Professional Documents
Culture Documents
or they don’t. And it is a question that every single Washington Mutual consumer should be asking.
Back in 2008, the Federal Deposit Insurance Corporation (“FDIC”) stepped in and took over operations of Washington Mutual Bank; and
through that process they sold assets of the bank to JP Morgan Chase. What JP Morgan expects the general public to believe is that
means they took over all loans originated by Washington Mutual Bank, unless they are getting sued by investors and then they claim
none were purchased. So how is it possible that JP Morgan talks out of both sides of its “proverbial” mouth?
First, Washington Mutual Bank, FSB (Federal Savings Bank) f/k/a Washington Mutual, FA (Federal Association) was ONE of SEVERAL
entities owned by Washington Mutual, Inc. (See http://en.wikipedia.org/wiki/Washington_Mutual) JP Morgan apparently took over
Then on September 25, 2008 the FDIC sold “certain” assets to JP Morgan Chase; one assumes those assets were the deposits, savings,
credit cards and servicing contracts held by Washington Mutual Bank. I say assumes because it is only now coming to light that when
the FDIC sold those “certain” assets, they didn’t bother with identifying some of those assets – and this could prove to be a big problem
Recently Deutsche Bank National Trust Company sued the FDIC for flawed loans originated by Washington Mutual Bank; through that
lawsuit, the FDIC filed a Motion to Dismiss stating the FDIC isn’t responsible for those loans, that JP Morgan Chase assumed liability for
those loans. So of course, Deutsche then joined JP Morgan Chase, who in turn says…… “Whoa there Nelly, we don’t have those loans
and we certainly didn’t take on liability for those loans”. Among other sorts of teeth gnashing and whining, apparently neither the FDIC
nor JP Morgan Chase are quite clear just which loans were actually sold to JP Morgan Chase. (If you want a copy of the Amended
Complaint and Motions to Dismiss as filed, email me and I will send them to you) Which by the way, the Motions to Dismiss were DENIED.
This confusion is further illustrated by a 330 page deposition of a one Lawrence Nardi. On May 9, 2012 in the matter JPMorgan Chase
Bank, N.A. as successor in interest toWashington Mutual Bank v. Waisome, Florida 5th Judicial Circuit Case No. 2009-CA-005717,
Lawrence Nardi, Operations Unit Manager and mortgage officer for JP Morgan Chase, who was previously employed by Washington
Mutual and thereafter by JP Morgan Chase, in sworn deposition testimony under oath and subject to the penalties of perjury, testified
that there was NEVER a mortgage loan schedule as to any mortgage loans “purchased” by JP Morgan Chase, NA from the FDIC pursuant
to the Purchase and Asset Agreement (PAA) between the FDIC and JPM dated September 25, 2008. Pertinent testimony from the 330
Q: (page 57, beginning at line 19): Okay. The — are you aware of any type of schedule of loans that would have been created to represent
the — either the loans that were asset loans or the loans that were serviced by WAMU? Are you — was the — do you know if there is a
A: (page 58, beginning at line 1): I know that there was a schedule contemplated in certain documents related to the purchase. That
schedule has never materialized in any form. We’ve looked for it in countless other cases. We’ve never been able to produce it in any
previous cases. It would certainly be a wonderful thing to have, but it’s — as far as I know, it doesn’t exist, although it was — it was
A: (page 260, beginning at line 23): For loans, I’m assuming you’re talking about the WaMu loan that was subject to the purchase here.
that I have come into contact with that were a part of this purchase, I’ve never once seen an assignment of mortgage. There is simply not
— they don’t exist. Or allonges or anything transferring ownership from WAMU to Chase, in other words. Specifically, endorsements and
This claim by Nardi is supported by some of the Free Writing Prospects that Washington Mutual Mortgage Securities Corporation (who
Possession by a Subsequent Purchaser or Creditor of the The trustee will not have physical possession of the mortgage
Mortgage Notes and Mortgages Could Defeat notes and mortgages related to the mortgage loans owned by the
the Interests of the Trust in the Mortgage Notes and
Mortgages
Trust. In addition, the trustee will not conduct any independent
review or examination of the related mortgage files. Instead,
to facilitate servicing and reduce administrative costs, Washington
Mutual Bank fsb, a wholly-owned subsidiary of Washington
Mutual Bank, the servicer of the mortgage loans, will retain
possession of and will review the mortgage notes and mortgages
as custodian for the Trust and financing statements will be filed
evidencing the Trust’s interest in the mortgage loans. The mortgage
notes will not be endorsed to the Trust and no assignment of the mortgages to
the Trust will be prepared. Furthermore, the mortgage notes and mortgages
will not be stamped or otherwise marked to reflect the assignment to
Washington Mutual Mortgage Securities Corp. and then to the Trust. If
a subsequent purchaser or creditor were able to take physical
possession of the mortgage notes and mortgages without
knowledge of that assignment, the interests of the Trust in the
mortgage notes and mortgages could be defeated. In that event,
distributions to certificateholders may be adversely affected.
So it is quite understandable that consumers are confused by JP Morgan Chase’s claim as a “party of interest” in their foreclosures. And
every single one should be questioning that claim. If the loan was sold to Washington Mutual Mortgage Securities Corp back “when”,
then how could the FDIC ever sell it to JP Morgan Chase? The fact is ..they did NOT. They may have sold servicing rights to the loan,
but they did NOT sell the loans to JP Morgan Chase. And everyone should be demanding proof of that purchase.
I have seen numerous “Assignments of Deed of Trust” or “Corporate Assignment of Deed of Trust” in which JP Morgan falsely claims:
JP Morgan Chase as Success in Interest to Washington Mutual Bank
This statement is a flat out lie; JP Morgan Chase purchased assets from the FDIC they purchase NOTHING from Washington
Mutual Bank. Don’t take my word for this; recently the Michigan Supreme Court looked at this issue and THEY declared in their ruling
that JP Morgan Chase is not “successor in interest” to Washington Mutual Bank. See Michigan Supreme Court – JP Morgan NOT
Bank et al
Okay. That is possible if Washington Mutual retained the loan; but if there is a REMIC on the “assignment” then that is a flat out
lie, because the loan was sold years ago to the Washington Mutual Securities Corp who sold it to the REMIC Trust; it was not part of the
assets taken over by the FDIC. If they “purchased” it..show me the schedule. Show me the endorsement (a real one, not a manufactured
one please). Show me the receipt. My oh my what a web we weave when we first practice to deceive. Investors SHOULD be all over
this mess.
The issue of whether JP Morgan Chase is the “successor in interest” is hearsay. There is too much evidence in the general public domain
and being filed in cases throughout the county demonstrating that Washington Mutual sold those loans long before the FDIC got involved;
so the assignment is a sham. And you might want to look into what constitutes “fraud upon the court” if they come trotting into Court with
The other really odd thing about these “assignments” – they claim that the Trustee of the REMIC Trust (Wells Fargo, US Bank, Deutsche),
and the FDIC ALL reside at the exact same address and share the exact same phone number. Really? Not that it is fatal to the
assignment but I think it is evidence that JP Morgan lies. If I want to call the FDIC and ask them about this assignment, the number rolls
to JP Morgan Chase; if I want to call one of the Trustees, the number rolls to JP Morgan Chase. Why is that?
I also find it fascinating that JP Morgan, who according to financial sites, was hankering to buy Washington Mutual – I can’t help but
wonder how attractive those “unendorsed” Notes were to JP Morgan Chase; does this little bit have anything to do with the OCC’s Cease
and Desist Order to JP Morgan Chase on their anti money laundering practices? The modern day mafia doesn’t deal in drugs and booze,