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Now that Dimon owns COOP he has some housekeeping items to clear up or we can sue his ass. Individually.
My lawyer is chomping at the bit.
Ironic. Each deal was $1.9B.
Hmmmmm.
Wow. Now Dimon must pay escrows.
He owns it all, so must pay for it all now.
Patience, grasshopper.
Haha. The wordoftheday is, YET.
Masoud case doesnt mean we will get paid however it is an indication.
Believe what you wish. It is still a free country....for now.
Courtesy dmdmd post.
Hope you are all well as we await our event.
IMO...my conclusions as of June 04, 2020 @ 1628 CST:
1) Read the full 12 page ruling by the California Fourth Appellate District Court, it's very concise and short.
2) JPMorgan Chase did not have the right to transfer title of the securitized Masoud loan (which was securitized in 2005, 3 years before the seizure in September 25, 2008).
3) JPMC only had servicing rights, not the authority to transfer titles or ownership of the securitized loan.
4) This is one of many cases that the California Fourth Appellate District Court reversed in favor of the homeowner due to the fact that JPMC did not have ownership or the right to transfer titles of WMI subsidiary securitized loans.
Excerpt from ruling (page 8-9):
"But Masoud's final basis for her title claims—that WaMu sold her deed of trust to
unknown third parties three years before Chase assumed its assets—cannot be so easily
dismissed. In sustaining the demurrer, the trial court relied on the P&A agreement
between Chase and the FDIC to conclude that Chase obtained the rights to Masoud's deed
of trust. But the legal meaning of the P&A is that Chase obtained whatever assets WaMu
possessed as of September 2008. It does not exhaustively list what assets those were.
The P&A agreement sheds no light on whether WaMu sold the Masoud deed of trust in
2005. Assuming (as we must at this stage) that the allegations of the operative complaint
are true, it would mean that Chase was never WaMu's successor in interest as to
Masoud's deed of trust and that at most, it attempted to transfer an asset it never owned to
US Bank in 2011. As a result, according to Masoud, a party with no legitimate claim to
her deed of trust foreclosed on her house.
This is precisely the kind of injury envisioned in Yvanova, which held that a
borrower has standing to challenge a foreclosure sale ordered by a party with no authority
to do so. (Yvanova, supra, 62 Cal.4th at p. 943.) This court has further clarified that the
protections of Yvanova apply only in the postforeclosure context—exactly the position
Masoud now finds herself in. (Saterbak, supra, 245 Cal.App.4th at p. 815.) And on at
least one occasion, this court has applied Yvanova in reversing a judgment of dismissal
after a sustained demurrer when a borrower alleged her deed of trust was sold twice by
the same party, rendering the second sale void and the foreclosure that followed
unlawful. (Sciarratta v. U.S. Bank National Assn. (2016) 247 Cal.App.4th 552, 565.)
In that case, the homeowner alleged that her deed of trust (which Chase obtained from
...
WaMu) was assigned by Chase to Deutsche Bank—and then assigned again a few
months later by Chase to Bank of America, which ultimately foreclosed on her house.
(Id. at pp. 557–558.) She pleaded wrongful foreclosure on the basis that Bank of
America had no interest in her deed of trust since it was previously assigned to Deutsche
Bank. In finding the homeowner alleged sufficient facts to sustain a wrongful foreclosure
claim, this court noted that a contrary result would undermine the holding of Yvanova.
(Sciarratta, at pp. 566–567.)
Our decision in Sciarratta dictates that Masoud should be permitted leave to
amend her complaint to allege a wrongful foreclosure claim consistent with Yvanova and
Saterbak. Masoud's factual pleadings are sufficiently similar in this regard. In particular,
her allegation that her deed of trust was sold by WaMu in 2005, and thus could not have
been transferred to Chase in 2008, appears to be the basis for a claim under Yvanova.5
Although Masoud's operative complaint was framed as purported contract and title
claims, we believe it is more properly characterized as a wrongful foreclosure action.''
Hail Mary full of grace.
What we need now is divine intervention to get paid. We know we SHOULD get paid. But the crooks behind this are fiercely corrupt. Judge Walrath has shown she is NOT our advocate. And don't get me started about Rosen or Dimon or Susman or the FDIC or the FED.
