And...it gets better: JPMorgan Sued by John Hancock Over Mortgage Securities

[dixiegrrrrl]

JPMorgan Chase & Co. was sued by Manulife Financial Corp.’s John Hancock Life Insurance unit, which accused the bank of fraud in connection with the sale of residential mortgage-backed securities.

The lawsuit, filed today in New York state Supreme Court in Manhattan, seeks unspecified damages for losses of market value and principal and interest payments, as well as rescission and recovery of payment for the investments.

John Hancock bought the securities “in reliance on the false and misleading” statements made by the defendants, which include Bear Stearns & Co. and Washington Mutual Inc. (WAMUQ), both of which were acquired by JPMorgan, lawyers for the Boston-based insurer said in the lawsuit.

“Based on these material misrepresentations and omissions, plaintiffs purchased securities that were far riskier than had been represented, backed by mortgage loans worth significantly less than had been represented, and that had been made to borrowers who were much less creditworthy than had been represented,” attorneys for John Hancock said in the lawsuit.

http://www.bloomberg.com/news/2012-01-23/jpmorgan-sued-by-john-hancock-over-mortgage-securities.html


so, that makes ....BOA, and Citi, and JP Morgan, and Standard and Poors and ....let's see..who am I forgetting?

[Ghost Dog]

1. False and misleading statements;

material misrepresentations and omissions.

Sue more.

[Po_d Mainiac]

3. And where is the SEC and AWOL Holder? n/t

[Po_d Mainiac]

2. And what did the bernank state the Fed was going to keep buying yesterday?

From the Fed minutes
The Committee is maintaining its existing policies of reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities in agency mortgage-backed securities and of rolling over maturing Treasury securities at auction. The Committee will regularly review the size and composition of its securities holdings and is prepared to adjust those holdings as appropriate to promote a stronger economic recovery in a context of price stability.

Don'tcha just wanna see what crap is on the books at 33 Liberty?

[dixiegrrrrl]

4. which reminds me..what happened to the "audit the Fed" movement???

[Po_d Mainiac]

5. Funny how that kinda faded away

When the teabaggers astroturfed the original 'Tea Party'

OWS is flying that banner (kinda), but there are signs that the PTB are dipping their tentacles there as well