JPMorgan Won´t Stand Behind WaMu Repurchases
In a filing with the Securities and Exchange Commission, Freddie Mac reported that JPMorgan Chase & Co. has asserted that it will not be responsible for Washington Mutual Bank’s existing and future obligations to repurchase mortgages. Freddie noted that WaMu and a JPMorgan subsidiary were responsible for 16 percent of its business this year. "We have informed JPMorgan Chase that we are unwilling to consent to it being successor servicer unless it assumes the Washington Mutual repurchase obligations," Freddie stated.