Tonight! Government Complicity in Wall Street Corruption. How the FDIC Enabled the Chase-WAMU Con Job! + COVID Update 3PM PDT 6PM EDT

Thursdays LIVE! Click in to the WEST COAST Neil Garfield Show

with Charles Marshall and Bill Paatalo

Or call in at (347) 850-1260, 6pm Eastern Thursdays

This comes back to the fact that we all know we were screwed by the banks in the mortgage meltdown (1996-2008) and that they are still screwing us. Most of us just don’t know how they are doing it or what we can do about it.

Sheila Bair was forced out of the FDIC because she wouldn’t do the DC two-step — pretending to be doing her job while the government was helping the largest financial institutions literally steal almost all the accumulated wealth in the world. If she had her way, the the fraud epidemic including the great Chase-WAMU rip off would not have occurred. Thousands of foreclosures would not have been filed. And tens of thousands of homeowner would still be in their homes. Trillions in taxpayer dollars could have been saved in false bailouts. Home equity would have been preserved and the economy would have had trillions in stimulus without spending a dime.

Let’s get one thing straight. Chase didn’t buy any loans from WAMU in the FDIC deal on September 25, 2008. Chase never paid a dime to anyone in exchange for ownership of any homeowner debt, note or mortgage. Chase never received an assignment of mortgage from WAMU or the FDIC or the US trustee in Bankruptcy. WAMU never declared the loans as assets on its balance sheet when it filed for bankruptcy because it had already sold them to investment banks that probably included Chase — but they never retained the purchase on their books or anywhere else as an asset receivable. There is no legal claimant on those transactions because the whole purpose of securitization was to get the loan off their books, not on it. The goal was to profit from trading securities not interest on loans.

Bill Paatalo harkens back to an article he wrote and posted on his Blog back in 2016 re the supposedly legitimate transfer of WAMU securitized mortgage loans through their 2008 bankruptcy case, facilitated by the FDIC, to Chase. Bill has used his keen analytical skills to demonstrate that the transfer was the sham we have been calling out, and collaterally trying to prove in various court cases, now some years on.

Charles Marshall hosts today, with more COVID-19 updates, particularly related to how lenders are using Fed Removals to get borrower-plaintiff lawsuits against them taken out of state court where those cases are largely stayed due to COVID-19, to Fed Court, where they are not so stayed.

2 Responses

  1. Great topic!! And, Ian, critical what you ask for.

    I will tell you this, my money that went missing (vanished into thin air) – WAMU name on it — but they are nowhere in “title.” I don’t find out about them (WAMU) until a decade later when I find out my money vanished!!!!

  2. WAMU was laundering Mexican drug cartel money, they were charged with laundering $ 450 million from memory. Does anyone have anything further on this?

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