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US Justice - Residential Backed Mortgage Securities wg charges JP Morgan Chase and EMC

US Justice - Residential Backed Mortgage Securities wg charges JP Morgan Chase and EMC

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Published by Stephen Fuzzytek
In his role as a co-chair of the RMBS Working Group, New York Attorney General Eric T. Schneiderman has filed a Martin Act lawsuit against J.P. Morgan Securities LLC (formerly known as Bear Stearns & Co. Inc.), JP Morgan Chase Bank N.A., and EMC Mortgage LLC (formerly known as EMC Mortgage Corporation) for making fraudulent misrepresentations and omissions to promote the sale of residential mortgage­-backed securities (RMBS) to investors.
In his role as a co-chair of the RMBS Working Group, New York Attorney General Eric T. Schneiderman has filed a Martin Act lawsuit against J.P. Morgan Securities LLC (formerly known as Bear Stearns & Co. Inc.), JP Morgan Chase Bank N.A., and EMC Mortgage LLC (formerly known as EMC Mortgage Corporation) for making fraudulent misrepresentations and omissions to promote the sale of residential mortgage­-backed securities (RMBS) to investors.

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Published by: Stephen Fuzzytek on Nov 26, 2012
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12/04/2012

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11/26/12 US Justice: Print Friendly Version1/2www.justice.gov/printf/PrintOut2.jsp
FOR IMMEDIATE RELEASETuesday, October 2, 2012
Home»Briefing Room»Justice News
Department of Justice
Office of Public Affairs
Residential Mortgage-Backed Securities Working Group Members Announce First Legal Action
Co-Chair New York Attorney General Eric Schneiderman Sues JPMorgan for Fraudulent Residential Mortgage-Backed Securities Issued by Bear Stearns
The Residential Mortgage Backed Securities (RMBS) Working Group members today announced their firstlegal action since the working group formation earlier this year. In his role as a co-chair of the RMBS Working Group, New York Attorney General Eric T. Schneiderman has filed a Martin Act lawsuit against J.P.Morgan Securities LLC (formerly known as Bear Stearns & Co. Inc.), JP Morgan Chase Bank N.A., and EMCMortgage LLC (formerly known as EMC Mortgage Corporation) for making fraudulent misrepresentationsand omissions to promote the sale of residential mortgage
-backed securities (RMBS) to investors. According to Attorney General Schneiderman’s lawsuit, these defendants deceived investors as to the care with which they evaluated the quality of mortgage loans packaged into residential mortgage-backedsecurities prior to Bear Stearns & Co’s collapse in early 2008, incurring losses that have totaledapproximately $22.5 billion to date.This lawsuit is the first legal action from the RMBS Working Group, a state-federal task force created by President Obama earlier this year to investigate those responsible for misconduct contributing to thefinancial crisis through the pooling and sale of residential mortgage-backed securities. New York Attorney General Schneiderman was joined in the announcement by RMBS Working Group Co-Chairs: U.S. Attorney for the District of Colorado John Walsh, Assistant Attorney General for the Criminal Division Lanny Breuer, Acting Assistant Attorney General for the Civil Division Stuart Delery and Director of the U.S. Securities andExchange Commissions’ (SEC) Enforcement Division Robert Khuzami as well as RMBS Working GroupMembers Acting Associate Attorney General Tony West, Housing and Urban Development (HUD) Secretary Shaun Donovan and Federal Housing Finance Agency (FHFA) Inspector General Steve Linick.“This lawsuit will bring accountability for the misconduct that led to the crash of the housing market and thecollapse of the American economy,” said Attorney General Schneiderman. “Our lawsuit demonstrates thatthere is one set of rules for all – no matter how big or powerful the institution may be – and that those rules will be enforced vigorously. We believe that this is a workable template for future actions against issuers oresidential mortgage-backed securities that defrauded investors and cost millions of Americans theirhomes. We need real accountability for the illegal and deceptive conduct in the creation of the housing bubble in order to bring justice for New York’s homeowners and investors.” RMBS Working Group members contributed significantly to this effort. The Federal Housing Finance Agency Inspector General played a key role, providing investigators and lawyers who reviewed countlessdocuments and interviewed many witnesses. the SEC made crucial contributions, both in sharing itsexpertise with working group members and in giving members access to substantial evidence in itsinvestigations.

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