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Why JPMorgan Chase Did Not Purchase Ownership Of 615B Worth Of WaMu Loans In Three Simple Steps

Posted by Bill Paatalo on Jul 24, 2017

Here is a simple 3-step Analysis to show that ownership of at least $615,000,000,000.00 (over half a
TRILLION Dollars!) of WaMu loans were not purchased by JPMorgan Chase from the FDIC.


The U.S. Senate Sub-Committee (Levin Coburn Report) reveals in its findings of fact that WaMu sold and
securitized at least $615B of residential mortgage loans through its subsidiaries WaMu Asset Acceptance
Corporation and Washington Mutual Mortgage Securities Corporation who acted as Depositors in the
securitization transactions.


Pg. 116 From 2000 to 2007, Washington Mutual and Long Beach securitized at least $77 billion in subprime
and home equity loans. WaMu also sold or securitized at least $115 billion in Option ARM loans. Between
2000 and 2008, Washington Mutual sold over $500 billion in loans to Fannie Mae and Freddie Mac,
accounting for more than a quarter of every dollar in loans WaMu originated.

Pg. 119 WaMu Capital Corp. acted as an underwriter of securitization transactions generally
involving Washington Mutual Mortgage Securities Corp. or WaMu Asset Acceptance Corp. Generally,
one of the two entities would sell loans into a securitization trust in exchange for securities backed by the
loans in question, and WaMu Capital Corp. would then underwrite the securities consistent with industry


See: Page 2. PAA (click here: FDIC-Chase PAA)

Assets means all assets of the Failed Bank purchased pursuant to Section 3.1. Assets owned by Subsidiaries
of the Failed Bank are not Assets within the meaning of this definition.


In the case of Fox v. JPMorgan Chase, a specific REMIC Trust is named in the action. To prevail on its
argument that the loan was sold and transferred to the Trust, JPMorgan Chase and U.S. Bank, N.A. as Trustee,
both admitted / stipulated that the loan contained both investor codes AO1 and 369 in the loan transfer
history, which means the loan was sold by Washington Mutual Bank to the subsidiaries prior to those
subsidiaries transferring the loan into the Trust. AND, it was stipulated that the loan was NOT PURCHASED

(Click here: Chase Stipulated Fact AO1 WMAAC)

Stipulated Facts:

8. Investor Code AO1 in the Loan Transfer History File represents WaMu Asset Acceptance Corporation.
9. Investor Code 369 in the Loan Transfer History File represents Washington Mutual Mortgage Securities

10. JPMorgan Chase Bank, N.A. did not purchase the loan from the Federal Deposit Insurance Corporation.

In the Fox case, JPMorgan Chase and U.S. Bank as Trustee, have taken a position that universally applies
to all $615B of these securitized loans.

Each one of these loan transactions will show either the investor code AO1, 369, or both somewhere in the
Loan Transfer History screenshots within the servicing system, and as such, the loans were not purchased
from the FDIC.

The presumptions that Chase has relied upon in order to maintain its position in thousands of foreclosure
proceedings that (1) it acquired the loans through the PAA, and (2) the assignments of beneficial-ownership
interests to the loans unto itself as attorney-in-fact for the FDIC have now been debunked by its own
admissions! Unless of course, you were to believe in the [1/1,000,000] proposition that the Fox loan was the
only loan not included in the receivership.

Bill Paatalo Oregon Private Investigator PSID#49411

BP Investigative Agency, LLC P.O. Box 838
Absarokee, MT 59001 Office: (406) 328-4075