Apparently no-one actually owns the home loans JPM supposedly purchased from WAMU.
They have been re-hypothecated to infinity….and BEYOND!!!….and there is NO ACTUAL RECORD OF THE OWNERSHIP OF THE LOANS BEING TRANSFERRED FROM WAMU TO JPM CHASE!!
Essentially this means that WAMU wasn’t able to provide ANY of the original promissory notes signed by the homeowners to JPM Chase, so The Morgue legally has no ownership of the WAMU loans it purchased for pennies on the dollar.
Confirming, under oath and in print what we already suspected: there is no schedule of mortgage loans evidencing what JPM allegedly “purchased” from the FDIC in connection with the failure of WaMu.
This is from the sworn deposition testimony of Lawrence Nardi, the operations unit manager and a mortgage officer for JPM, who was previously with WaMu and was picked up by JPM after WaMu’s failure. The 330 page deposition was taken by counsel for the homeowner on May 9, 2012 in the matter of JPMorgan Chase Bank, N.A. as successor in interest to Washington Mutual Bank v. Waisome, Florida 5th Judicial Circuit Case No. 2009-CA-005717.
Here is the question and the answer:
Q: (page 57, beginning at line 19): Okay. The — are you aware of any type of schedule of loans that would have been created to represent the — either the loans that were asset loans or the loans that were serviced by WAMU? Are you — was the — do you know if there is a schedule or database of loans like that?
A: (page 58, beginning at line 1): I know that there was a schedule contemplated in certain documents related to the purchase. That schedule has never materialized in any form. We’ve looked for it in countless other cases. We’ve never been able to produce it in any previous cases. It would certainly be a wonderful thing to have, but it’s — as far as I know, it doesn’t exist, although it was — it was contemplated in the documents.
As we all know, JPM has also stated, in a Federal Court filing, that it is NOT the “successor in interest to WaMu.” However, the deposition testimony gets even better as the day went on:
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When corruption escalates to a level we see at JPM, the criminals get arrogant, stupid and sloppy. These idiots are going to end up taking themselves down. Death by hubris.
It this would be most interesting if it turns out to be true.
If it is; One would have to ask if any of the Lehman Bro’s SILVER was ever “Transfered.” I mean if you were like a CFTC regulator??
This is ridiculous!
What is it going to take to get JUSTICE!
I am tired of lunacy parading as leadership!
And angered that the entities entrusted to bring these criminals to jail, are actually bought and paid for as well!
Department of Justice my ASS!!!
What will it take to bring this corruption to light, and into the average Americans mindset!?!
There’s already more than enough “in the light” and known to jail a great many financial “services” company executives. What will possibly facilitate a change in the current prosecute no one climate is far more economic pain. That’s most likely coming, and that’s also why the powers that be are busy building a police state.
This is really interesting….. I had a home mortgage with WaMu, and it was switched over to Chase in 2008. I have since sold the house, paying off JPM Chase the balance of the loan. If this article is indeed factual, it seems to me they had no legal standing to take my money. Hmm…
Jon Corzine says he knows where they are.
I see a class action lawsuit waiting on foreclosures by Chase. If they didn’t own it they can’t foreclose. The day they send a US banker from one of the big banks to jail is the day the system will unravel.
forget class action this is going to get nasty, even my mortgage has its ties to a MBS all the way to JPM and BOA and GS, check your own mortgage if you have one there’s honey in that pot somewhere