NY's attorney general predicts more mortgage complaints on the way

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The charges filed by Schneiderman mark the first legal action taken by a mortgage fraud task force established by President Obama at the beginning of the year. The president tapped Schneiderman to lead the force after he unveiled it at his 2012 State of the Union address.

Schneiderman claims in his suit against JPMorgan that the risky loans recklessly packaged into securities led to "tremendous losses" for investors. In 2006 and 2007, the "astounding" losses totaled about $22.5 billion, which is good for more than one-quarter of the original principal balance of all those types of bonds issued by Bear Stearns.

While that suit was filed in New York's supreme court, Schneiderman said members of the task force and other federal government officials made major contributions to the effort.

Steve Linick, the inspector general of the Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac, said his office worked "very closely" with the task force and the AG's office in pursuing this and other future fraud cases.

In his complaint, Schneiderman charges that mortgage bonds packaged by Bear contained risky mortgages that investors had been led to believe had been carefully evaluated and monitored. Instead, Bear Stearns officials "systematically failed" to evaluate the loans, ignoring defects and not informing investors of problems that emerged.

JPMorgan has said it plans to fight the charges, while pointing out that the violations occurred under Bear Stearns before JPMorgan took it over.