Allstate sues JPMorgan Chase over sale of toxic RMBS

Massachusetts Land Court judge Keith Long reaffirmed a 2009 ruling (ibanez) that invalidated foreclosures on two properties because the lenders did not hold clear title to them at the time of the foreclosure sale. Now this decision is still subject to appeal, and Richard Vetstein of the Massachusetts Law Blog (hat tip reader Barbara W) thinks.

Homeowner ‘securitization theory’ BofA claim dismissed Bank of America’s language even waives the right to invoke a California law that limits the scope of waiver clauses, "so that this release shall include all and any claims whatsoever of every nature.

Allstate sues JPMorgan over mortgage debt losses. Each of those companies were heavily exposed to subprime and other risky mortgages. Allstate said most of the securities it bought from the various defendants started out with "triple-A" ratings, the same carried by U.S. government debt, but that 97 percent now carry "junk" ratings.

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 · More trouble for the banks. So far, Allstate sued Bank of America and JP Morgan Chase of being misled over millions of dollars of bad mortgage backed securities that the insurer were sold and lost money over. Add Citgroup and Deutsche Bank to the list to being sued that was filed in the New York state Supreme Court in Manhattan:

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A.G. Schneiderman-led State & federal working group announces $13 Billion Settlement With JPMorgan Chase .. resolve federal and state civil claims arising out of the packaging, marketing, sale and issuance of residential mortgage-backed securities (RMBS) by JPMorgan, Bear Stearns and.

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A Kentucky-based bank that lost at least $14 million on mortgage-backed securities failed to read documents associated with the investment and didn’t give enough specifics to sustain claims of fraud.

 · Insurance giant Allstate is suing JPMorgan Chase and subsidiaries Bear Stearns and Washington Mutual for fraudulently selling the insurer more than $750 million in residential mortgage-backed.

Company Spotlight: MGIC allstate sues jpmorgan chase over sale of toxic rmbs allstate sues bofa, Mozilo over Countrywide losses – Allstate sues BofA, Mozilo over Countrywide losses. and generating roughly $140 million of improper gains from insider stock sales.. JPMorgan Chase & Co and Wells Fargo & Co to face SEC.