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Sunday – JULY 8, 2018

WaMu FA Ten-Year Anniversary Special: Lessons Learned from the Biggest Bank Failure in American History and How the FDIC Turned It into the Biggest Financial Fraud in American History

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In June 2008 , Washington Mutual Bank in 9 days experienced a rush by depositors to withdraw $16.7 billion representing 9% of its deposits which led to its being seized by the Office of Thrift Administration and in September 2008 placed into receivership with the FDIC. Its parent, Washington Mutual, Inc., then was forced into bankruptcy.

Virtually the same day of the receivership, the FDIC sold WaMu’s hard net assets, valued in excess well over $100 billion, to JPMorgan Chase Bank for $1.9 billion minus debt and equity claims, which included an unscheduled number of WaMu FA mortgages estimated in the millions, collectively reported to be worth $118.9 billion.

Washington Mutual, Inc. had its origins in Seattle in 1889, and growing under a variety of names and subsidiaries, expanded its operations acquiring mortgage companies in Oregon, Idaho, Utah, Montana, California, Texas, and New York, to become the largest mortgage lender in the United States.

On January 1, 2005 it acquired by merger Washington Mutual FA, a Sacramento Federal Association, which Federal Association then ceased to exist, and WaMu expanded its subprime mortgage leading operations nationwide.

The result has been an incredible fraud waged not only upon WaMu Mortgage borrowers nationwide, but upon the Nation’s Courts as well who, Mr. McGoo-like, at least until very recently, have proceeded to assume mistakenly that federal regulators and Chase could do no wrong.

On today’s show, John and I will discuss the likely reasons why WaMu collapsed and the surprising breadth of the resulting WaMu FA fraud.

Specifically, we will examine ten key aspects of the underlying WaMu FA fraud, and how to use that information to defeat WaMu FA related foreclosures:

1. It is generally recognized that WaMu FA mortgages were sold in securitizations before the FDIC receivership.

2. WaMu FA securitizations specifically stated that the originals of loan documents were not to be immediately deposited in the trusts, with mortgages allowed to be assigned outside the trusts.

3. When original WaMu FA loan documents were deposited in the trusts, loan servicers were instructed that they could destroy the original loan documents as long as they maintained electronic copies from which they could recreate originals.

4. Rubber-stamping of endorsements of notes was done undated and after-the-fact using rubber stamps signed by past WaMu employees without their permission, including Cynthia Riley, and reportedly Jess Almanza and Robin Tange.

5. Robert Schoppe, in charge of the FDIC WaMu Receivership, has admitted in sworn testimony in a criminal case and in taped interviews with others that the FDIC never knew what mortgages WaMu owned at the time of the receivership and anyone asking that question should contact Chase for the answer.

6. WaMu FA ceased to exist on January 1, 2005, but was apparently used by WaMu as “lender” thereafter, defrauding State recording offices, to make millions of loans as an undisclosed and unlicensed dba having no legal capacity to make or record loans, functioning as an undisclosed and unlicensed mortgage broker in order to avoid state licensing laws and to extract yield spread premiums from borrowers in violation of federal law.

7. Chase used its employees to assign mortgages to itself on behalf of the FDIC claiming to be officers of the FDIC, in violation of federal criminal laws.

8. Chase has used its employees and foreclosure attorneys to knowingly submit false affidavits in judicial foreclosure court proceedings and at State recording offices claiming to authenticate false loan documents, committing and suborning perjury.

9. The FDIC, even after the 2008 Purchase and Assumption Agreement (PAA) with Chase, supposedly selling all WaMu mortgages to Chase, nevertheless inconsistently proceeded to assign WaMu pre-receivership mortgages directly from the FDIC to others.

10. Courts have rejected the assignment of mortgages occurring simply by operation of law in federal receivership situations and even automatically resulting from corporate mergers, requiring the FDIC to have to belatedly blindly assign WaMu mortgages to Chase, reportedly with a 2014 deadline cutoff date.

Gary Dubin

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A Membership Application is posted there waiting for your support.

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