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Sat Jan 5, 2013, 06:21 AM

Credit union regulator sues JPMorgan over mortgage securities

Source: Chicago Tribune

The U.S. credit union regulator sued JPMorgan and Washington Mutual late Friday over $2.2 billion in mortgage securities sold to credit unions that collapsed because of losses from the securities.

The suit is the third the regulator, the National Credit Union Administration, has filed against JPMorgan involving mortgage losses, and the second in a month.

In December, it sued the bank over $3.6 billion in securities sold by Bear Stearns, which JPMorgan acquired during the financial crisis. In June 2011, the NCUA sued over some $1.4 billion in securities in which JPMorgan was the underwriter and seller. Both suits are pending.

JPMorgan bought the assets of Washington Mutual in 2008 after it failed and was seized by regulators.

Read more: http://www.chicagotribune.com/business/breaking/chi-credit-union-regulator-sues-jpmorgan-over-mortgage-securities-20130104,0,7621402.story

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Reply Credit union regulator sues JPMorgan over mortgage securities (Original post)
dipsydoodle Jan 2013 OP
banned from Kos Jan 2013 #1

Response to dipsydoodle (Original post)

Sat Jan 5, 2013, 09:04 AM

1. WaMu was almost as bad as Countrywide


both were writing as many shitty mortgages as they could.

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