In a blow to mortgage lenders, a U.S. judge in Newark has thrown out a suit by JPMorgan Chase Bank that challenged a mortgage insurer’s right to unilaterally rescind coverage for almost 2,000 mortgage loans for alleged submission of misleading information.
In JPMorgan Chase Bank v. Republic Mortgage Ins. Co., 10-cv-6141, the bank sought a declaratory judgment that Republic Mortgage Ins. Co. had to obtain a judicial ruling or an arbitration award allowing recission as to each policy.
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