Warranties Breached by Mortgage-Backed Securities, Panel Says
A unanimous First Department panel said a JPMorgan bank affiliate was bound by representations and warranties to its buyers about the creditworthiness of mortgage loans backing the sold bonds.
December 02, 2015 at 04:00 AM
3 minute read
A claim by a JPMorgan bank affiliate that it had not breached warranties it made when it sold mortgage-backed securities in 2006 was rejected Tuesday by a panel of the Appellate Division, First Department.
The appellate court affirmed a November 2013 ruling by Commercial Division Justice Shirley Werner Kornreich, who presides over all mortgage-backed securities cases brought in Manhattan.
Justice Karla Moskowitz, writing for a unanimous panel in Bank of New York Mellon v. WMC Mortgage, 654464/12, said JPMorgan was bound by representations and warranties to its buyers about the creditworthiness of mortgage loans backing the bonds.
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