Michigan Supreme Court: JP Morgan Mortgages Worth Billions are Voidable
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December 31, 2013 - 2:45am
Econontersect: While everyone is watching the looming fiscal cliff the Michigan Supreme Court has presented a $3.75 billion cliff to JP Morgan Chase (NYSE:JPM). The ruling, handed down on 21 December 2012, upheld a previous ruling by the Michigan Court of Appeals. The lower court ruling was based on a Michigan law that states a party foreclosing who is not the originator of a mortgage has no standing unless they provide a record chain of the mortgage. The mortgages in question were obtained by JPM from the FDIC (Federal Deposit Insurance Corp) after Washington Mutual (WaMu) failed in 2008.
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