FDIC Joins JPMorgan In $4.5M Title Insurance Spat

Law360, New York (June 15, 2010, 12:35 PM EDT) -- Acting as the receiver of now-defunct Washington Mutual Bank, the Federal Deposit Insurance Corp. is joining JPMorgan Chase Bank NA, which acquired much of WaMu's assets, in accusing a title insurance company of breaching an agreement related to a sham mortgage that cost WaMu $4.5 million.

The FDIC filed its complaint Monday in the U.S. District Court for the Eastern District of Michigan, saying that it retained the rights of WaMu under a closing protection letter in which First American Title Insurance Co. agreed to reimburse...
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