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« Bernanke Defends Lehman Actions To His 'Deathbed' | Main | In Response To Dividend Request, Fed Tells Banks To Stress Test For New Recession With 11% Unemployment »
Friday
Feb182011

Allstate Sues J.P. Morgan Chase Over Sale Of Toxic RMBS

How to get your way in Washington.  Dimon flirting with Romer...

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Source - Housing Wire

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 securities backed by toxic loans.

In its complaint, Allstate alleges the defendants "made numerous misrepresentations and omissions regarding the riskiness and credit quality" of the loans backing the securities sold as part of the transaction. JPMorgan Chase acquired Bear Stearns and Washington Mutual — along with the banks' assets — back in 2008 when the housing meltdown hit. While both firms are technically defunct, each still has structured finance trading platforms unwinding.

Allstate issued a statement about the suit Wednesday saying the offerings made by the financial institutions "contained untrue statements and omitted material facts." The insurer said, "Between 2005 and 2008, Allstate purchased more than $750 million in mortgage-backed securities from those defendants."

Continue reading @ Housing Wire...

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Dimon tells Charlie Rose that  J.P. Morgan is NOT too big to fail...

Video:  Dimon with Charlie Rose -- December 22, 2009

  • "You punks must be thinking of Pandit and Citigroup.  JPMorgan could be sliced, diced and split this week."

 

 

 

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Reader Comments (7)

Feb 18, 2011 at 2:04 AM | Registered CommenterDailyBail
Feb 18, 2011 at 2:05 AM | Registered CommenterDailyBail
Gosh, I wonder why we don't see this sort of coverage in the U.S.?

"In the state of Indiana, JP Morgan makes roughly $186,000 per month" running the food stamps program. (1:43)

http://maxkeiser.com/2011/02/18/making-fortune-on-poverty-jp-morgans-big-food-stamp-business-features-max-keiser/

Despite the abject fail that is U.S. mainstream media, Americans like Gabrielle are waking up to the Grand Scam.
Feb 18, 2011 at 9:44 AM | Unregistered CommenterCheyenne
Please STOP using the word "toxic". This is a code word government and media are using to obfuscate the reality that we are all the victims of the biggest financial swindle since the Great South Seas Company disaster in 1721. The accurate term is "fraudulent." What Wall Street was selling and has been forced to repurchase via these lawsuits are FRAUDULENT securities, and they are using code words so that you don;t get angry when they confiscate your homes and bank accounts to pay the costs.
Feb 18, 2011 at 1:28 PM | Unregistered CommenterMichael Rivero
Cheyenne your right, U.S. mainstream media is nothing more than a propaganda organ for the special interests and the government. I can find more truth and actual fact on the internet in one hour than spending a whole week watching the MSNs on TV.
As for the big food stamp business, seems like everywhere you look there is a financial parasite sucking the life out of this country.
Even the poor are victim to the creed of greed.
Feb 18, 2011 at 1:41 PM | Unregistered CommenterSagebrush
@mike...you make a good point...i actually just borrowed the headline from the housing wire story...though i will say that toxic has a pretty negative connotation on its own...to me it's synonymous with fraud...
Feb 18, 2011 at 1:48 PM | Registered CommenterDailyBail

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