Syncora Guarantee v. EMC | JPMorgan must face claims over home equity loans - FORECLOSURE FRAUD

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Syncora Guarantee v. EMC | JPMorgan must face claims over home equity loans

Syncora Guarantee v. EMC | JPMorgan must face claims over home equity loans

This is getting interesting. You can also read more on this here and here.

 

REUTERS-

A Manhattan federal judge has decided against JPMorgan Chase & Co in a lawsuit over losses on securities backed by risky home equity loans, a ruling that could strengthen claims by insurers seeking to hold banks responsible for such losses.

U.S. District Judge Paul Crotty said on Tuesday that Syncora Guarantee Inc, which claimed losses from insuring securities created by JPMorgan’s EMC Mortgage Corp unit, need not prove that alleged warranty breaches caused the underlying loans to default in order to force EMC to buy back the underlying loans.

Crotty also said Syncora can establish a material breach of contract by showing that breaches of representations and warranties by EMC caused a material increase in risk. He declined to award equitable relief.

[REUTERS]

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  1. […] said lets move over and let JPMorgan have at em’ […]


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