Bombshell: Chase says Individual Loan-Level Data does Not Exist


Listen to Investigator Bill Paaalo and Attorney Charles Marshall discuss Proodian v. JPMC

Please note:  Within hours of posting this article on March 2, 2018 our website was hacked and this article removed.  Apparently we hit a nerve.

Thank you to Investigator Bill Paatalo who is responsible for bringing the loan-level data information to our attention.

By  TL Anderson


Abstract – US Residential-Mortgage Transfer Systems – A Data Management Crisis


USBank ROG Response – NV – cannot acsertain amout paid for loan(1)

It is becoming clearer that the entire securitization fiasco is nothing but a giant Ponzi scheme feeding a shadow banking system.  The big banks have created a system that circumvents all safeguards and protections for investors and consumers and is in fact an illegal racketeering operation taking in trillions of dollars offshore beyond the reach of regulators.

Once upon a time we assumed there was individual loan-level data that would show information about when the homeowner’s payments were received and who the proceeds were wired to.  It was assumed that the loan level data would also indicate the trust, trust performance, individual loan data, extra payments made, default dates, insurance proceeds received, IRS information and any other relevant loan information that adhered to generally accepted accounting practices.  No normal assumptions apply when it comes to mortgage securitizations.

The entire securitization scheme was created to blur all accountability and traceability.  The FBI has admitted it cannot trace the individual loans or where the funds went, investors who sue discover they bought into a Ponzi scheme, and homeowners are unable to obtain clear answers from their loan servicer because their loan servicers don’t have the answers.

The truth is that there is no loan-level data and there is no wiring information for individual loans.  It appears that most loan servicers are not wiring your monthly house payments to any identifiable entity, or they are keeping the proceeds without wiring them to anyone at all.

In the 2012 abstract entitled, “US Residential-Mortgage Transfer Systems – A Data Management Crisis John Patrick Hunt from the UC Davis School of Law reveals the fiasco of securitization, “both prior to the crisis and currently, there is no loan-level information available for the mortgage collateral held as assets in the REMIC-SPVs at the date of the issuance of the prospectus supplement or the date of the initial offering of the certificates.”

On February 23, 2018, in a case entitled Proodian-V-Chase-Order, Chase admitted that it couldn’t produce a wire transfer history for Plaintiff’s account reflecting payments made and wired to any entity via transfer.  The judge ordered Chase to produce “wire transfer history for Plaintiff’s account reflecting payments made to JPMorgan Chase Bank, N.A. and forwarded to Wells Fargo, or any other entity, via wire transfer.”  After a ‘diligent search’, Chase admitted it was not in possession, custody or control of the documents demanded by the order.

“Specifically, Chase does not maintain loan level information regarding its payments to the investor, Wells Fargo.”  In other words, Chase does not have a wire transfer history to Wells Fargo (or any other entity) for Plaintiff’s account alone or any other individual loans for that matter.

This admission from Chase shows a complete disconnect between the cash-flow between the borrower and alleged investor(s), and suggests that there is no way to prove, through verifiable accounting, that the alleged investors even receive payments from the borrower.

The records that Chase maintains show the total monthly payment (in millions of dollars) made to Wells Fargo, regardless of whether any individual borrower in the pool made their payment to Chase.  Therefore, how can there be any defaults if Chase pays Wells Fargo regardless if any individual borrower in the pool made a payment?  Wells Fargo, as Trustee, is not the investor-despite attempts to trick the court.  Once Wells Fargo receives the lump payment, where does Wells Fargo forward the money?  Inquiring minds want to know!

Chase is admitting a disconnect in the money trail they don’t want anyone to see.  Chase argues that the homeowner is not entitled to this loan-level information, and don’t have standing to demand the accounting information between the securitization participants.  This is despite the fact that the homeowner was duped into taking out a mortgage that masqueraded as a security without their consent.  The security ended up generating millions of dollars for unknown entities, while the homeowner carried all of the risk.

Chase is engaging in a diversionary tactic away from the fact that Chase cannot produce the money trail on the borrower’s loan, or any securitized loan!   In short, the documents that the homeowner sought, while not being in default in this case, were the subject of the Court’s recent discovery Order – i.e. to produce the wire transfer history for Plaintiff’s account alone that don’t exist!

The reality is that there is NO WIRE TRANSFER HISTORY FOR ANY INDIVIDUAL ACCOUNT SHOWING PAYMENTS TO ANY INVESTOR(S).  They do not exist- unless Chase decides to “cook” them up (much more difficult than slapping an endorsement onto a note).

