Tonight! Paatalo Unveils the Truth About the Chase WAMU deal.6PM EST 3PM PST

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with Charles Marshall and Bill Paatalo

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Tonight we talk about grandest of thefts.

Bill Paatalo is a private investigator who I compare to a dog with a bone. He never lets go. After years of trying he finally came up with extrinsic proof that the “WAMU” loans claimed to be owned by Chase as a result of the Purchase and Assumption Agreement were neither owned by WAMU nor by Chase as “successor.” Neither the FDIC nor the U.S. Trustee in the WAMU bankruptcy had any control over those loans since they were not in the estate of the entity that went bankrupt or was forced into receivership.

All the documents that were produced by Chase were therefore entirely false, fabricated and fraudulent. Time to write your state legislators and congressional representatives. Until this fraud stops, the economy will continue to hemorrhage money that is badly needed to avoid another recession.


Close examination of Lehman, Aurora, Bear Stearns, Indymac, Wachovia, Wells Fargo, Bank of America and Countrywide and others will reveal the exact same thing. All those foreclosures current, past and future are providing profits to brokerage firms or banks that will never be turned over the the investors who funded the origination or acquisition of the loans.

Theft is not capitalism. The Wall Street firms who engineered this scheme were not capitalists. The capitalists were the investors who advanced the money and the borrowers who signed documents and put up their homes as collateral. Capitalism only works in free markets. Free markets means that there are opposing forces. If information is withheld under circumstances that is is virtually impossible to decipher the true nature of a transaction then there can be no opposing market forces and capitalism fails.

All over the world, starting in the late 1990’s, people, institutions and governmental units have been screwed. But they don’t really understand how it was done and therefore their lawyers have not devised a viable real action to pursue remedies for what is in the final analysis, the greatest economic crime in human history. I think the answer might be disgorgement.

It is my opinion that to this day the original investors still do not fully understand that they are probably entitled to disgorgement of trillions of dollars from Wall Street firms that converted investor money to firm money. It is also my opinion that borrowers are entitled to receive some portion of the disgorgement of compensation and profits arising from origination or acquisition of their loans that were never disclosed.

2 Responses

  1. Many of the loans – pre-crisis – were claimed securitized by WAMU.. GSEs were investors/guarantors in these claimed trusts. But nothing was paid off by borrower at refinances. Loans just went the distressed debt path to an unknown land.

    I highly doubt any bank owns any of these loans today. Hedge funds are involved. Distressed debt buyers are involved. Brokers just hold in street name – for securities that were never securities.

  2. What so hard to understand that WAMU had 1.3 million Federal Government loans transferred to Wells Fargo Bank for servicing Jul 31, 2006, as these loans were attached (not purchased) WAMU’s Ginnie Mae MBS. All these 1.3 million Fed Gov program loans were attached to by performing the UCC3 procedure where the Notes are endorsed in blank!

    WAMU was in trouble and the FDIC, HUD, Ginnie Mae allowed the 1.3 million Note to be physically transferred to Ginnie which consummate ownership of the Notes for an eternity as no purchase of the debt occurs as US Congress does not authorize Ginnie to every purchase mortgage loan debt.

    So WAMU is seized on Sept 25, 2008, and declared a “failed bank” by the FDIC. Wells Fargo is the custodian of records and is storing those Notes in the building it purchased from WAMU on Jul 31, 2006. The FDIC allowed the world to think that JP Morgan Chase purchased all of these loans, and somehow, Wells was servicing and had not purchase the loans as this was an impossibility once the relinquishing of the Notes are done at the start of the MBS.

    Wells Fargo acts as if they can non-judicially foreclose working through MERS however, WAMU stop existing on Sept 5, 2008, not having the ability to ever collect any debt. Wells who foreclosed as if they purchased the debt by using an outside law firm to forge Assignment of Deeds of Trust or act as if they could non-judicially foreclose getting pass the UCC9. As with the Holm v Wells & Freddie Mac could not produce proof of ownership!

    Wells was caught in Apr 2013 through the Independent Foreclosure Review Board (IFR) as no underwriting of the HAMP, FHA HAMP and VA HAMP was conducted and paid $6,000 for the noncompliance. The other category of “No Standing” (original category of the IFR) was diverted in Jan 2013, renegotiation of the IFR and victims were told to seek the court for a decision after having to wait since Apr 2011 expecting the issue to be addressed with the $125,000 payout!

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