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DAMMING FACTS AGAINST NEW CENTURY MORTGAGE- THE ROOT OF THE PROBLEM FOR JP MORGAN CHASE AND JPMAC2006-NC1 IN THIS CASE BROUGHT BY PHOENIX LIGHT SF LIMITED AND BLUE HERON FUNDING II LTD AND SILVER ELMS CDO II

DAMMING FACTS AGAINST NEW CENTURY MORTGAGE- THE ROOT OF THE PROBLEM FOR JP MORGAN CHASE AND JPMAC2006-NC1 IN THIS CASE BROUGHT BY PHOENIX LIGHT SF LIMITED AND BLUE HERON FUNDING II LTD AND SILVER ELMS CDO II

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Published by 83jjmack
SOME EXCERPTS BELOW:

Report of Michael J. Missal, In re: New Century TRS Holdings, Inc., No. 07-10416 (D. Del. Feb. 29, 2008) (“Examiner’s Report”) at 14, 16.

“Instead of focusing on whether borrowers could meet their obligations under the
terms of the mortgages, a number of members of [New Century’s] Board of
Directors and Senior Management told the Examiner that their predominant
standard for loan quality was whether the loans New Century originated could be
sold or securitized . . . .” Id. at 4.
Notwithstanding all the foregoing facts, New Century’s Board of Directors and
Senior Management did little to nothing to remedy the company’s abandonment of
its stated underwriting guidelines.

Patricia Lindsay (“Lindsay”), a former fraud specialist for New Century, told the
FCIC that New Century’s definition of a “good” loan changed during the relevant time period: “‘The definition of a good loan changed from “one that pays” to “one that could be sold.”’” FCIC Report at 105.
SOME EXCERPTS BELOW:

Report of Michael J. Missal, In re: New Century TRS Holdings, Inc., No. 07-10416 (D. Del. Feb. 29, 2008) (“Examiner’s Report”) at 14, 16.

“Instead of focusing on whether borrowers could meet their obligations under the
terms of the mortgages, a number of members of [New Century’s] Board of
Directors and Senior Management told the Examiner that their predominant
standard for loan quality was whether the loans New Century originated could be
sold or securitized . . . .” Id. at 4.
Notwithstanding all the foregoing facts, New Century’s Board of Directors and
Senior Management did little to nothing to remedy the company’s abandonment of
its stated underwriting guidelines.

Patricia Lindsay (“Lindsay”), a former fraud specialist for New Century, told the
FCIC that New Century’s definition of a “good” loan changed during the relevant time period: “‘The definition of a good loan changed from “one that pays” to “one that could be sold.”’” FCIC Report at 105.

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Categories:Types, Business/Law
Published by: 83jjmack on Sep 04, 2013
Copyright:Attribution Non-commercial

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11/11/2014

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866457_1
SUPREME COURT OF THE STATE OF NEW YORK COUNTY OF NEW YORK XPHOENIX LIGHT SF LIMITED, BLUEHERON FUNDING II LTD., BLUE HERONFUNDING V LTD., BLUE HERONFUNDING VI LTD., BLUE HERONFUNDING VII LTD., BLUE HERONFUNDING IX LTD., SILVER ELMS CDO IILIMITED and KLEROS PREFERREDFUNDING V PLC,Plaintiffs,vs.JPMORGAN CHASE & CO., J.P. MORGANSECURITIES LLC, J.P. MORGANMORTGAGE ACQUISITION CORP.,CHASE HOME FINANCE LLC, J.P.MORGAN ACCEPTANCE CORPORATIONI, CHASE MORTGAGE FINANCECORPORATION, THE BEAR STEARNSCOMPANIES LLC, EMC MORTGAGE LLC,BEAR STEARNS ASSET BACKEDSECURITIES I LLC and STRUCTUREDASSET MORTGAGE INVESTMENTS IIINC.,Defendants.:::::::::::::::::::::::::::Index No.SUMMONSX
FILED: NEW YORK COUNTY CLERK 08/20/2013
INDEX NO. 652921/2013NYSCEF DOC. NO. 1RECEIVED NYSCEF: 08/20/2013
 
