Wells sues JPMorgan over 800 mortgage loans, EMC breached representations and warranties on 89 percent of a sample of 948 loans

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Wells sues JPMorgan over 800 mortgage loans, EMC breached representations and warranties on 89 percent of a sample of 948 loans

Posted on16 September 2011. Tags: bear stearns, defective mortgages, emc, Emc Mortgage Corporation, jpmorgan chase, lawsuit, trustee, wells fargo

Now that’s what you call a HIGH PERCENTAGE of “clear defects”!

REUTERS-

JPMorgan Chase & Co (JPM.N) was sued by Wells Fargo & Co (WFC.N), which seeks to force it to buy back more than 800 soured mortgage loans that it oversees as trustee.

In a complaint made public on Wednesday in the Delaware Chancery Court, Wells Fargo accused JPMorgan’s EMC Mortgage LLC unit of refusing its demands that EMC buy back the loans, which were contained in Bear Stearns Mortgage Funding Trust 2007-AR2.

JPMorgan bought Bear Stearns and its EMC unit in 2008.

[REUTERS]

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