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Washington Mutual Bank Mortgage Pass-Through Certificates 2005-PR4

Washington Mutual Bank Mortgage Pass-Through Certificates 2005-PR4

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Published by Mary Cochrane

Washington Mutual Bank Mortgage Pass-Through Certificates 2005-PR4

WaMu, which collapsed in 2008, made servicing advances for missed borrower payments but botched the insurance claim process, leaving it unable to collect insurance proceeds, the complaint said. WaMu ended up reimbursing itself from trust assets and passed the losses on to the trusts, according to the complaint, which said Wells Fargo failed to correct the problems.

“Plaintiff implored Wells Fargo, as trustee, to prevent WaMu from reimbursing itself and imposing losses on the trusts in this manner — but not only did Wells Fargo fail to act, it compounded the harm by passing on the losses itself when it later bought WaMu’s servicing portfolio,” the complaint said.

Wells Fargo purchased the servicing rights for the mortgage-backed securities loans in 2006, according to the complaint.

Pooling and servicing agreements covering the securities prohibited that transaction, and it exposed Wells Fargo to multiple conflicts of interest with its investor beneficiaries, the complaint said. The sale, according to the complaint, helps explain why Wells Fargo did nothing to stop WaMu.

“Wells Fargo’s conflict of interest continues to this day — more than five years later — despite its acknowledgment in July 2011 that it is presented with what it calls a potential conflict of interest and commitment to expedite the process of finding a successor trustee,” the complaint said.

“Instead, Wells Fargo remains both the trustee for the two at-issue trusts and the servicer for many of the loans in those trusts,” the complaint added.





Washington Mutual Bank Mortgage Pass-Through Certificates 2005-PR4

WaMu, which collapsed in 2008, made servicing advances for missed borrower payments but botched the insurance claim process, leaving it unable to collect insurance proceeds, the complaint said. WaMu ended up reimbursing itself from trust assets and passed the losses on to the trusts, according to the complaint, which said Wells Fargo failed to correct the problems.

“Plaintiff implored Wells Fargo, as trustee, to prevent WaMu from reimbursing itself and imposing losses on the trusts in this manner — but not only did Wells Fargo fail to act, it compounded the harm by passing on the losses itself when it later bought WaMu’s servicing portfolio,” the complaint said.

Wells Fargo purchased the servicing rights for the mortgage-backed securities loans in 2006, according to the complaint.

Pooling and servicing agreements covering the securities prohibited that transaction, and it exposed Wells Fargo to multiple conflicts of interest with its investor beneficiaries, the complaint said. The sale, according to the complaint, helps explain why Wells Fargo did nothing to stop WaMu.

“Wells Fargo’s conflict of interest continues to this day — more than five years later — despite its acknowledgment in July 2011 that it is presented with what it calls a potential conflict of interest and commitment to expedite the process of finding a successor trustee,” the complaint said.

“Instead, Wells Fargo remains both the trustee for the two at-issue trusts and the servicer for many of the loans in those trusts,” the complaint added.




