JPMorgan, Citibank sued Over $301 Million Mortgage Loans

JPMorgan Chase & Co. (JPM), Washington Mutual Inc. and Citigroup Inc. (C) were sued by Integer Program LLC over $301 million in losses from mortgage loans.

Integer claimed that the banks breached a 2007 mortgage loan purchase agreement, according to the suit filed April 26 in New York State Supreme Court in Manhattan.

Washington Mutual securitized more than 4,600 residential mortgage loans that were eventually sold to Integer, according to the complaint. The alleged breaches occurred on more than 1,400 loans.

“Over 60 mortgage loans were delinquent as of the applicable cut-off date and/or the date of the closing of the offering of the certificates to the public,” Integer said in a court filing. “These breaches have not been remedied by the responsible parties.”

The case is Integer Program LLC v. JPMorgan Chase Bank North America, 651518/2013, Supreme Court of the State of New York, County of New York (Manhattan).

To contact the reporter on this story: Don Jeffrey in New York at djeffrey1@bloomberg.net.

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

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