We have no advocate. Just sayin.
But, here goes the good stuff. The big boys loaded the truck. They know something and are eerily quiet. I don't for a second believe they have given up on this. And then we have the UWs. They know what is behind the curtain. They showed up at Alice of the Palace's hearing, right? Why? Why bother? Ha!
Judge Collyer and Claster have vanished. They ran away from this, scared as hell. Moms and pops huh? Ha! That was some joke.
Truth be told, we just don't know what will happen. This is a corrupt universe we are dealing with. Very corrupt. Sad that they couldn't care less about us huh?
Yep, it's time for Hail Marys. I still like our chances. Ask Doug Flutie.
This is all being looked into.
Can't say what the result will be for escrows, but I know it is being looked into. That's about all we can ask for after all this. So much corruption!
Say your Hail Marys.
Nobody knows about distributions.
If they are saying they do they are FOS.
I am confident we will get paid, but no one knows the when or how much. I wish people would stop posting fantasies about capital raises being ours, etc. Geesh.
Try to relax and be patient. I know how tough it is. My belief is we are close to an event for escrows. We shall see.
For those who think preferreds will be left out in the cold and commons will get everything, think again.
This is NOT the case. Sorry. The hedge funds didn't buy preferreds so they could throw away their money and take a loss, as some have intimated.
All will be paid. Things are happening.
DockKB, re my contacts:
No I have not gotten any info back on anything, yet. And I do not expect to. Telling me anything would be material. That is of course not going to happen.
I do know that this is being looked into at high levels as we speak. We all, including me, have to wait to see if we get a favorable outcome. I like our chances. Watch your accounts.
We are up against grave corruption. The banks, FDIC, FED, lawyers, courts, and all involved are crooked as the day is long. We just have to trust in the process. That's all we've got at this point.
Keep your chin up. I think our chances are good. Despite what others say.
LP, no good lawyer will touch this for less than 100k.
It would be a HUGE undertaking to go back and review this entire case, filings, and documents. 100k is optimistic.
The only way lawyers would touch this is if they are given a class action, in which case they will make all the money. I've been through this. You'll be lucky to get a check for 100 bucks after all is said and done with a class action.
At this point we need to rely on the process, the trustees, hedgies, and yes, even the denying Walrath.
Lucky, re legal actions...
Puleeeze. Look people. What do you plan to accomplish with no money to litigate, a class action? Ridiculous notion. Yeah sure, after waiting 12 friggin years for this to pay out, let's give the lawyers all the money with a stupid move like a class action! Brilliant! What could possibly go wrong with that???
I know how hard this all is. Waiting has been futile and horrible. But wait is all we can do. Do you think the hedge funds will bring a class action? Ha! They will play this out like the pros that they are. Remember, they get 70%, we get 30%. They aren't out to screw us. They just want their 70%. And they will get it. When it is ripe.
And it almost is. I have more to say but won't. Please relax for now and enjoy your stimulus money. Let's hope we get hyper-stimulated. Soon.
Note: There is zero connection between WAMU and WaFd bank.
No sense spending any thought energy on it.
Crickets, as expected.
New flow, I'm talking escrows.
I dumped my Coop long ago. Oil is an easy double for the patient.
Do you think the hedgies will walk away from this?
No way. Talks going on behind the scenes.
I say we get a nice surprise this year. Things are happening........
Mona, class actions are a last resort!
Why? Because the lawyers will make all the money and we would be lucky to get a penny on the dollar. Please people, watch what you wish for.
The administration is looking into this now so let's see what they uncover first!
What better time to slide us a few billion?
And let's face it, while a few billion isn't much it would make many here happy just to get some money. Then the rest can come down the road when this crisis settles down.
I say a few billion now is a no brainer. If there are people holding this up for nefarious reasons, and this is being looked at as I know it is now, they don't want to be scrutinized and do jail time. They will release some funds to calm people down and prevent class actions, which are no doubt looming.
I like our chances.
Tepper stated publicly Jan-Apr.
Then all hell broke loose, so nothing was ever stated about his closing out on those investments.
I am sure he, Savitz, Bonderman, and all those that have billions coming are even more pissed than we are.
No one knows anything about escrow payout with what's going on now.
