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JP Morgan Subpoenaed Regarding Credit Suisse

Mortgage News > JP Morgan Subpoenaed Regarding Credit Suisse
Date: 05/06/2011    JP Morgan Subpoenaed Regarding Credit Suisse

New York based JP Morgan has been subpoenaed by the Securities and Exchange Commission, SCE, over failed mortgages resulting from the discovery of fraud within Credit Suisse Group AG and Bear Stearns.  JP Morgan acquired Credit Suisse and Bear Stearns in 2008.

Municipal Bond Insurance Association (MBIA) and Ambac Assurance Corp, both bond insurers, claim that Credit Suisse and Bear Sterns alike demanded refunds from loan originators that initially sold the institutions loans that they turned into packaged bonds.  The fraud took place when they then “failed to use the settlement funds to fulfill their own contractual promises on the debt” as reported by Bloomberg.
 

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