an alleged servicer, the seller into a securities, bear stearns was the depositor and JPM as the Trustee which all committed fraud and lied to all investors , the SEC, the IRS … they get what they deserve … I have all original documents to show FRAUD of the securities!!

  2. 1ofthemany says:

    Again!!! It is great to see the mega banks being put on the mark!!! Two days in a row Chase ahs vbeen smacked in between the eyes. Possibly too late for some (but maybe not) hopefully I and others will be able to punch back as they – Chase has punched us. It has been over 2 years for me, fighting them to be given a in-house mod saying MERS owns my note, just one day before foreclosure proceedings were to be put into place. Very crafty of Chase regarding my mortgage and they get more money form me somehow… but just as with most liars, cheats and swindlers Chase’s dues are forthcoming, I am delighted at this time to see this, maybe the old American way is being revived. One can only hope, pray and pursue justice.

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