JPMorgan loses bid to toss FHFA's mortgage debt lawsuit

  • Rate this Story
  • 0
  • 0

By Nate Raymond | November 6, 2012 7:00 AM EST

JPMorgan Chase & Co lost a bid on Monday to win the dismissal of a lawsuit by a U.S. regulator accusing the bank of misleading Fannie Mae and Freddie Mac in buying billions of dollars worth of risky mortgage securities.

U.S. District Judge Denise Cote in Manhattan pared down parts of the lawsuit filed by the Federal Housing Finance Agency but allowed other claims to stand.

The case was one of 17 lawsuits that the agency, as conservator for Fannie and Freddie, filed in September 2011 against banks including Bank of America Corp and Citigroup Inc.

(Reporting By Nate Raymond in New York; Editing by Gerald E. McCormick)

  • Rate this Story
  • 0
  • 0
Copyright 2012 Thomson Reuters. All rights reserved.

Join the Conversation

IBTimes TV
E-Newsletters

We value your privacy. Your email address will not be shared.