The evidence herein presented indicates that the Mortgage Note and Deed of Trust (“Mortgage Loan”) – or an economic interest therein – were allegedly securitized into the WaMu Mortgage Pass-Through Certificates Series 2003-AR3 Trust on February 25, 2003, more than five and a half (5 ½) years prior to the OTS seizure of Washington Mutual Bank on September 25, 2008 . B.
Accordingly, Moller’s Mortgage Loan would not have been among the assets placed into receivership by the FDIC and, therefore, it was not sold to JPMC pursuant to the Purchase and Assumption Agreement (“PAA”) between the parties dated September 25, 2008.
C.
Only the right to service the Mortgage Loan would have been acquired by JPMC incident to the Transaction. The PAA, Section 3.1: Assets Purchased by Assuming Bank states: “ the Assuming Bank specifically purchases all mortgage servicing rights and obligations of the Failed Bank.
D.
Further, if Washington Mutual’s securitization model is found to constitute a debt financing arrangement rather than a true sale , then the ownership of the Mortgage Note and Deed of Trust may revert to the Depositor , Washington Mutual Mortgage Securities Corp. [assuming, of course, that WMMSC can prove that it acquired the Mortgage Loan from Washington Mutual Bank, FA in the first place.
J.
As of WMMSC’s latest ABS-15G Filing submitted to the SEC on November 13, 2013, the repurchase demand remains in effect and implicates $1,426,448,545 of the original issuance, purportedly including Moller’s Mortgage Loan. See Exhibit 99.1 - Disclosures Required By Rule 15Ga-1 at: http://www.secinfo.com/dsbR9.xkt.d.htm)
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