This is going to raise questions on how this has been able to proceed without the finalizing of the sale.
You cannot have an omelet if the chicken hasn’t laid the egg yet!
- Were the shareholders made aware that JPMC never finalized the deal?
- How does this effect those who filed for Bankruptcy?
- Why hasn’t the FDIC stepped up when they knew that this was on going and never finalized the sale?
- What happens to those who have an assignment of mortgage from WAMU to JPMC?
- Is JPMC currently servicing any of WAMU’ loans?
- All the chain in title that are in question?
- Bailout? What Bailout?
Thanks to Foreclosure Hamlet and 4closurefraud for this alert!
This is very intriguing… Check out the the excerpts from the report below…
Next month will mark two years since federal regulators seized Washington Mutual and sold it to JPMorgan Chase for $1.9 billion. Now a document that appears to be from the Federal Deposit Insurance Corporation suggests the deal still hasn’t closed.
“Everyone is saying the sale is finalized,” said the shareholder, Farokh Lam, of Woburn, Mass. “It is not.”
Lam noticed that on pages 7 and 9, the original WaMu purchase and sale agreement allows the FDIC to extend the settlement date. He says he asked about it, and the FDIC confirmed in phone calls and emails that the settlement date was set for Aug. 30, 2010, and could be extended further.
“Settlement Date” means the first Business Day immediately prior to the day which is one hundred eighty (180) days after Ban Closing, or such other date prior thereto as may be agreed upon by the Receiver and the Assuming Bank. The Receiver, in its discretion, may extend the Settlement Date.
It says: “The purpose of this amendment is to extend the time period for Final Settlement to August. 30, 2010.”
WaMu’s final days were chronicled in depth by Puget Sound Business Journal Staff Writer Kirsten Grind in an award-winning series.
Does this mean that all the WAMU foreclosures being pushed through the courts by JPMorgan Chase using the FDIC Purchase and Sale Agreement are invalid?
Does it mean if they haven’t closed the deal THEY DO NOT OWN THE LOANS OR THEIR SERVICING RIGHTS?
Where are the windfall profits going after the foreclosure sale?
What if the agreement changes before it is finalized?
So many questions…
Pipe up in the comments and let me know what you think.
The way I see it is, if they haven’t finalized the deal, how can they foreclose on the homes?
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