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Wells Fargo Sue Jp Morgan Over Dodgy Mortgages

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http://www.bloomberg.com/news/2011-01-18/jpmorgan-s-emc-mortgage-sued-over-mortgage-loan-documents.html

JPMorgan Chase & Co.’s EMC Mortgage, facing homeowner lawsuits over foreclosures, was sued by the trustee of a mortgage portfolio for refusing to turn over documents detailing the quality of loans bought by the trust.

Wells Fargo & Co., the trustee, is seeking access to files for more than 2,000 underlying mortgages in the Bear Stearns Mortgage Funding Trust 2007-AR2, according to the complaint filed today in Delaware Chancery Court in Wilmington.

“The trustee has repeatedly requested that EMC provide access to the subject documents,” Wells Fargo said in the complaint. “EMC has played proverbial ‘rope a dope’ and otherwise continued to drag its feet, and has produced nothing.”

.......

In a September interview, Grais said he was also working with two hedge funds that hadn’t filed suits and had contacted trustees with similar complaints. He wouldn’t name the funds.

In the Aug. 31, 2010, letter to San Francisco-based Wells Fargo, Grais said he had investigated 1,317 of the loans held by the trust and determined that EMC appeared to have violated its representations with respect to 938 loans, according to the complaint.

Grais didn’t immediately return a phone call today seeking comment on the complaint.

400 Loans

Wells Fargo began requesting the documents in January last year and reached an agreement with EMC in December on access to files for 400 loans. EMC had until Jan. 12 to produce documents on the first 100 loans, according to the complaint.

Looks like the legal games in the US are hotting up, the banks will soon be suing each other over this mess.

Everyone has worthless bits of paper and the Fed is just printing it.

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And so the banks start to turn on one another. If they get the taste for each other then the second collapse will be be here sooner than we thought. :(

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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