NCUA Hits JPMorgan With Suit Over $3.6B In Failed RMBS

Law360, New York (December 17, 2012, 3:05 PM EST) -- The National Credit Union Administration on Monday sued JPMorgan Chase & Co. in Kansas federal court, alleging its Bear Stearns & Co. unit made false statements regarding the quality of over $3.6 billion in residential mortgage-backed securities sold to four failed federal credit unions.

The federal credit union regulator alleges that false statements regarding the quality of loans contained in the more than 60 securities contributed to the failure of the four credit unions, located in Kansas, Illinois, Texas and California. The 280-page complaint claims Bear...
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