On February 14, 2012, Syncora Guarantee filed a complaint in New York state court against JP Morgan, Bear Stearns, and EMC Mortgage alleging $52 million in losses incurred by the insurance company as a result of its insuring RMBS issued by the defendants. Syncora alleges that the defendants misrepresented not only the quality of the home-equity line of credit residential mortgages underlying the RMBS, but also the quality of their due diligence processes during the securitization. Syncora brings claims for breach of contract and common-law fraudulent inducement. Complaint.