Ambac sues JPMorgan over mortgage losses

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Ambac sues JPMorgan over mortgage losses

Ambac sues JPMorgan over mortgage losses

Reuters-

Ambac Financial Group Inc, the bond insurer that last month won court approval to emerge from bankruptcy, has sued JPMorgan Chase & Co to recover losses on securities it insured that were made by a unit of the former Bear Stearns Cos.

Ambac said it has incurred more than $200 million of claims on seven residential mortgage-backed securities transactions dating from 2006 that Bear fraudulently induced it to enter. It said these securities have lost more than $1.8 billion overall.

[REUTERS]

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