Insurer Sues JPMorgan Over $52M In MBS Losses

Law360, New York (February 15, 2012, 8:06 PM EST) -- Syncora Guarantee Inc. on Tuesday launched a lawsuit against J.P. Morgan Securities LLC, as successor to defunct co-defendant Bear Stearns & Co. Inc., claiming it lost $52 million as a result of insuring a 2006 mortgage-backed securities transaction.

In the suit, which in addition to J.P. Morgan and Bear Stearns names EMC Mortgage LLC as a defendant, Syncora claims a slew of defective home equity loans, which served as collateral for $303 million in securities in the transaction, lost more than $96.6 million as of September...
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