BNY Mellon Nails JPMorgan With $475M Mortgage Loan Suit

Law360, Los Angeles (October 14, 2014, 10:01 PM EDT) -- The Bank of New York Mellon Corp., acting as a trustee for a pool of home loans, has hit JPMorgan Chase Bank NA and others with a New York suit seeking $475 million over alleged misrepresentations made in the sale of $959 million in residential mortgage loans.

Suing as the trustee of JP Morgan Mortgage Acquisition Trust Series 2006-WMC3, BNY Mellon seeks redress from WMC Mortgage LLC as successor-by-merger to WMC Mortgage Corp., JP Mortgage Acquisition Corp. and JPMorgan Chase Bank, for alleged breaches of contractual obligations under a 2006 mortgage loan sale and servicing agreement, according to a summons filed...

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