The National Credit Union Administration (NCUA) filed its 10th action against a major Wall Street investment firm–this time, the defendant is JPMorgan Securities. NCUA’s suit revolves around mortgage-backed securities (MBS) underwritten and sold by Washington Mutual Bank (WaMu), which was acquired by JPMorgan in 2008 following its collapse. The complaint alleges that underwriting guidelines described in the offering documents for the MBS sales were “systematically abandoned.”
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http://www.themreport.com/articles/ncua-sues-jpmorgan-over-22b-in-wamu-securities-2013-01-07