JPMorgan Says NCUA's $2.2B Faulty MBS Suit Too Late

Law360, New York (March 12, 2013, 1:21 PM EDT) -- JPMorgan Chase Bank NA on Monday asked a Kansas federal judge to dismiss a National Credit Union Administration suit accusing its predecessor Washington Mutual Bank NA of misrepresenting more than $2.2 billion in mortgage-backed securities, saying NCUA had brought its claims too late.

According to JPMorgan, NCUA had not adequately backed its claims that WaMu had misrepresented the risk of the MBS, sold to three now-defunct credit unions and allegedly precipitating their collapse, and had brought those claims well outside of any applicable federal or state...
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