John Hancock Life Insurance Co. v. JPMorgan Chase | JPMorgan Chase Sued by John Hancock Life Over Mortgage-Backed Securities

JPMorgan Chase Sued by John Hancock Life Over Mortgage-Backed Securities

JPMorgan Chase & Co. was sued by Manulife Financial Corp.’s John Hancock Life Insurance unit, which accused the bank of fraud in connection with the sale of residential mortgage-backed securities.

The lawsuit, filed today in New York state Supreme Court in Manhattan, seeks unspecified damages for losses of market value and principal and interest payments, as well as rescission and recovery of payment for the investments.

John Hancock bought the securities “in reliance on the false and misleading” statements made by the defendants, which include Bear Stearns & Co. and Washington Mutual Inc. (WAMUQ), both of which were acquired by JPMorgan, lawyers for the Boston-based insurer said in the lawsuit.

“Based on these material misrepresentations and omissions, plaintiffs purchased securities that were far riskier than had been represented, backed by mortgage loans worth significantly less than had been represented, and that had been made to borrowers who were much less creditworthy than had been represented,” attorneys for John Hancock said in the lawsuit.

Rest here…

Copy of the complaint below…

~

4closureFraud.org

~

John Hancock Life Insurance Co. v. JPMorgan Chase

Comments
3 Responses to “John Hancock Life Insurance Co. v. JPMorgan Chase | JPMorgan Chase Sued by John Hancock Life Over Mortgage-Backed Securities”
  1. To Tell The Truth says:

    I was thinking that we should all post a list of our so called trusts/ MBS as stated on the fraudclosure docs…so we can see if they are being duplicated elsewhere, especially in the non judicial states ad the judicial states…to see who are claiming the exact so call original notes etc…your thoughts…

  2. Bobbi Swann says:

    @ Ivent – if you place a post here please let me know if you are aware of how to find out what mortgage-back security a loan might be in. I know my loan was sold but I can’t seem to find out who/what the name of the MBS might be. Any idea of how I can find out? Thanks.

    • lvent says:

      Bobbi…in my house fraudclosure the bank attorney already told me there is no trust, trustee or psa agreement….in my commercial property the loan originator “sold” the loan after the foreclosure was filed..and the third party debt collector told me the loan is in a REMIC TRUST..2010-12 SERIES and U.S. BANK IS TRUSTEE……The reciever who was appointed to collect the rent told us …they are liars…..these two entities swapped bad notes because the original lender did not have the note…I honestly think looking for the mbs pool is a waste of time and energy..if they don’t have a valid asslyignment…they don’t have standing..check your recordings to see if your loan was sold to public…that is when they dumped it…I asked the clerk at the recorders office who is PUBLIC…He laughed and shrugged his shoulders and said it could be ANYBODY!!!! I believe that is when they dumped the toxic titles in their black pool to try and hide their fraud…They are now setting up fake trusts is what I believe …
      REMICS DONT ACCEPT DEFAULTED. LOANS…IT DEFEATS THE PURPOSE OF A TRUST…ITS ANOTHER SCAM…!

Leave a Reply