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Chase Denied FHFA MBS Suit Dismissal
Nov 05, 2012

JPMorgan Chase has been denied by U.S. District Judge Denise Cote in their request to have several lawsuits filed by the Federal Housing Finance Agency (FHFA) over mortgage-backed securities (MBS) dismissed. The suit filed by the FHFA against Chase was just one of 17 filed by the agency against financial institutions related to the purchase and sale of MBS. Joining Chase were Bank of America and Citigroup among others for allegedly misleading the government-sponsored enterprises (GSEs)—Fannie Mae and Freddie Mac—about the health and stability of billions in MBS. JPMorgan reportedly served as the lead underwriter for 30 out of the 103 securitizations at issue in this case. U.S. District Judge Cote pared down parts of the suit filed by the FHFA, but allowed other claims to stand.
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