American Banker-
The unexpected retirement of Julie Williams, the Office of the Comptroller of the Currency’s second-in-command, raises questions about whether the move was forced and what it says about the agency’s future direction.
Related Article: Was Williams Forced Out of the OCC?
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8 million foreclosures and she ain’t found nothing wrong with any of them until the 50th State Attorneys started to investigate or after the 60 Minutes show where all the bank under her oversight where using Docx to forge 4,000 document per sweat shop worker a day down in Georgia and how many foreclosure have bee over turned by the OCC involvement to date.
You cannot have this type of leadership in the banking system because if your not in bed with the banks, your the stupidest person on earth. Ignoring your job like this in China would have gotten her the death penalty.
No one can be this dumb were the entire World financial system was falling apart and America suppose to be a land of rules & laws and the leader in the world yet homegirl agency looks like a Chicago police station on the take under Al Capone!
This is great news. We filed a complaint back in 2008 on or around the crisis. We started the process before the crisis hit. We never even got an acknowledgement from the OCC. This is great, great news. Good bye do nothing Office of the Comptroller of the Currency’s second-in-command.
The OCC should have realized all aspect of lending and what & who could do what it was they were doing to the home borrowers, like with bank that had already failed who had loan in pools with Ginnie Mae were their had to be insurance, bond or other assets to resolve the debt the bank made in putting our loan into the pools.
Banks had agreements with Ginnie Mae not we the borrowers and when Washington Mutual Bank was declared a “fail bank” they were in default of the pool agreement because they were no longer a “bank” able to servicer the loan or any agreement with a sub-servicer in Wells Fargo Bank.
Ginnie Mae should have received payment from the insurance covering the advantage payment Washington Mutual Bank received. The issuer did place insurances on the securities not the mortgage loans as the loan had to pay back the debt of the home loans.
You got two transaction and one borrower paying a mortgage payment base on let say $200,000 yet Washington Mutual Bank in selling the securities created a loan of its own. This works alright as long as they don’t default but if Washington Mutual default which they did and we the borrowers are not in default at that time without insurance there is not way for Ginnie Mae to receive monies for the investor because of a few thing like they are not a lender and cannot collect home mortgage payments or have someone collect for them the payments, and the Blank Notes that are signed and endorse while handing over to Ginnie Mae the Note but not as “holder in due course” meaning Ginnie Mae did not extend monies to originate or purchase these loans.
What has occurred is that the debts were separated from the Notes and is way they were not included in Washington Mutual Bank’s bankruptcy because they had already been given away when the VA & FHA loans were placed into the pools and turned into Mortgage Backed Securities.
However what it look like is that Ginnie Mae could not collect on the insurances until the loan defaulted but once the loan did default there is this triple payout where there is a foreclosure sale, VA Guaranty Fund payout and insurance for the securities part of this as the home mortgage payment that were paying the “investors” with the pass-through payment program.
So in my situation where there was a $202,400 balance, between Ginnie Mae & Wells Fargo there was $425,000 paid out between all three sources. And we wonder why they did not even process the loan for the Federal Government modification in the “President’s Making Home Affordable Program”! How do you have federal government insured loans that are not authorized for a federal government program?
This happen to each and every servicemember active & veteran that had a Washington Mutual Bank VA Loan that was last service by Wells Fargo. It also happen to even FHA loan!
The writing not so great but the knowledge is there.