Chase is effectively saying that it sends MILLIONS OF DOLLARS EACH MONTH TO WELLS FARGO ON BEHALF OF A POOL OF LOANS, BUT CANNOT BREAK DOWN THAT LUMP PAYMENT.  Chase cannot show the origin or source of these payments, and Wells Fargo, as Trustee, doesn’t want to know about the origins of these enormous sums of money or execute a formal accounting?  This is a brilliant way to launder money, the epitome of a Ponzi scheme, and a dangerous shadow banking enterprise that could destroy the United States economy.  Where is the FBI when American’s homes and economic underpinnings are at risk?  Out generating anti-Russian propaganda to divert from the reality that the American housing economy is a house of cards.

Investigator Bill Paatalo cites a USBank Interrogatory Response where they admit that “plaintiff cannot ascertain the specific amount for which the loan was purchased, for as it was purchased as a large pool of loans.”  US Bank admits that the pool contains $287 million dollars and consists of 2,472 loans, so it cannot assert how much was paid for any individual loan.

In Discovery, why not ask, “Provide loan-level data plus individual loan wiring receipt.”  Forget about every other document request and like Investigator Bill Paatalo continues to assert, “Show me the money!”​

The trusts, that are typically never funded, appear to have only the aggregate principal balance data at origination, the number of loans, and the geographic composition of the pool.  Another question that should be raised is how does a trust that doesn’t have a bank account, but only appears on paper to exist, accept these huge mortgage pool payments?  It is all an elaborate ruse meant to confuse.


Investigator Bill Paatalo

Private Investigator – OR PSID# 49411

BP Investigative Agency, LLC

9 Responses

  1. This is a much bigger story than anything being reported in U.S.
    Elizabeth Warren should crusade against this injustice to Americans.

  2. So, For every alleged (hearsay) assignment of the mortgage note by a foreclosing ‘servicer bank’ there should be an interrogatory by the homeowner asking for the UCC 9 required conveyance consideration transaction detail.

  3. Our home was illegally foreclosed and then sold to third party. Is it possible to get it back? If not, what else could we get?

  4. The next level of truth is that not only the securitization process, but the entire payment system is one big Ponzi scheme; banks create money out of thin air;

    And, the reason why there is no justice and no law is because their are no judges and no courts either;

    “There are no Judicial courts in America and there has not been since 1789, Judges do not enforce Statutes and Codes. Executive Administrators enforce Statues and Codes. There have not been any Judges in America since 1789. There have just been Administrators.” FRC v. GE 281 US 464, Keller v. PE 261 US 428 1 Stat. 138-178

    And, the banks and BAR work hand-in-glove to fleece every country for British and Roman Imperialism ; there is no remedy to be found there; and, all are ACTing under assumed and presumed authority and foreign jurisdiction until we take it back and govern ourselves; “the obedient will be slaves”;

    The only remedy is to establish law of the land jural assemblies to; invoke jury nullification; and, to use natural law and natural justice as a restraint against tyranny, as Judge Napolitano says;

    See what Anna von Reitz has done for you:

    Then: “The issuing power of money should be taken away from the banks and restored to the people to whom it properly belongs.” – Thomas Jefferson

    Only when the power of banking and of making law is in the hands of the people will we know equity, freedom, justice an end to man-made poverty and world peace;

    And, the only way to direct representation is to hold referendums by, for and of the people and use that to bring about change; in peace

    “For every thousand men who hack at the branches of evil there is only one who is striking at the root.” – Henry David Thoreau

  5. Congress is taking up Dodd Frank this week ….time to tweet this to all in congress

  6. The LLD frequently has errors. Data reporting companies like Bloomberg or ABS-Net call it “reading the tapes” which frequently takes place 1x per month and runs a month behind. I’ve noticed Wells frequently cut off around the 25th of each month.

  7. Great job Bill. I believe there are these class action suits now that bring in millions for the lawfirms and only pennies on the dollar for all of us Americans who were really harmed and have lost property and paid out billions to these crooks. Take a close look at the 10th Circuit Court Ruling in Colorado in George et al. V. Urban Settlement Services and Bank of America. My five (5) loans, initially originated and “table funded” by Countrywide Home Loans were all the subject of much fabrication, forgery, robosigning, and really phony, but people like Seterus provide a letter full of lies, smoke, and mirrors and the phony, inept, useless CFPB does nothing but accept letters and NO PROOF of any kind because they don’t have any- like we are all finding out. Keep up the great work. Semper Fi.

  8. Great job Bill. Persistence is starting to pay off. So what now?? RICO lawsuits against the bankers and their attorneys????

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