Trust Sues JP Morgan's EMC Mortgage Unit Over Loan Pool Purchase -Bloomberg

Date : 05/25/2012 @ 8:12PM
Source : Dow Jones News
Stock : JP Morgan Chase & Co. (JPM)
Quote : 90.89  -0.31 (-0.34%) @ 7:58PM

Trust Sues JP Morgan's EMC Mortgage Unit Over Loan Pool Purchase -Bloomberg

JP Morgan Chase (NYSE:JPM)
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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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