Wells Fargo wants JPMorgan to buy back mortgages

09/16/2011 | Reuters

Wells Fargo is suing JPMorgan Chase to force the latter to repurchase hundreds of soured mortgages. Wells Fargo claims EMC Mortgage, a unit of JPMorgan, has refused to buy back the troubled loans, despite "clear defects" in the applications, according to the complaint. "The loans have been plagued by an alarming rate of defaults and foreclosures," Wells Fargo said.

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