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TO: JPMorgan Chase & Co.c/o A. Robert Pietrzak Dorothy J. Spenner Daniel A. McLaughlinDenae M. ThomasSidley Austin LLP787 Seventh Avenue New York, NY 10019J.P. Morgan Securities LLCc/o A. Robert Pietrzak Dorothy J. Spenner Daniel A. McLaughlinDenae M. ThomasSidley Austin LLP787 Seventh Avenue New York, NY 10019J.P. Morgan Mortgage Acquisition Corp.c/o A. Robert Pietrzak Dorothy J. Spenner Daniel A. McLaughlinDenae M. ThomasSidley Austin LLP787 Seventh Avenue New York, NY 10019Chase Home Finance LLCc/o A. Robert Pietrzak Dorothy J. Spenner Daniel A. McLaughlinDenae M. ThomasSidley Austin LLP787 Seventh Avenue New York, NY 10019J.P. Morgan Acceptance Corporation Ic/o A. Robert Pietrzak Dorothy J. Spenner Daniel A. McLaughlinDenae M. ThomasSidley Austin LLP787 Seventh Avenue New York, NY 10019Chase Mortgage Finance Corporationc/o A. Robert Pietrzak Dorothy J. Spenner Daniel A. McLaughlinDenae M. ThomasSidley Austin LLP787 Seventh Avenue New York, NY 10019The Bear Stearns Companiesc/o A. Robert Pietrzak Dorothy J. Spenner Daniel A. McLaughlinDenae M. ThomasSidley Austin LLP787 Seventh Avenue New York, NY 10019EMC Mortgage LLCc/o A. Robert Pietrzak Dorothy J. Spenner Daniel A. McLaughlinDenae M. ThomasSidley Austin LLP787 Seventh Avenue New York, NY 10019Bear Stearns Asset Backed Securities I LLCc/o A. Robert Pietrzak Dorothy J. Spenner Daniel A. McLaughlinDenae M. ThomasSidley Austin LLP787 Seventh Avenue New York, NY 10019Structured Asset Mortgage Investments II Inc.c/o A. Robert Pietrzak Dorothy J. Spenner Daniel A. McLaughlinDenae M. ThomasSidley Austin LLP787 Seventh Avenue New York, NY 10019
TO: THE ABOVE NAMED DEFENDANTS
YOU ARE HEREBY SUMMONED to answer the complaint in this action and to serve acopy of your answer, or, if the complaint is not served with this summons, to serve a notice of appearance, on plaintiffs’ attorneys within 20 days after the service of this summons, exclusive
 
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of the day of service (or within 30 days after the service is complete if this summons is not personally delivered to you within the State of New York); and in case of your failure to appear or answer, judgment will be taken against you by default for the relief demanded in thecomplaint.Plaintiffs designate New York County as the place of trial. Venue is proper because thedefendants do business in or derive substantial revenue from activities carried out in this County,and many of the wrongful acts alleged herein occurred in this County.DATED: August 20, 2013 ROBBINS GELLER RUDMAN& DOWD LLPSAMUEL H. RUDMANWILLIAM J. GEDDISHs/ SAMUEL H. RUDMANSAMUEL H. RUDMAN58 South Service Road, Suite 200Melville, NY 11747Telephone: 631/367-7100631/367-1173 (fax)ROBBINS GELLER RUDMAN& DOWD LLPARTHUR C. LEAHYSCOTT H. SAHAMLUCAS F. OLTS NATHAN R. LINDELLCAROLINE M. ROBERT655 West Broadway, Suite 1900San Diego, CA 92101Telephone: 619/231-1058619/231-7423 (fax)Attorneys for Plaintiffs

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