JPMorgan Hid Bad Loan Reports In RMBS Sales, Dexia Says

Law360, New York (February 7, 2013, 4:59 PM EST) -- JPMorgan Chase & Co. scrubbed independent reports of findings that large amounts of loans underlying residential mortgage-backed securities eventually sold to Dexia SA/NV were defective, the Belgian bank told a New York federal judge Monday.

In a brief opposing JPMorgan's motion for summary judgment in a suit accusing the banking giant and others of fraud in the formation and sale of more than $1.7 billion in residential mortgage-backed securities, Dexia claims the bank used those "sanitized" versions of reports compiled by independent underwriters to deliberately conceal...
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