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Haven't seen this before and not sure if it was ever posted...
http://www.ritholtz.com/blog/2013/03/jpm-wamu/
Since it began to deny its obligation, JPMorgan has repeatedly tried getting the FDIC to agree that it has approval to settle and then send the FDIC the bill. The arrogance, impunity and extent to which lengths JPM’s lawyers go in attempts to saddle the FDIC with its own losses are amazing. In a strongly worded letter of response to JPM’s repeated attempts to fool the FDIC into stating or implying it accepted consent, the FDIC strongly states that it has not consented to any actions or inactions by JPM and that “insomuch as these assertions may have become boilerplate language in correspondence from this firm, please consider this letter to be the FDIC’s standing rebuttal”
[v]. Still, recent press reports suggest that JPMorgan and Deutsche Bank are engaged in settlement talks and that JPM’s strategy may be to settle with the Deutsche Bank (Trustee) investors, indemnify those investors and have them file a claim against the FDIC for indemnification.
Even beyond losses on the $92 billion of original principal balance for which Deutsche Bank is trustee, there are losses associated with another $100 billion of WaMu mortgage securities over which either JPMorgan or the FDIC will ultimately be required to settle.
He probably can't stand this public display of corruption going on in this country..walking around with his hands tied..
Just thinking....didn't Sussman or someone from his camp make a statement after we gave releases that if anything did come to us..it wouldn't be advertised in the media, but we would just receive a check in the mail...
Or we might just receive a letter in the mail soon, with a set of instructions..prior to receiving a check or direct deposit..who knows...just waiting like everyone else..
OK, Thanks....the way I took it was that, since JPM didn't have document claiming ownership of WMI assets..they couldn't foreclose. they were stating that since they rec'd everything from FDIC it shouldn't matter and the judge overturned their claim..stating there's no chain of ownership presented...
BK..see link on my post#403798...
I beleive the FDIC has already begun liquidating (selling) assets to build the cash value to be returned to us since WaMu is no more...and can't rebuild, all property would have to be sold...and I think this started right after it was seized...
I think they tried to claim they owned them, but could not produce a document claim of ownership..
this was dated 12/2012...and what we know now about the FDIC Recievership....so I would say now they do not own them....
Not sure if this has ever been posted about WaMu Mortgages...
http://mfi-miami.com/2012/12/michigan-supreme-court-rules-3-75-billion-of-jpm-chase-held-mortgages-are-voidable/
Michigan Supreme Court Rules $3.75 Billion Of JPM Chase Held Mortgages Are Voidable
By Steve Dibert December 30, 2012 ?
Court Rules Unrecorded Mortgages Received Through The FDIC Receivership Of WaMu Are Voidable
Steve Dibert, MFI-Miami
On the Friday before Christmas, while the media was focused on the funerals of the victims of the Sandy Hook massacre and pre-Christmas retail sales figures, the Michigan Supreme Court quietly handed down a significant ruling that will affect nearly $3.75 billion worth of mortgages former Washington Mutual mortgages that JPMorgan Chase acquired from the FDIC after Washington Mutual went into FDIC receivership in 2008.
The Michigan Supreme Court upheld a Michigan Court of Appeals ruling from January that calls for a strict interpretation of a Michigan law that states that if a foreclosing party is not the originating note holder they must be able to show a record chain of the mortgage.
MCL 600.3204(3) states:
“
If the party foreclosing a mortgage by advertisement is not the original mortgagee, a record chain of title shall exist prior to the date of sale under section 3216 evidencing the assignment of the mortgage to the party foreclosing the mortgage.
Jamie Dimon, CEO of JPMorgan Chase
In Kim v. J.P. Morgan Chase, Chase claimed the requirements under MCL600.3204(3) do not apply because JPMorgan Chase acquired the loan “by operation of law”. What this means is JPMorgan chase is claiming is they don’t need to show a recorded chain of ownership because they acquired the note through their acquisition of Washington Mutual’s assets after Washington Mutual was placed into FDIC receivership in 2008. The Court of Appeals disagreed and said that a claim of “by operation of law” could only be claimed by the FDIC and that a mortgage assignment from the FDIC to JPMorgan Chase still had to be properly recorded with the Register of Deeds.
