Mealey's Banking & Finance - JPMorgan To Pay $400 Million To Settle Mortgage-Backed Securities Claims

NEW YORK - JPMorgan Chase & Co. will pay $400 million to settle claims that it misrepresented the risk involved with certain residential mortgage-backed securities (RMBS) that were insured by monoline insurer Syncora Guarantee Inc., according to a financial statement issued by Syncora on Feb. 28, bringing an end to four lawsuits Syncora filed in an attempt to recover its losses (Syncora Guarantee Inc. v. EMC Mortgage LLC, et al., No. 650420/2012, N.Y. Sup., New York Co.; Syncora Guarantee Inc. v. EMC Mortgage LLC, et al., No. 653519/2012, N.Y. Sup., New York Co.; Syncora Guarantee Inc. v. JPMorgan Securities LLC, et al., No. 651566/2011, N.Y. Sup., New York Co.; Syncora Guarantee Inc. v. EMC Mortgage Corp., No. 09-3106, S.D. N.Y.).

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