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JPMorgan Chase & Co Loses Bid To Toss FHFA's Mortgage Debt Lawsuit-Reuters


Monday, 5 Nov 2012 04:25pm EST 

Reuters reported that JPMorgan Chase & Co lost a bid on Monday to dismiss a U.S. regulator's lawsuit accusing the bank of misleading Fannie Mae and Freddie Mac in their purchase of billions of dollars worth of risky mortgage securities. U.S. District Judge Denise Cote in Manhattan pared down parts of the lawsuit filed by the Federal Housing Finance Agency but allowed other allegations in the case to move forward. The case is one of hundreds of lawsuits filed by investors and regulators related to mortgage-backed securities, which were at the center of the 2008 financial crisis when they sank in value during the housing downturn. Cote's ruling could have an impact on other lawsuits by the FHFA against banks that packaged mortgages and sold them to investors as securities. The FHFA has accused JPMorgan of falsely representing that the mortgages underlying the securities followed underwriting standards as they applied to the quality of the loans. 

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