JPMorgan Unit Can't Duck Syncora's $666M MBS Repo Claims

Law360, New York (June 19, 2012, 10:55 PM ET) -- A New York federal judge found Tuesday that JPMorgan Chase & Co. unit EMC Mortgage Corp.’s allegedly false warranties about the quality of loans underlying $666 million in mortgage-backed securities that Syncora Guarantee Inc. insured would be enough to trigger their repurchase agreement.

In a ruling that marked a significant win for the financial guarantee insurance provider, U.S. District Judge Paul Crotty found New York law requires that insurers be provided accurate information before they issue their policies. The repurchase agreement between the two had not...
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Case Title

Syncora Guarantee Inc. v. EMC Mortgage Corporation


Case Number

1:09-cv-03106

Court

New York Southern

Nature of Suit

Contract: Other

Judge

Paul A. Crotty

Date Filed

March 31, 2009

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