Borrowers' Loan Suit Amounts To 'Speculation,' Federal Judge Rules

Borrowers' Loan Suit Amounts To 'Speculation,' Federal Judge Rules

ST. LOUIS - A federal judge in Missouri on Oct. 1 dismissed a suit disputing JP Morgan Chase Bank NA's (Chase) ownership of a Washington Mutual Bank (WaMu) loan following WaMu's closure, finding that the borrowers "fail to provide even minimal factual support for their assertion that their loan was one of many acquired by a REMIC $(Real Estate Mortgage Investment Conduit$) prior to the receivership; thus, it could not have been acquired by the defendants" (Bernard Feldman LP, et al. v. JP Morgan Chase Bank NA, et al., No. 13-1229, E.D. Mo.; 2013 U.S. Dist. LEXIS 141457).

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