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JPMorgan Unit Faces $293M Suit Over MBS Loan Buyback Deal

Law360, New York (May 25, 2012, 10:34 PM EDT) -- JPMorgan Chase & Co. and its unit EMC Mortgage LLC were sued Friday for $293 million by a securitization trust that had financed the purchase of residential mortgage loans EMC had sold, claiming EMC violated an agreement to repurchase shoddy loans.

In a summons filed in New York state court, the SACO I Trust 2006-5 claimed that EMC had violated an April 2006 agreement by failing to repurchase loans it had sold that were not up to par, saying the trust has incurred nearly $356 million...
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