J.P. Morgan's Mortgage Division Sued (JPM)

JPMorgan Chase & Co.'s 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. 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.