re: WAMU | Here is the Confidential 112 page Purchase & Assumption Agreement Between FDIC, Chase


re: WAMU | Here is the Confidential 112 page Purchase & Assumption Agreement Between FDIC, Chase

re: WAMU | Here is the Confidential 112 page Purchase & Assumption Agreement Between FDIC, Chase


Division of Resolutions and Receiverships
Institution Numer: 10015
Insti tution Location: Henderson, NV

Washington Mutual Bank
Closing Book
Date of Closing: September 25, 2008

Confidential Information Confidential Information

Transaction Recap
Washington Mutual Bank
Henderson, NV

In all the transactions offered by the FDIC, the Whole Bank Purchase and Assumption Agreement will be tailored to the winning bid. In all transactions, all assets are purchased by the acquirer and the preferred stock is excluded from the transaction. The legal documents will be the governing documents for this transaction.

The FDIC is offering five alternative transaction structures:
1. All liabilities are assumed except the preferred stock.
2. All liabilities are assumed, except the preferred stock and the subordinated debt.
3. All liabilities are assumed except the preferred stock, the subordinated debt and the senior debt.
4. All deposits and secured liabilities are assumed by the acquirer.
5. All insured deposits and secured liabilities are assumed.

The bid for alternatives 1, 2, or 3 must be at least the FDIC’s administrative costs
of the closing equal to $ (amount to be provided) .


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3 Responses to “re: WAMU | Here is the Confidential 112 page Purchase & Assumption Agreement Between FDIC, Chase”

  1. Charles Reed says:

    There no mention of loan that WaMu placed into Ginnie Mae securities which WaMu is not in possession of at the time of this transaction. Remember on Jul 31, 2006 Wells Fargo Bank started to mortgage service 1.3 million of WaMu’s government insured loans and they physically took possession of the blank Notes of these loans, as they also during this action purchase the building were they being housed.

    The relinquishing physically of the blank Note was a fatal mistake which Ginnie Mae & FDIC allowed as it separated the Notes & debts and made the titles invalid as the debt holder no longer would ever have possession of the Notes so could not have title, and could not call the debt due and foreclosed on these properties!

    After WaMu was seized they could not claim a debt as they had no Contract/Note and were finish as a lender, and Ginnie Mae did not purchase the debt.

    You cannot include the at least $130 billion in government insured loans in a $1.9 billion deal. This is why JPMorgan is having problem with the loan they foreclosed of Fannie & Freddie when there was a blank Note. Did Fannie or Freddie purchase the loans and it needed to be one of those two entities that were in title as the debt holder.

  2. Mike says:

    This is pretty much useless with the obvious redactions along with those portions that were redacted by less obvious means, i.e., whiteout (read pages 24 & 25 for example).

    Let us know when you post the REAL DEAL.

  3. izraul says:

    I still find it unbelievable that no one has touched on the issue of all the WAMU National Banks that were unlawfully using and dba FA’s.

    Flagrantly ILLEGAL.

    And still no one is looking at the HUD info… lol. All the lawsuits that were filed over WAMU and all the lawyers missed the most important issues staring everyone in the face.

    Has no one else noticed the changes to specific wording by the FDIC regarding the PAA?

    It went from a general “Whole Bank Purchase” to a specific “Washington Mutual Henderson NV” branch. And even more ridiculous is the conflicting alleged merger information on the very day of the alleged closure, which by the way was never even a real closing.

    There’s no mistake. It was criminal in nature from top to bottom. Chase set out to hijack WAMU and used corporate espionage to do it. The FDIC helps cover it up to protect their own ass, for allowing the other activities that led up to this.


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