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Class Action Lawsuit Alleges JP Morgan Engaged in Systematic Document Fabrication to Move Mortgage Losses from Its Books into Mortgage Backed Securities

Date: 2012-01-19T20:24:31.680
Author: Yves Smith
Editor note: To our knowledge, the suit filed by Ernest Michael Bakenie against JP Morgan is the first to accuse a major bank of widespread, systematic residential mortgage documentation and fraud. I don’t have a copy of the filing and am relying on the summary in Courtroom News Service (hat tip Jesse via reader Scott) but it is a doozy. (The case is described as a class action, but has yet to obtain class certification by the court). We’ve reported repeatedly of widespread evidence of grotesque procedur
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View original artilce: http://www.nakedcapitalism.com/2012/01/class-action-lawsuit-alleges-jp-morgan-engaged-in-systematic-document-fabrication-to-move-mortgage-losses-from-its-books-into-mortgage-backed-securities.html
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