JP Morgan one step closer to having to buy back fraudulent mortgages.

[dixiegrrrrl]

(Reuters) - Mar. 28


JPMorgan Chase & Co (JPM.N) could be forced to repurchase thousands of home equity loans, after a judge ruled in favor of a bond insurer that argued it could build its case based on a sampling of loans.

The ruling against EMC Mortgage Corp, once a unit of Bear Stearns Cos, comes amid many lawsuits seeking to force banks to buy back tens of billions of dollars of mortgage and other home loans that went sour. JPMorgan bought Bear Stearns in 2008.

Syncora Guarantee Inc now can pursue claims concerning the entire 9,871-loan pool that backed a securities issue, according to the ruling late Friday from U.S. District Judge Paul Crotty in Manhattan.

Syncora had insured the interest and principal payments on part of a $666 million mortgage bond backed by the loans.

http://www.reuters.com/article/2011/03/28/jpmorgan-emc-ruling-idUSN2828991820110328


666 indeed.

[jwirr]

1. Hey, trolls - get that 666, Better get away from that company!!!

[girl gone mad]

2. k & r

:)

[Dr. Righteous]

3. This literally means nothing.

So what? They'll just create more money out of thin air to buy them back and then they'll just go away into oblivion. JP morgan won't lose a single dime on this.