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Mortgage-Backed Securities Litigation

Federal Housing Finance Agency v. J.P.Morgan Chase & Co., et al. (S.D.N.Y.) Manhattan

From the FHFA complaint:


This action arises out of Defendants’ actionable conduct in connection with the offer and sale of certain residential mortgage-backed securities to Fannie Mae and Freddie Mac (collectively, the “Government Sponsored Enterprises” or “GSEs”). These securities were sold pursuant to registration statements, including prospectuses and prospectus supplements that formed part of those registration statements, which contained materially false or More...

Syncora Guarantee Inc. v. EMC Mortgage Corp., 09-3106 (S.D.N.Y.) Manhattan

Syncora Guarantee (formerly XL Capital Assurance Inc.) filed this action against EMC, a subsidiary of Bear Stearns (now J.P. Morgan Securities Inc.) over $666 million in bonds backed by a pool of 9,871 residential mortgage loans. EMC purchased the loans and bundled them into mortgage-backed securities, which were then sold to investors. XL Capital (now Syncora) contracted with EMC and Bear Stearns to provide financial guarantee insurance for the securities, protecting the payments of principal and interest for the most senior, investment-grade securities. EMC m More...

The Charles Schwab Corporation v. J.P. Morgan Securities Inc. f/k/a Bear Stearns & Co., Inc. et al. 3:10-cv-04523 (N.D. Cal.) San Francisco

See summary for related case The Charles Schwab Corporation v. J.P. Morgan Securities Inc. f/k/a Bear Stearns & Co., Inc. et al, 3:10-cv-04522 (N.D.Cal) More...

The Charles Schwab Corporation v. J.P. Morgan Securities Inc. f/k/a Bear Stearns & Co., Inc. et al. 3:10-cv-04522 (N.D. Cal.) San Francisco

Case 04522 pleads violation of California securities laws, negligent misrepresentation, and demands recission. Plaintiff alleges that Bear Stearns (Now J. P. Morgan Securities Inc.) sold Schwab a $50million certificate mortgage-backed security, making misrepresentations and omissions about the quality of the underlying mortgages (e.g. how many homes were primary residences, loan to value ratios, deviations from credit review procedures by original issuers, etc.). More...

Cambridge Place Investment Management Inc. v. Morgan Stanley & Co., Inc. et al. 1:10cv11376 (D. Mass) Boston

Plaintiff names long list of investment banks and individual employees, claiming they offered or sold plaintiff $2.4 billion in mortgage-backed securities (approximately $41 million from JP Morgan) by means of misrepresentations, causing $1.2 billion in damages. The case alleges misrepresentations by J.P. Morgan Securities Inc. and individual James McLaughlin of JPM's Boston office, e.g. passing on untrue underwriting information, falsely claiming to have done due diligence on mortgage credit/quality, etc.; also misrepresentations by Bear Stearns & Bear individua More...

Cambridge Place Investment Management Inc. v. Morgan Stanley & Co., Inc. et al. 10-2741 (Mass. Sup. Suffolk Co.) Boston

Plaintiff names long list of investment banks and individual employees, claiming they offered or sold plaintiff $2.4 billion in mortgage-backed securities (approximately $41 million from JP Morgan) by means of misrepresentations, causing $1.2 billion in damages. The case alleges misrepresentations by J.P. Morgan Securities Inc. and individual James McLaughlin of JPM's Boston office, e.g. passing on untrue underwriting information, falsely claiming to have done due diligence on mortgage credit/quality, etc.; also misrepresentations by Bear Stearns & Bear individua More...

Federal Home Loan Bank of San Francisco v. Credit Suisse et al. No. 10.497840 (Sup. Ct. S.F. Co.) San Fransisco

Complaint against multiple banks and financial entities (JP Morgan Securities Inc. f/k/a Bear Stearns & Co, Inc, Credit Suisse Securities, Deutsche Bank, Morgan Stanley, etc.) alleging negligent or intentionally false misrepresentations, violations of California securities act, and violations of §§ 11, 12(a) and 15 of the Securities Act of 1933 in connection with sale of mortgage-backed securities. Claims asserted for recission and damages. The bank claims that it paid over $13 billion to purchase from defendants a large number of certificates in securitizatio More...

Federal Home Loan Bank of Pittsburgh v. J.P. Morgan Securities, Inc., GD09-016892 (Cmm. Pl. All. Co.) Pittsburgh

lead case for 4 related actions Action against banks including JP Morgan and rating companies ( Standard & Poor’s and Moody’s) regarding the sale of $2.8 billion of mortgage-backed securities. The action asserts common law claims and claims under Sections 11, 12(a) and 15 of the Securities Act of 1933. The bank claims it would not have bought the bonds if JPMorgan, which sold them, and the ratings companies “had provided complete and accurate information regarding the risks of nonpayment.” “Dana Yealy, general counsel for the Federal Home Loan More...

Federal Home Loan Bank Of Indianapolis v. Banc Of America Mortgage Securities, Inc. et al. 1:10-cv-01463 (S.D. Ind.) Indianapolis

FHLB is suing to “recover losses on a $3 billion portfolio of mortgage-backed securities….[FHLB] wants the defendants to buy back money-losing packages of loans the banks sold as safe investments from 2005 to 2007.” Defendants include 37 banks and investment banks, (Goldman, Bank of America, Ally Financial, Bear Stearns, UBS, etc.) and JPMorgan Chase & Co., JPMorgan Securities Holding LLC, Chase Mortgage Finance Corp., JPM Securities Inc. Defendants allegedly “sold the Federal Home Loan Bank of Indianapolis 32 issues of mortgage-backed securities with a More...