The Michigan Supreme Court in their 4-3 ruling states that the mortgages are currently unenforceable because JPMorgan Chase can not claim operation of law. The court ruled JPMorgan Chase did not acquire Washington Mutual as a corporate entity. Instead they acquired assets of the company through a third party. Therefore a chain of ownership must be recorded with the Register of Deeds where the property is located. However, the courts ruling did leave open the possibility that JPMorgan Chase could go back and record a mortgage assignment. However, JPMorgan Chase faces two major obstacles in doing so. The first being if when the FDIC has concluded the liquidation of Washington Mutual and damages owed to homeowners they may have already illegally evicted from their homes.
This ruling could affect as many as many as 40,000 Washington Mutual mortgages in Michigan that JPMorgan Chase acquired from the FDIC. It is unknown if JPMorgan Chase will seek damages from the law firms aka foreclosure mills that were either hired directly or indirectly by JPMorgan Chase to handle recording these documents and execute the foreclosures.
I know everyone is frustrated..i"m p'd off as well...LG could be right and Catz could be right...But there's nothing wrong with HOPE and PRAYER...cause none of of knows what's in the sealed envelopes or whether a real deal was made behind closed doors.
Lets just say for fun that Sussman put us in the money, and came out smiling...that deal came with certain terms, and could have said future settlement in cash from various sources..6yrs to gather and save face..now just because an agreement was made doesn't mean it has to be filed on the 8K..(payout doesn't have to come from WAMU residuals)..nor do they spill the beans, sealed documents mean sealed lips as well..
So it's ok to have hope...everybody must deal with this crime (issue) in their own way..I for one would hope for a little recovery...WMIH is a joke...what little I was left with had to be sold around 59cents to pay medical bills..fair and reasonable is a court term, not a public term...
Be Blessed!
I'm hoping and praying for the best outcome for us..so I agreee with you on this....disappearance....claims are no longer being pursued could mean a settlement fo Escrow plus to publicly disclose there is no money left..allows this BK scandal to close up and be old news and the world can move on..then when the checks are mailed out, no one is wiser...IJS
I agree...they are JPM don't realize it..but sueing the FDIC is going to get ugly and some one at the FDIC is going to let the cat out the bag.....JPM didn't have an agreement with the FDIC..they made and under the table agreement with Sheila Bair...FDIC has nothing to lose...
PICK...thanks for your service and all that you do!! ..Did 6 tours myslef over there....retired last year..Make the most of it...Guys like us might not get to be with Blood Kin during these times..but we are apart of a larger family that will shed blood for each other....Be Blessed and have a safe return...
I was wondering if the DOJ has heard about Project West, so to get more information for myself, I googled and this is what came up below....
I have been hearing a lot about something from JPM about Project West. Do you know what Project West was and how these people were involved?
PROJECT WEST TEAM LEADERS
Name Title
1 Althea L Duersten Managing Director - Chief Investment Office
2 Barry L Zubrow Chief Risk Officer - Credit Dept
3 Benjamin Lopata Managing director - Tax Dept
4 Brian A Bessey Corp -M&A Dept
5 Charlie Scharf EVP/CEO - CEO Chase Retail Financial Services
6 David B Lowman CEO - Home Lending Dept
7 Douglas Braunstein Head of Americas IBC and M&A
8 Fernando Rivas Managing Director IB-FIG
9 Frank J Bisignano Chief Administrative Officer
10 Gordon Smith CEO- Card Service Dept
11 Gregg B Gunselman Executive Director - IB-FIG
12 Jay Mandelbaum EVPI Strategy & Development Exec - Admin Dept
13 John F Bradley HR Director
14 John R Chrin Managing Director (IB-FIG)
15 Kevin Watters SVPlBusiness Banking Executive
16 Louis Rauchenberger MD & Corporate Controller - Accounting Dept
17 Martha Gallo General Auditor- Accounting Dept
18 Mike Cavanagh EVP/CFO
19 Neila Radin Legal Compliance
20 Raymond Fischer CFO-LOB
21 Sally E Durdan EVP/Corporate Finance Executive - Retail Admin Dept
22 Scott E Powell Branch Banking
23 Stephen M Cutler General Counsel
24 Thomas D. Novack Managing Director IB-FIG
ADDITIONAL RELEVANT PEOPLE
25 Adam Gilbert Managing Director
26 Brian Keegan Managing Director - CSAS
27 Dan Cooney SVP I General Counsel
28 Genevieve E Hovde Analyst IB-FIG
29 Jamie Dimon JPMCCEO
30 Joseph Evangelisti Corporate Communications and media Relations
31 Scott Albinson JPMCbanker
32 Sean Carmody Associate IB-FI G
33 Tim Main Head ofNA FIG
Project West was a covert operation that was conceptualized, planned and then executed by JPMChase in order to systematically weaken and finally take over Washington Mutual Bank at a fire sale price. The plan was implemented and although it took a number of years, JPMChase was finally successful when Washington Mutual Bank and its subsidiary WMB FSB were ultimately seized on September 25, 2008 and then sold to JPMC overnight on September 26, 2008 for $1.88 Billion dollars.