Many of us have done extensive DD and I am convinced we will get paid. How much and when is conjecture.
I am confident that something good is coming because I know for a fact this is being looked into now.
I don't care what you subscribe to.
Ever notice Mr Tepper didn't pay his investors as promised?
Well, all part of this. We will get paid and so will the hedgies. We may get news soon, by summer or fall at latest. Patience is tough now but you must find it.
Oh ye of little faith.
It looks very grim now, but this too shall pass. And yes, we will get paid. Something. Don't know how much. The FED is pumping out money like water and we will be taken care of one way or another.
This is being looked at. Trust me. Or don't.
Nhtrader. I wish I could say more too.
I hope we all get some good news soon. We all need it.
The hedgies got lazy and complacent.
Instead of getting aggressive and unleashing legal holy hell, they sat back. Bad move.
Or only hope now is for the administration to get involved. As I've said, I know that is happening. They have their hands full now of course, but they have the staff to look into it. Billions being injected into the economy is a BFD.
I hope to hear something more in the coming weeks.
I will try to let you know if I hear something because I know how tough times are for everyone.
Please believe me when I say this is being looked into.
AG our savior? LOL Too funny.
Look, that ship has sailed. Send her money at your own peril.
We will be fine. The crisis has no doubt delayed things but again, I know what I know. Nuff said.
Read: extremely important escrow news.
First of all, thank you to all the warriors on this board who have spent inordinate time and effort doing great DD. People like AZ, ron, newflow, LG and many others should be commended. It's been an awfully hard 12 years for us all.
Now, I may have good news on the escrow front. You can believe this or not, I don't care. I thought it was something you should know so I decided to post this, though initially I was not going to. If someone wishes to post this on bp, they may want to know this over there as well.
I cannot and will not get into specifics for various reasons, but trust me that this is true information.
I have had contact with the administration regarding the WAMU fiasco and escrow non payment. Please know that this is being looked into at the highest levels. I do not know what they will find, and I can't say if we will get paid. I do know they are digging into it. If there are nefarious activities holding back any payment, those involved will be found out now.
Please just know that this contact is at the highest levels. We may get nothing. But then again, as many of us feel, this could be the beginning of the great unveiling. I feel good about our chances.
I cannot say any more, so please don't ask. I've said a lot already.
If you listen to the Huff Post I have some swamp land in Florida I'd like to sell you.
The wait has weighed on us all.
I am also encouraged that Tepper promised to pay billions to his investors and yet that has not occurred at least publicly.
So no doubt those investors are pissed like the rest of us. But the crisis has delayed things at least till Easter as many are now surmising.
Thanks AZ.
Trump announcement was on Hannity.
Trump said big FDA announcement tomorrow at 11am.
He seemed pretty excited about it tonight so they may have drug activity on corona. If so this market will fly.
We shall see.
Great buys lodas. Think longer term.
I believe that oil is an easy double from here. Could be a month could be 6 months. But a 100% gain is worth waiting for. It will happen.
People need to stop panicking and start thinking longer term. This virus will pass, as they all have. Then this market will rocket back where it was before, and more. What a great time to buy stocks.
Oil is up 14% tonight.
Wonder what's up? An OPEC meeting? Seems odd with the DOW futures down.
Oil is a long term play but it could take off any time.
Yes ron, Doreen and Chad must distribute this.
We know that money is there. I would expect Bonderman, Tepper, and the boys are working feverishly behind the scenes to wrap this up.
Tepper stated that Jan- Apr he would pay off his investors, yet nothing was done. Why? Because it is still being work out. It must happen or there will be a bevy of lawsuits, very soon.
Bop is saying 10x for Ps. Not sure if and when that might happen, but the 2-3x is a no brainer. Now is the time. We will not wait any longer or the suits will begin.
Hang in there friends.
We are all in this together. Put your animosity aside.
FED releasing $700B. Hmmmmmmmm.
It may not have anything to do with escrows, but....it would be a convenient avenue for disbursement under the radar.
I say it's a long shot but a shot nonetheless.
My neighbor bought so much toilet paper that now he needs to buy a bigger house. People have lost their minds!
This was bio warfare by China.
Clearly this was engineered and released to collapse our booming economy to try to get rid of Trump in Nov.
So obvious.