This is breaking news and more to come…check back later…[UPDATED]

…ALLEGES BEAR STEARNS MISREPRESENTED QUALITY OF HOME LOANS IT PUT INTO MORTGAGE SECURITIES

AG alleges $22.5B in losses in JPMC/Bear/EMC MBS in 2006, 2007

JPMC complaint: Bank “failed to fully evaluate the loans, largely ignored the defects that their limited review did uncover…”

…”… about both the inadequacy of their review procedures and the defects in the underlying loans.”

See Below courtesy of Alison Frankel

According to sources, this complaint might be misleading if they have the wrong auditor Price Waterhouse Coopers “PwC” in 2006 (pg.26) hmmm….

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