Tonight! WAMU Lives On to 2015 and Beyond, and Double Reconveyances are Now a Thing! 3PM PDT

Thursdays LIVE! Click into the WEST COAST Neil Garfield Show

with Charles Marshall and Bill Paatalo

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

Chase bank is having a really good time doing whatever they want with the nearly $1 trillion in transactions originated with homeowners. They literally paid zero for a nonexistent portfolio. The FDIC has issued paperwork indicating that Chase has the power of attorney over any property that was acquired in the purchase agreement on September 25, 2008.

But if you issue a request under the freedom of information act (FOIA) the FDIC will deny that it transferred any loans to Chase or that it has any record of transferring any loans to Chase. In fact, the FDIC will deny that it has any record of any loans that were owned by Washington Mutual.

This leads to all sorts of fun and games for Chase. Among the consequences of this dance in which Jamie Dimon is leading, is the issuance of assignments reconveyances. The reason they don’t make any sense is that none of those documents memorialize any transaction that ever occurred in the real world.

Bill Paatalo dissects an assignment of mortgage loan interest to a ‘WAMU trust’, a possible legal nullity after the 2008 WAMU BK liquidating WAMU’s legal interest in their mortgage loan portfolio. Then Bill further dissects a double reconveyance situation, which again involves WAMU and US Bank.

Charles Marshall will weigh in on these issues as well, in addition to providing the latest news on the COVID-19 front as it relates to mortgage loans and evictions.

One Response

  1. FDIC lost action against Chase to repurchase “loans.” hmmm- so what happened to them?

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