How many Sub-Prime mortgages acuired by Chase from WAMU via FDIC have become permanent loan modifications

WHAT PERCENTAGE OF SUB-PRIME MORTGAGES THAT WERE ACQUIRED FROM WAMU HAVE BECOME PERMANENT MODIFIED LOANS. This information is even hidden from JP Morgan Chase employees. Without this vital statistic, Obama is wasting the taxpayers’ money!

Washington Mutual was the LARGEST bank failure in the history of this country.

The value of the bank as estimated before the FDIC stepped in was 321 Billion give or take. What did it sell for to Chase with the FDIC help?
About 1.9 Billion of or about .005 cents on the dollar

The sad and ironic part is today we are trying to figure out how to ‘help’ these homeowners out of foreclosure. These sub-prime borrowers have have always been treated as if in a cast system, castaway into a special category where they are always force to pay more for everything than everyone else because they can afford it the least. These people are forced to pay twice as much on monthly payments for their cars. In some cases they are driving Hyundais and paying more per month that people driving BMWs. They pay staggeringly high interest rates when they get and use credit cards and when they buy a house, they pay so much interest that their humble home monthly payments are on par with homes in luxury neighborhoods.

So just so that we don’t spoil the fun, WAMU’s bk is a great opportunity to screw them once again in big numbers and in a very hurtful way.

I ask this question: If you are going to sell mortgages to another bank for pennies on the dollar, then why not sell them to the homeowners and do it on a sliding scale that brings more profit and keeps hard working families in their homes.

Here is some food for thought:

If instead of allowing a profit-minded self interest company take these homes from families, couldn’t we consider:

1. Creating a legal structure to modify the loans to affordable loans for these homeowners. The modifies interest, no matter how low, would certainly reap more profit that the fee that JP Morgan Chase paid to the FDIC for these mortgages!

2. All taxpayers would save billions because JP Morgan Chase can sell these foreclosed houses at auction and claim an tax write-off for 80% of the difference between what the ORIGINAL PRINCIPAL on the loan was versus the auction sale price. (Even thought JP Morgan Chase paid pennies on the dollar for those mortgages. So WE ARE PAYING THE RICH TO GET RICHER while they steal homes from poor honest homeowner families.

3. The financial entity that can oversee the modified loans for these former sub-prime borrowers could be a self-sufficient non-profit, and at the same time provide much needed jobs in this economy. It would be investing in our country rather than being another parasite such as JP Morgan Chase.

4. EVERYONE NEEDS TO ASK THE FOLLOWING QUESTION UNTIL THE ANSWER BECOMES COMMON KNOWLEDGE:

WHAT PERCENTAGE OF SUB-PRIME MORTGAGES THAT WERE ACQUIRED FROM WAMU HAVE BECOME PERMANENT MODIFIED LOANS. This information is even hidden from JP Morgan Chase employees. Without this vital statistic, Obama is wasting the taxpayers’ money!

as long as that all of these subprime mortgage homeowners loans, being purchased by Chase by

So in researching your loan if you ended up with them as your servicer chances are you were part of the mess and you thought they were only a bank that you made payments to, right?

Well, you are not alone.

They did business with originator banks(fake pretending lenders that are really brokers) of the like of:

First Magnus Financial(bankruptcy in AZ)
Countrywide(Imploded and is now BofA)
Plaza Home Mortgage-active
First Horizon-active
Alliance Bancorp-unsure
Residential Funding-unsure
Mortgage IT
Steward Financial
UBS

This comes from my knowledge of the wonderful Neg Am Option ARM and may have many more players. Either way alot of the above lenders used a warehouse line of credit to fund the loan and then sell it to WAMU for securitization.

1) I am attaching a link to the WAMU Seller’s guide which explains the underwriting and the way the files are to be delivered etc.
Pay attention to the BLANK endorsement requirement on assignments(Why?)

They also make a point of keeping WAMU’s name out as the purchaser of the loans which I would say is a concealment issue. Add that to the MERS situation and you have more non-transparency

https://www.wamumsc.com/sellerguide/reports/pdf/msc_seller_all.pdf

2) Second is the Servicer Guide which explains the servicing procedures etc:

https://www.wamumsc.com/servicerguide/reports/msc_servicer_all.pdf

3) Third is a master Prospectus filed with the SEC which explains all of the advanced calculus that goes into confusing all but three humans on earth.

http://www.secinfo.com/dScj2.u2p2.htm#c38e

4) Then each bundle of securities gets an individual prospectus to go with it:

http://www.secinfo.com/dsvRa.v32u.htm

5) When they submit the bundle they list all of the loans in the trust at the time of creation. Here is what that looks like. This one has originating lenders names and the loans by number:

http://www.secinfo.com/d16VAy.u5c.htm

and another without lender names:

http://www.secinfo.com/d16VAy.vyb.htm

6) Here is a Pooling and Servicing Agreement that goes through the process of creating the securities and the pool of mortgage loans etc.:

http://www.secinfo.com/d16VAy.u83.d.htm

Here are various lawsuits that are filed against WAMU from investors that I have found so far. The last one is a link to the WAMU bankruptcy case and all of the documents that go with it. Chase and WAMU are battling over billions of assets. Interesting reading and gives details of underwriting and appraisal fraud:

http://securities.stanford.edu/1043/WAMUQ00_01/20091030_f01c_090155…

http://securities.stanford.edu/1042/WAHUQ_01/20091123_r01c_0900037.pdf

WAMU BK filing and case with Chase

http://www.kccllc.net/wamu

You may or may not be able to find if your loan is included in the above. You can narrow the search down to the year in which you closed your loan and search the above www.secinfo.com site and find the classes for your time-frame. Once you find the trust(WMALT 200? such and such) you can search the attachments for a FWP file and search through by zip code and see if you are included.

If you log into the secinfo site it may require you to register for free to continue access.

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