JPMorgan Chase & Co.'s (NYSE:
JPM) EMC Mortgage, is being sued by the trustee of a mortgage portfolio, as the New York-based investment bank refuses to turn over loan documents.
Wells Fargo & Co. (NYSE:
WFC) wants access to more than 2,000 mortgages it bought from the Bear Stearns Mortgage Funding Trust 2007-AR2.
“The trustee has repeatedly requested that EMC provide access to the subject documents,” Wells Fargo said in the complaint. “EMC has played proverbial ‘rope a dope' and otherwise continued to drag its feet, and has produced nothing.”
J.P. Morgan, declined to comment.
Shares of J.P. Morgan are up 6 cents to $44.97.
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