“New York Attorney General Eric Schneiderman on Monday filed a lawsuit against JPMorgan Chase over allegedly faulty mortgages that were packaged and sold to investors during the housing bubble.

It is the first suit filed as part of the work related to a mortgage fraud task force the Obama administration formed in January and charged Schneiderman and four others to lead.

The suit, which Schneiderman’s office filed in New York state court, is related to securities issued by Bear Stearns, the failing investment bank purchased by JPMorgan in 2008.”

Read Jon Prior’s full article here