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
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