Taken From The Sworn Testimony of Jeffrey Thorne
Currently I am employed as an asset manager for the FDIC . . . When Washington Mutual failed, I was involved in the takeover of Washington Mutual by FDIC . . .
Pursuant to the public part of the agreement with the FDIC, of which were approximately 39 pages, the balance of the contract and the complete agreement with the FDIC and Chase bank is 118 pages long which has not been made public.
Excerpt:
Q. BY MR. BRADLEY: Okay. Now, this 118-page
14 document, can you again describe to me what its contents
15 was?
16 A. There’s two documents. They’re the same
17 document. And it is the right to purchase a financial
18 institution. That’s the purchase agreement. One of
19 them is 35 pages long that is recorded and made public
20 by the FDIC, and the other is a continuation of the 35
21 pages up to the 118 pages that spells out an agreement
22 between the purchasing institution and the FDIC as to
23 how they are to handle the customers upon the purchase
24 of the bank; i.e., how the foreclosures are to be
25 handled, work out agreements that they’re supposed to
1 make. Are they supposed to make an offer? They have to
2 make certain offers in writing. They have to present
3 them to the FDIC to Show that they’re working with them
4 In good faith. They just can’t go in and just start
5 foreclosing on everybody that’s not paying.
6 Q. And it’s your testimony that there was such an
7 agreement that Chase Signed with the FDIC when it took
8 over WaMu, this document?
9 A. Yeah, at the facility that I was at, that was
10 one qf the documents I had access to through my system,
11 and I saw that document.
12 Q. Okay. And then where would a copy of that
13 document be? The first 32 pages, I think you said, were
14 made public, but the balance of them were withheld from
15 the public.
16 A. Right. It would be at FDIC.
17 Q. Okay. And could those be subpoenaed?
18 A. I’m sure they could.
19 Q. And you would refer to it as the right to
20 purchase document?
21 A. Right.
22 MR. BRADLEY: All right. I have happily no
23 more questions. But we will –I’m sure they’ll want to
24 take your expert deposition. They like two bites at the
25 apple.
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