S&A CAPITAL PARTNERS, INC. v JPMORGAN CHASE BANK, N.A et al| Breach of Contract...Plaintiffs purchased 3,529 first lien residential mortgage loans and approximately 1000 first lien and second lien residential mortgage loans from the Defendants
UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK
S&A CAPITAL PARTNERS, INC., MORTGAGE RESOLUTION SERVICING, LLC; and 1ST FIDELITY LOAN SERVICING, LLC, Plaintiffs v. JPMORGAN CHASE BANK, N.A., JP MORGAN CHASE & COMPANY, and CHASE HOME FINANCE LLC Defendants.No. 1 :15-cv-00293-LTS-JCF
THIRD AMENDED COMPLAINT JURY TRIAL DEMANDED
Plaintiffs S&A Capital Partners, Inc. ("S&A"), Mortgage Resolution Servicing, LLC ("MRS"), and 1st Fidelity Loan Servicing, LLC ("1st Fidelity")(together, the "Plaintiffs"), for their third amended complaint against JPMorgan Chase Bank, N.A., JPMorgan Chase & Company, and Chase Home Finance LLC (together "JPMC" or the "Defendants"), allege as follows:NATURE OF THIS ACTION
1. This action arises out of the breach by the Defendants of various contracts entered into with the Plaintiffs including a mortgage loan purchase agreement dated February 25, 2009 between MRS and Chase Home Finance LLC (the "MLPA").THE PARTIES
Plaintiffs: 2. S&A is a Florida corporation located at 6810 N. State Rd. 7, Coconut Creek, Florida 33073, whose President is Laurence Schneider. S&A has been acquiring mortgaged loans and pools of loans from numerous lenders, servicers and mortgage insurance companies since 2003. From 2005 -2010, S&A purchased approximately 650 first lien and second lien residential mortgage loans from the Defendants. 3. MRS is a Florida limited liability company located at 6810 N. State Road 7, Coconut Creek, Florida 33073, whose managing member is Real Estate and Finance, Inc., a Florida corporation whose President is Laurence Schneider. On February 25, 2009, MRS entered into a purchase agreement to purchase a pool of 3,529 first lien residential mortgage loans from the Defendants and paid full consideration for the loans. 4. 1st Fidelity is a Florida limited liability company located at 6810 N. State Rd. 7, Coconut Creek, Florida 33073, whose managing member is Real Estate and Finance, Inc., a Florida corporation whose President is Laurence Schneider. 1st Fidelity has been acquiring mortgage loans and pools of loans from numerous lenders, servicers and mortgage insurance companies since 2008. From 2008 to 2010, 1st Fidelity purchased approximately 350 first lien and second lien residential mortgage loans from the Defendants. Defendants: 5. JPMorgan Chase Bank, N.A. (the "Bank") is a national banking association and a wholly-owned subsidiary of JPMorgan Chase & Company. The Bank's principal place of business is at 270 Park Avenue, New York, New York. On September 25, 2008, the Bank purchased substantially all of the assets and assumed substantially all of the liabilities of Washington Mutual Bank, F.S.B. pursuant to a Purchase and Assumption Agreement with the FDIC as Receiver for Washington Mutual Bank, F.S.B. 6. JPMorgan Chase & Company ("JPMC") is a Delaware corporation with its principal place of business at 270 Park Avenue, New York, New York. In July 2004, JPMC merged with Bank One. One or more of the Plaintiffs acquired from JPMC residential mortgage loans that JPMC had acquired from Bank One loans. As owner of the loans sold to the Plaintiffs, JPMC is liable for all of the damages sought herein. 7. Chase Home Finance, LLC ("Chase") was a Delaware limited liability company that offered mortgage and loan services, with its principal place of business at 343 Thornall Street, Edison, New Jersey 08837. Prior to May 1, 2011, Chase was qualified to do business in New Jersey. Effective May 1, 2011, Chase merged into the Bank which now owns and services the residential mortgage loans previously owned by Chase. The Bank stands in the shoes of Chase and is liable for all of the damages sought herein. [...] 12. The Plaintiffs’ goal is to work out reasonable and sustainable payment plans with the borrowers so that they can retain their homes. [...]