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Published by: Mary Cochrane on Jan 22, 2013
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Washington Mutual Bank Distribution Date:26-Oct-2009Customer Service - CTSLink Contact:Securities Administration Services8480 Stagecoach CircleTelephone:Fax:1-866-846-4526240-586-8675Frederick, MD 21701-4747
16-Oct-2009 4:43:58PM
www.ctslink.comWells Fargo Bank, N.A.Mortgage Pass-Through Certificates
Washington Mutual Bank Mortgage Pass-Through CertificatesSeries 2005-PR4
CumulativeRealizedLossesTotalDistributionEndingCertificateBalanceCurrentRealizedLossPrincipalDistributionInterestDistributionBeginningCertificateBalanceCertificatePass-ThroughRateCUSIP
Certificateholder Distribution Summary
Class RecordDate
09/30/2009 2.44005 %T0656FQ30 222,648,521.09 1,379,516.15 0.00 221,269,279.94 1,831,968.94452,452.791A1 0.00 09/30/2009 2.51972 %T0656FQ48 1,068,305,953.30 10,973,264.29 0.00 1,057,335,547.59 13,213,598.172,240,333.882A1 0.00 09/30/2009 2.86598 %T0656FQ55 510,582,824.88 6,133,921.75 0.00 504,452,085.06 7,350,174.141,216,252.393A1 0.00 1,801,537,299.27 18,486,702.193,909,039.06 0.00 1,783,056,912.59 22,395,741.25 0.00Totals
This report has been compiled from information provided to Wells Fargo Bank, N.A. by various third parties, which may include the Servicer, Master Servicer, Special Servicer and others.Wells Fargo Bank, N.A. has not independently confirmed the accuracy of information received from these third parties and assumes no duty to do so. Wells Fargo Bank, N.A. expresslydisclaims any responsibility for the accuracy or completeness of information furnished by third parties. All Record Dates are based upon the governing documents and logic set forth as of closing.
Page 1
 
Washington Mutual Bank Distribution Date:26-Oct-2009Customer Service - CTSLink Contact:Securities Administration Services8480 Stagecoach CircleTelephone:Fax:1-866-846-4526240-586-8675Frederick, MD 21701-4747
16-Oct-2009 4:43:58PM
www.ctslink.comWells Fargo Bank, N.A.Mortgage Pass-Through Certificates
Washington Mutual Bank Mortgage Pass-Through CertificatesSeries 2005-PR4
TotalPrincipalDistributionEndingCertificatePercentageEndingCertificateBalanceTotalPrincipalReductionRealizedLossAccretionUnscheduledPrincipalDistributionScheduledPrincipalDistributionBeginningCertificateBalanceOriginalFaceAmountClass
Principal Distribution Statement
1A1 545,640,576.00 222,648,521.09 325,799.19 1,053,716.96 (275.00) 0.00 1,379,516.15 221,269,279.94 1,379,516.150.405522042A1 2,374,063,303.00 1,068,305,953.30 1,454,900.45 9,518,363.84 (2,858.58) 0.00 10,973,264.29 1,057,335,547.59 10,973,264.290.445369573A1 1,081,144,279.00 510,582,824.88 576,001.67 5,557,920.08 (3,181.93) 0.00 6,133,921.75 504,452,085.06 6,133,921.750.466590904,000,848,158.00 1,801,537,299.27 2,356,701.31 16,130,000.88 (6,315.51) 0.00 18,486,702.19 1,783,056,912.59 18,486,702.19Totals0.44566973
NOTE: Accretion amount also includes Net Negative Amortization, if applicable.
Page 2
 
Washington Mutual Bank Distribution Date:26-Oct-2009Customer Service - CTSLink Contact:Securities Administration Services8480 Stagecoach CircleTelephone:Fax:1-866-846-4526240-586-8675Frederick, MD 21701-4747
16-Oct-2009 4:43:58PM
www.ctslink.comWells Fargo Bank, N.A.Mortgage Pass-Through Certificates
Washington Mutual Bank Mortgage Pass-Through CertificatesSeries 2005-PR4
TotalPrincipalDistributionEndingCertificatePercentageEndingCertificateBalanceTotalPrincipalReductionRealizedLossAccretionUnscheduledPrincipalDistributionScheduledPrincipalDistributionBeginningCertificateBalanceOriginalFaceAmountClass
Principal Distribution Factors Statement
2.528250670.40552204405.522040832.528250670.00000000(0.00050399)1.931155790.59709487408.04978750545,640,576.001A1 4.622144770.44536957445.369567974.622144770.00000000(0.00120409)4.009313410.61283136449.990508662,374,063,303.002A1 5.673545950.46659090466.590902675.673545950.00000000(0.00294311)5.140775550.53277040472.261505521,081,144,279.003A1
NOTE: Accretion amount also includes Net Negative Amortization, if applicable.NOTE: All Classes are per $1,000 Denomination.
Page 3

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