JPMorgan Unit Must Buy Back $558 Million in Loans, Suit Says
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JPMorgan Chase & Co.’s EMC Mortgage unit was sued by Wells Fargo & Co., the trustee for a mortgage portfolio, for refusing to buy back more than $558 million in defective home loans.
EMC rejected “repeated repurchase demands” for the loans in the Bear Stearns Mortgage Funding Trust 2007-AR2, San Francisco-based Wells Fargo said in a public version of the complaint filed yesterday in Delaware Chancery Court in Wilmington. The case was initially filed under seal.