Volume 2014 - Number 31
August 8, 2014
Trustees Ask Court to Clear $4.5 Billion Settlement With Chase, Goldman Sachs Faces $1.2 Billion Hit
Mortgage trustees are still awaiting state court approval of a $4.5 billion settlement with JPMorgan Chase in relation to faulty residential MBS issued by the bank and the now-defunct Bear Stearns between 2005 and 2008. If approved by the New York State Supreme Court, the agreement would resolve representation and warranty claims as well as servicing claims related to loans in 330 mortgage securitization trusts, as well as claims over document delivery. In addition, the bank agreed to change its servicing procedures with respect to mortgage loans in the trusts. The proposed settlement does not resolve...
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This weekly covers the secondary mortgage market, including mortgage-backed securities and asset-backed securities.
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