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JPMorgan sued by New York Attorney General over mortgage-backed securities

October 2, 2012
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J. P. Morgan & Co. Building panorama (1780915415)

New York Attorney General Eric Schneiderman has filed a lawsuit against JPMorgan Chase for fraud over faulty mortgage-backed securities packaged and sold by the former Bear Stearns.

It was the first action to come out of a working group created by President Barack Obama to go after alleged wrongdoing in the financial crisis, Reuters reported.

JPMorgan, which bought one-time rival Bear Stearns for $2 a share in March 2008, said in a statement it intended to contest the allegations.

The lawsuit alleged a "systematic abandonment of underwriting guidelines" in the selling of home loans that went into securities peddled by Bear Stearns. 

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