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
When some mortgage broker pretends that they are a mortgage lender and steals the money or the house or both, he or she goes to jail and a receivership is set up to claw back the illicit gains. But when a monster like Chase does it, it barely lifts an eyebrow even though people and institutions are being cheated left and right.
The big question is when our institutions start working again and when specifically be Chase foreclosures be forever barred when they are based upon false claims that Chase is the creditor or somehow has obtained authority to foreclose. That authority must come from a creditor who owns the debt by reason of having paid for it in exchange for an instrument of conveyance of that debt from someone who owns it. Yes it is that simple.
The plain fact is that WAMU, if it ever owned any loans, sold them long before Chase entered the picture. Therefore Chase didn’t buy them and if they had any intention of doing so the FDIC, for the protection of all stakeholders would have demanded far greater consideration than the ZERO consideration recited in the Purchase and Assumption Agreement executed on September 25, 2008.
Bill Paatalo in a recent Blog Post (May 14), laid out the position that the FDIC’s own promulgated Rules and Regulations demonstrate that the WAMU to Chase purported transfers of securitized trust mortgage loans never legally properly happened due to the criteria laid out in same Rules and Regulations. Bill will cover the factors at play here, including showing how WAMU’s loan were ‘legally isolated’ from the FDIC Receivership of WAMU when WAMU went into bankruptcy in 2008 to facilitate transferring loans to Chase.
Charles Marshall will cover the latest in Covid-19 policies, with special attention to California and the impact these overlapping policies have on foreclosure sales and foreclosure litigation.
Filed under: foreclosure |
When will Investigations end? This decade? Century?
Well Susan — because these loans “disappeared” — who the heck knows WHO took over the loans?.
I thought Wells Fargo took them over here in New Jersey
GREAT TOPIC. Believe me – I know. And, these “transactions” go way back to Chase before WAMU.
Have a good show.