A sample of the Email correspondence between members of the Project West Team at JPMChase;
From: Tim Main/JPMCHASE tim.main@jpmorgan.com
Sent: Sunday March 30, 2008 7:31 AM
To: Charlie Scharf/IL/ONE Charlie.scharf@chase.com
Subject: Re: West
Thanks
I of course love the idea of a slightly higher price than they deserve in the
form of a contingent where their shareholders pick up the first loss versus say
Their high credit case until they literally get zero, then the government kicks
In with some form of second loss either 75% for them and 25% for us, or they
Take 100% for a slice and then its all for us.
Either way, something that really really reduces our risk and gets the
Government comfortable than they only get involved if shareholders get zero.
It sounds to me like the government is really concerned as they should be about
Taking losses, so they should like this versus alternative.
Look forward to talking today and travel safely.
Tim
From: Charlie Scharf
Sent: 03/29/2008 09: 10 PM CDT
To: Tim Main
Subject: Re: West
Will do. Didn’t miss much. A few questions. The 2 got screwed up because the
Phone on your plane that I was borrowing wasn’t working so we did some add hoe
Follow ups Fernando working on warrants, contingent security tied to loans,
And contingent tied to hpa index.
From: Tim Main
Sent: 03/29/2008 06:14 PM CDT
To: Charlie Scharf
Subject: West
Charlie
Do me a favor and let me know when you are going to be on calls so I can make
Sure that I am as well.
Sorry to ask you to do that but schedule from my team was murky again today
Tim
Source:
http://www.kccllc.net/documents/0812229/...
http://seattle.bizjournals.com/seattle/s...
http://seattle.bizjournals.com/seattle/s...
http://www.marketoracle.co.uk/index.php?...
http://www.kccllc.net/documents/0812229/...
http://brontecapital.blogspot.com/2008/0...
http://seekingalpha.com/article/97717-di...
http://www.socialpicks.com/post/show/395...
The Justice Department, which wants to include other Washington Mutual-related investigations into the $13 billion deal, continues to fight with the bank over the F.D.I.C.
This sounds promising!?
I think we should email the DOJ not just Sussman and make them aware of these crooks and how they worked to bring down WAMU, if naything it might make the DOJ look a little deeper than our counsel was allowed to in BK court..
Who knows..now that the govt is going after JPM and they're constantly in the news being sued...GS might spill their guts to try and save themselves..
If I recall correctly..WAMU was never invited to the table to discuss receiving TARP...probably a setup for takeover..
Thanks...I was told different last year, because it was not the same company after BK..
Even if I took a $6,500 dollar loss in the re-emergence...
Does anyone know if we can file Ordinary Loss for the WAMU BK process..where we loss our shares...I was told we could file for Ordinary Loss after emerging from BK...if so, how do we do this without Form 1099-B..
Thx
If I remember corectly, when the envelope was sealed, our counsel asked JMW if we could pursue additional lawsuits after exiting BK and she approved...
You're right Voo!...Remember that the Susman Team got permission after the envelope was sealed, to initiate various law suits after the BK process was over with....
Here's the link....
http://www.kccllc.net/globalaviation.
yeah....this request had 9 cases pending for North american airlines/global aviation holdings/ventures/global shared services/new ATA acquistion/investments/world air holdings/airways/parts company..this is in BK court in NY..my GLobal aviation case#12-40783....
