Full Deposition of JPMorgan/WaMU Lawrence Nardi Part 2 - Just What Happened To All Those Wamu's Notes?

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Full Deposition of JPMorgan/WaMU Lawrence Nardi Part 2 – Just What Happened To All Those Wamu’s Notes?

Full Deposition of JPMorgan/WaMU Lawrence Nardi Part 2 – Just What Happened To All Those Wamu’s Notes?

Excerpt:

18 Q (By Ms. Mack) Have you ever in your duties of
19 being a loan analyst — a loan operations analyst, have
20 you ever seen an FDIC bill of sale or a receiver’s deed
21 or an assignment of mortgage or an allonge?
22 MS. CREWS: Object to form.
23 A For loans, I’m assuming you’re talking about
24 the Fray WAMU loan that was subject to the purchase
25 here.

1 Q (By Ms. Mack) Right.
2 A No, there is no assignments of mortgage.
3 There’s no allonges. There’s no — in the thousands of
4 loans that I have come in contact with that were a part
5 of this purchase, I’ve never once seen an assignment of
6 mortgage. There is simply not — they don’t exist. Or
7 allonges or anything transferring ownership from WAMU to
8 Chase, in other words. Specifically, endorsements and
9 things like that.
10 Q This would be actually specifically through
11 the FDIC and would contain the language that is in 3.3.
12 A No.
13 MS. CREWS: Object to form.
14 A I haven’t seen the document.
15 MS. MACK: Well, I’m clarifying this and
16 talking about certain documents.
17 Q (By Ms. Mack) So you just don’t — you don’t
18 think that is something that was performed —
19 MS. CREWS: Object to form.
20 Q (By Ms. Mack) — as far as transferring the
21 properties in the manner indicated in the purchase and
22 assumption agreement?
23 MS. CREWS: Object to form.
24 A Again, I — I don’t know of any requirement or
25 process that was followed regarding the language in this

1 paragraph; that whatever — that basically produced or
2 basically caused to affect new or certain documents
3 being added to those WAMU loans.
4 Q (By Ms. Mack) Okay. If you will just give me
5 a minute, I think we are almost done with the PAA.
6 Have you ever inquired of anyone at the FDIC
7 to determine if they have a loan schedule of loans that
8 would have been on the books of WAMU at the time of
9 failure that would have been acquired by JPMorgan Chase?
10 Not servicing rights, but the ownership of a promissory
11 note, beneficial interest, whatever you want to call it.
12 A Have I ever inquired of the FDIC? No.
13 Q Do you know if Chase has inquired of the FDIC?
14 A Not related to the ownership or beneficial
15 status of the loans. We’ve made inquiries as to the
16 whereabouts or existence of the schedule of loans or
17 assets, which is something that they have not been able
18 to provide either. So not — not specifically related
19 to the document that you mentioned.

[…]

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