Bear Stearns residential mortgage backed securities

27 November 2013

Law Debenture Trust Company of New York is the separate trustee for 30 mortgage-backed securities issued by Bear Stearns or other companies acquired by JPMorgan Chase.  On November 15, 2013 JPMorgan Chase announced it agreed to pay $4.5 billion to settle representation, warranty and servicing claims relating to 330 mortgage-backed securities trusts issued by J. P. Morgan, Chase and Bear Stearns.  The terms also include the implementation of servicing changes to loans serviced by J.P. Morgan.  The agreement was reached with 21 institutional investors in the RMBS trusts.  The offer expires on January 15, 2014, but may be extended for an additional 60 days.  
Law Debenture and the other trustees are currently investigating the offer.
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