Dexia v. Bear Stearns | “Egregious Fraud” Dexia Sues JPMorgan Over $1.7 Billion in Mortgage Securities

Dexia Sues JPMorgan Over $1.7 Billion in Mortgage Securities

JPMorgan Chase & Co., the biggest U.S. bank by assets, was sued over mortgage-backed securities sold to Dexia SA (DEXB) because the loans underlying the securities were allegedly riskier than promised.

Dexia accused JPMorgan and companies it acquired — Bear Stearns Cos. and Washington Mutual — of “egregious fraud,” saying they created and sold mortgage bonds backed by loans that they knew to be “exceptionally bad.”

More from Bloomberg here…

Copy of the complaint below…



Dexia SA v. Bear Stearns

6 Responses to “Dexia v. Bear Stearns | “Egregious Fraud” Dexia Sues JPMorgan Over $1.7 Billion in Mortgage Securities”
  1. lvent says:

    Geez…Sulaiman Law Group you must spend like a gagillion dollars on advertising!…your ads are everywhere..! Too bad you will not defend homeowners property rights…even though you guys went to Max Gardners boot camp…It is really all about the short sales and convincing people they cant win and if the banks steal our home via fraudclosure you guys are ready and grab em for your relatives and stuff.. ..stealing peoples homes for a song..and you tell people when they lose their homes they can buy the neigbors across the street…and that is really kinda creepy because my neigbors home across the street is now up for sale because they are getting divorced…the house has been vacant for 4 months…….and BTW…bankruptcy really helps no one in fraudclosure…it gives another judge a crack at stealing your home thats all… IMO, in the end you all will pay for what you have done and be thrown out of America..hopefully you will all be thrown on a slow boat to Siberia…and BTW…GOD BLESS…!

  2. talktotennessee says:

    Olympus the Japanese medical endoscope and camera maker spent years in fraud, acquiring companies to cover up their financial indiscretions until they were exposed last fall for covering up billions in fraud for over a decade. The Company is now suing themselves, their own board members, who they refuse to discharge. Suits like that generate money for the legal profession and those suing. Transpose that situation to the current financial mess in housing. NO ONE cares about homeowners or what is right. That is perfectly clear now! Not Congress, the President, banking or shareholders.

    Okay, so it is good the banks are getting sued for their fraud but the real victims, the homeowners, those duped, losing value in their homes, those in the industry that lost jobs and even those who did nothing but lose value in their homes, the people defrauded gain nothing!
    The mantra still is, you bought a house, you signed the papers, you defaulted and you OWE someone. It is like a rape victim being scrutinized for lifestyle, dress, actions while the person who violated them is exonerated because their victim was less than perfect, fooled, ignorant or just in the wrong place at the wrong time!
    Lenders own nothing. They make no money helping you therefore there is no motivation to help YOU!
    Shareholders don’t own homes or mortgages. They own paper. They don’t want mortgages and care nothing about helping you! Politicians are paid to benefit Wall Street and the Banking industry that funds campaigns. They pay lip service to you but have no dog in that hunt until election time when they hope you have forgotten what they didn’t do.
    As an appraiser close to the ground, I am seeing an up tick in foreclosures and methods to facilitate foreclosure since the first of the year, short sales, liquidations and efforts to get rid of these loans as quickly as possible, even if they must pay lawyers to ensure it is done. They want the loans off the books PERIOD!. They care nothing about housing bottoming out! Housing was just a ‘vehicle’ to make money. There will be another bus any day!
    Shareholder lawsuits are no benefit to us! It is another bus ride. As a matter of fact, the more lawsuits there are, the more money banks need to defend or pay off the suits. Maybe why banks are stepping up their foreclosure game now that everyone is focused on an election and not housing fraud.

    • lvent says:

      Come on talktotennessee…you gotta have faith!..God in heaven is all powerful…but he can’t help those who wont help themselves!…He is busy fighting the forces of evil…we all have to help..We can do this..This country and our homes are worth fighting for…they don’t own it, we do..! People are paying attention to housing fraud way more than you think…CNBC reported 40 million homeowners are 60 days late on their mortgage…America is waking up…and there is a tsumani of pissed off Americans coming their way…very soon….!!!

  3. scarednearlystiff says:

    Like to hear ideas about how this sort of lawsuit will hope homeowners.

    • scarednearlystiff says:

      Sorry for typo above – meant how will this sort of suit help homeowners? Although .. hope would help too.

  4. gregory says:

    Another one, Jp must be spending Billions making lawers RICH over all these lawsuit that they are defending. They might as well just start paying the smaller claiments and get it overwith and just concentrate on the 1000 dollar an hour fight. I would hate to be a stock holder wasting my dividens on fighting all these lawsuits. Here I the new catch phrase for JP for 2012 “HIRE A LAYWER TO HELP JP BILL HUNDREDS OF HOURS MAKE A MILLION AND LOOSE”

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