Sorry to bring this up again..but I'm a little confused..has anyone rec'd document KCCLC c/o Global Aviation Holdings Claims Processing Center requesting you fill out a Proof Of Claims against Global Avaiation..the debtors are looking for BK release..I've called KCCLC but can't reach anyone..and the dealine to file is 30 July...I thought this company was apart of the release we just gave to the debtors/creditors....anyone help is much appreciated....
There's a case against Global Aviation..and the paperwork is asking me for proof of claims in the bankruptcy case...this was a company that WAMU owned nad I thought when we sent in our releases and proof of claims then, that it covered everything else...not sure why I'm receiving this individual proof of claim request!
Question..have anyone rec'd Proof Of Claims request from KCC..concerning "Global Aviation Holdings??
jrl013..I have a sharebuilder account, but I'm not a subscriber to IHUB..could you send me all the material I need to cast a vote...myyobo_99@yahoo.com...
thanks
Soldier of Fortune...
Someone said before that....Susman is going for the trial by jury..to get the maximum pay-out...right now he getting the depos..and as we've seen already, the judge over ruled on quite few questions in our favor...this is fuel for the fire in DC..cathching them is a bunch of lies, and now a matter of record in BK court...then in DC it will be brought out with the sealed document (True valuation)!!
I'm at work...I think I have a PDF I copied from this board earlier this spring..I try to save every PDF that comes across the board, I'll look and paste in about 2hrs if it has ownership information, which I think it does...
There's quite a few pages for the aircrafts that are owned by WMI..they need to click on each state to see what is owned along with serial#..look at the page count on the bottom...alot to go thru..
If this is how the system actually works, and all this corruption is OK!!..then they shut let old MADOFF (wit my money)out of prison and off the hook..
1:53:02)
Walrath:
Let me just make my ruling, I think I've heard enough. It seems that all parties are now on board that the appointment of an examiner may help the process here except the WMI Noteholders Group, which suggests that nothing has changed since my original denial of the shareholders' motion for an examiner in May. But I disagree with that analysis. At least three of the factors on which I relied turn out to not be true at this juncture. I had found the Debtor had been investigated to death, the Equity Committee would be able to conduct an investigation that was appropriate, and that an examiner was not a good substitute for the litigation process. Quite frankly I've found that the litigation process is not adequate in this case. There have been inordinate delays and impediments to discovery by all of the parties who have a stake in this case in connection with the confirmation process and that has just convinced me that an examiner is necessary, both to reduce the cost of litigation and to assure that all parties have a forum through the examiner for consideration of their positions. Not simply on the merits of the global settlement but on really the value of the Debtor's assets, both those being settled and those left behind, and the appropriate distribution of those assets under any Plan. I think I made it clear that I think I am not in a position to deal with confirmation at this process... at this juncture... given the inability of the parties to fully investigate or consider all of the claims. I'm not in a position to decide the reasonableness of the settlement at this point without some assistance and I believe an examiner is a good way to go, with the caveat that I agree that this process has to be controlled. The examiner cannot be given carte blanche and no deadline within which to conduct an investigation. There's no substitute for a Congressional investigation. (1:55:39)
JPIG is buying up these shares, so that when the settlement comes out..they will just pay themselves..
can you say settlement...give the judge time to read through and release her approval..
I believe the once the price drops, the trading will be halted and we will find out what's in the sealed envelope.
I think there might be a settlement already agreed upon..Remember that these big players, FDIC/JPIG made the judge look like a novice in her own courtroom..they lied to her for 2yrs..and probably hurt her credibility as a BK Judge...If I remember correctly she stated she would not decide on anything, not even a settlement until she gets the examiners repor back, because he's gathering all the information she asked for back in court, but never received.(No Respect for the Judge)..so hopefully the sealed documents are the settlement agreement...And as for the report..it was a white-wash so there would be no public backlash during this economic crisis..we know there was corruption, and collusion...but an experienced fraud investigater couldn't find anything COME ON!..I say wait for SS..and the Equity committee..to reveal their trump card!
I'm sure that Mr. Susman's team of lawyer's are doing just that...they are not rookies but seasoned professional's and they know what to look for..just as a trial lawyer has his paralegal do research for him/her, I'm sure Susman has his lawyer's checking around the Internet as well as their paralegal's...as the 8th approaches..it's feels like anxiety is setting in...I've been in for the past two years also, I'm just hanging in there...I feel in the end we'll get what we desreve..patience is a virtue!
"GO WAMU"!!!!