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….
[ipaper docId=108621538 access_key=key-29wyw07a4chjzzk6v8k2 height=600 width=600 /]
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..?.you mean the good stuff went to Goldman.?…by the time you guys finish bickering it’s not going to make any difference, everything will be trading in a REIT and former homeowners will all be tenants of FNMA, and that’s what FNMA wanted all along.
Waiting for the 800,000 the OCC now understands should have received modification which would have maybe stop the discover that the loan really don’t have debt attached to the properties. At best in some of these cases you may have a unsecured loan, but in company that have been shut down and are not in possession of the blank Notes, it a done deal there is no debt attached to those properties!