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JPMorgan Sued for $95 Million Over Mortgage Securities

By David McLaughlin - 2012-01-03T17:09:42Z

JPMorgan Chase & Co. (JPM), the biggest U.S. bank by assets, was sued for about $95 million over mortgage loans bundled into securities.

JPMorgan “materially breached” representations about loans backing the securities, a mortgage-securitization trust said in a summons filed Dec. 30 in New York State Supreme Court in Manhattan.

The Bear Stearns trust is seeking damages of at least $95 million, according to the court filing. Bear Stearns Cos., which was acquired by JPMorgan, and EMC Mortgage Corp. are also named as defendants.

Jennifer Zuccarelli, a JPMorgan spokeswoman, declined to comment on the lawsuit.

The case is Bear Stearns Asset Backed Securities Trust 2005-4 v. EMC Mortgage Corp., 650003-2012, New York State Supreme Court (Manhattan).

To contact the reporter on this story: David McLaughlin in New York at dmclaughlin9@bloomberg.net

To contact the editor responsible for this story: Michael Hytha at mhytha@bloomberg.net

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See today's average mortgage rates across the country. Source: Bankrate.com
Type	Today	1 Mo
30-Year Fixed	3.76%	3.81%
15-Year Fixed	3.07%	3.05%
5/1-Year ARM	2.64%	2.71%
3/1 Year ARM	2.64%	2.67%
1-Year ARM	3.55%	2.78%
30 Year Jumbo	4.38%	4.42%
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Type	Today	1 Mo
30000 USD	6.42%	6.40%
Home Equity Loan	7.01%	7.47%
HELOC 30000 USD	5.53%	5.47%
HELOC Loan	3.95%	3.63%
Credit Union HELOC	4.30%	4.35%

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Type	Today	1 Mo
5-Year	1.49%	1.49%
2-Year	0.90%	0.90%
6-Month	0.52%	0.52%
1-Month	0.11%	0.11%
5-Year Jumbo	1.49%	1.49%
2-Year Jumbo	0.87%	0.90%
1-Year Jumbo	0.72%	0.75%
6-Month Jumbo	0.48%	0.48%
1-Month Jumbo	0.11%	0.11%

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Type	Today	1 Mo
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New 48 Month	3.88%	3.28%
New 60 Month	3.32%	3.49%
Used	4.33%	4.37%

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Platinum Fixed	13.72%	13.72%