JPMorgan Sued for $95 Million Over Mortgage Securities
(Reuters) – JPMorgan Chase & Co has been sued for $95 million by the trustee for securities marketed in 2005 by the former Bear Stearns Cos over alleged misrepresentations regarding the underlying mortgage loans.
US Bank NA wants to force JPMorgan to buy back the mortgage loans because of alleged breaches of representations and warranties regarding the Bear Stearns Asset Backed Securities Trust 2005-4, for which it serves as trustee.
It also accused 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 unit of US Bancorp said it made its request at the direction of a majority certificate holder in the trust. US Bank also sued Bear Stearns and its former EMC Mortgage Corp unit. JPMorgan bought Bear Stearns in 2008.
JPMorgan spokeswoman Jennifer Zuccarelli declined to comment.
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Copy of SUMMONS WITH NOTICE below…
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4closureFraud.org
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Bear Stearns Asset Backed Securities Trust 2005-4 v. EMC Mortgage Corp
yes. the investors bought an interest in an empty trust.
when it all shakes out, it will be shown that the servicers were like madoff.
they kept the money for themselves. it was all a ponzi scheme.
ivent, i am so sorry for your sister.
is there newly discovered evidence of fraud? could that be a factor to get her eviction reversed?
Thanks Fury…She is trusting in the attorney so we will see..I know WA MU originated her loan so we know there was no assignment to Chase or proper release of mortgage..When Chase aquired Margaretten mortgage who was my original “lender” Chase released the mortgage to my husband, me and our heirs..but never filed an assignment…I actually have an affadavit that stated that 2 lenders owned my mortgage after the release..First Midwest Bank and Chase…I never got a loan from either…we refied with a broker in 2000..they are all nuts!!!
Bear Stearns investors said..what do you mean the trust is empty?
Are you saying we bought an interest in an empty trust????
This is what Jamie Dimon gets after just bragging the other day how much money Chase is making even though there is so much angst regarding the big banks….I hope he goes to prison…that would probably be too good for the scumbag…
Chase fraudulently foreclosed on my sister last year and are now trying to evict her…I know they fraudulently foreclosed because WA MU was the loan originator and we know the story there…My sister did not have an attorney when she was fraudclosed on…Since then she has hired an attorney and he has been fighting her eviction… Chase attorney is telling my sisters attorney that they do not have to prove up the chain after they are granted a fraudclosure..I say why not…what are they hiding?????.They sent my sister right to the title company after they fraudclosed on her last year…. to sign off on her home even though she never had a day in court…!!!! Now the Judge is telling her she has to get out…The attorney filed a motion to reconsider on the fact they were denied a loan mod but I think that is light to say the least…Needless to say, I hope Chase gets sued out of existance!!
I Vent…Chase is going to face more huge troubles because of their greed and lies…my son was foreclosed on an investment condo in Orlando without his knowledge until afterwards..that was in 2007…and the loan was not with Chase…someone bought the property and now Chase sent him a letter saying that they heard the property was abandoned so they were going to change the lock…can you imagine that? Years after the event and the property in another person;s name? Go figure…
The they tried to foreclose on one of the condos I invested in with Wamu, dame place when I was out of country, did not file properly according to my attorney on another matter…when he saw the docs…anyway, the sent the tenant a notice of sale date and judgement…then Chase rescind the judgement and canceled the sale requesting from the courts to return to them the original note filed…when the original law suit was filed by WAMU and somewhere along the way there was a substitution to Chase…a red flag went up…all this when I was away…had to have someone get me all the docs for review that were filed with the courts and what I saw looks so bad for Chase…but have not had the time to address that matter…now it is abandoned with mole..,found out it had mole undisclosed by the seller who owned the entire maintenance company and the story is too long to relate at this time…but am thinking of a class action Rica suit as am researching and gathering info.