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Large Green   Tuesday, 02/12/19 05:58:24 AM
Re: None
Post # of 560425

Here is JPM remitting monies to the Wells Fargo accounts set up during bankruptcy, however, we have no idea how many billions are in these accounts and the same goes for the court registry accounts ALL lawyers have been paid from - ZERO ACCOUNTABILITY!

Are we forgetting this?

From the GSA:

Exhibit Z

Loan Servicing. From and after the Effective Date of 3/19/2012, JPMC shall (a) cause such of its Affiliates to continue to service the loans identified on Exhibit “Z” hereto (the “Loans”) pursuant to the servicing agreements identified on Exhibit “AA” hereto (the “Servicing Agreements”), (b) cause such of its Affiliates to remit to WMI all checks and/or payments received in connection with those loans in its possession and (c) promptly (i) remit to WMI all servicing advances that JPMC is holding with respect to such loans and (ii) provide WMI an accounting with respect to each of the foregoing.

Notwithstanding the foregoing, any dispute that may arise relating to the servicing of such loans during the period from and after the Effective Date shall be brought pursuant to such servicing agreements and this Agreement is not intended to create any additional rights, obligations or remedies.

The Parties acknowledge and agree that (y) the Loans are the only loans that are or will be, from and after the Effective Date, serviced by the JPMC Entities (or their Affiliates) for the WMI Entities (or their Affiliates or their successors in interest) and that the Service Agreements are the only servicing agreements between the JPMC Entities (or their Affiliates) and the WMI Entities (or their Affiliates) and (z) with the exception of the obligations set forth in this Section 2.19, the JPMC Entities (and their Affiliates) shall have no further obligations or liability to any of the WMI Entities (or their Affiliates) with respect to or in any way related to the servicing of any loans for the WMI Entities (or their Affiliates).

Notice that it says WMI and NOT WMB?

Also, notice that most of the loans are single-family residential loans?

And let's see what is noted in the P&A between FDIC as RECEIVER of assets from WMB and JPM.

Let's zoom in on Schedule 3.2 (it is called PURCHASE PRICE OF ASSETS, by the way, to avoid any misinterpretation):

(a) cash and receivables from depository Book Value
institutions, including cash items in the
process of collection, plus
interest thereon:

(b) securities (exclusive of the capital stock of Market Value
Acquired Subsidiares), plus interest

(c) federal funds sold and repurchase Book Value
agreements, if any, including interest

(d) Loans: Book Value
(e) Other Real Estate: Book Value
(f) credit card business, if any, including all Book Value
outstanding extensions of credit:

(g) Safe Deposit Boxes and related business,
safekeeping business and trust business, if Book Value
(h) Records and other documents: Book Value
(i) capital stock of any Acquired Subsidiares: Book Value
(j) amounts owed to the Failed Bank by any Book Value
Acquired Subsidiar:
(k) assets securing Deposits of public money, Book Value
to the extent not otherwise purchased
(1) Overdrafts of customers: Book Value
(m) rights, if any, with respect to Qualified Market Value
Financial Contracts.

(n) rights of the Failed Bank to provide Book Value
mortgage servicing for others and to have
mortgage servicing provided to the Failed
Bank by others and related contracts.
(0) Bank Premises: Book Value

(p) Furniture and Equipment: Book Value
(q) Fixtures: Book Value

If you read all this, isn't it very obvious the off-balance figures on the JPM 10k were made public in 2014 and the closing of P&A in 2014 are related? Not the mention the 38 billion of loans which have not been repaid or liquidated returning to the FDIC receivership?

Isn't it very obvious that JPM, as stated in the GSA, was the pure servicer for Single Family Residential loans (a.k.a. mortgages) and that checks and payment are to be remitted to WMI?

Also interesting tidbit from the P&A:

(f) Servicing. The Assuming Bank shall administer and manage any Asset subject to purchase by the Receiver in accordance with usual and prudent banking standards and business practices until such time as such Asset is purchased by the Receiver.

There we have the kicker right there. According to JPM's own 10k, it is clear that from 2008-2013 there were no purchased assets. In 2014, with the closing of P&A, these assets were ultimately purchased for Book Value.

Hence the off-balance figures we saw on the R-203 document. Assets were finally purchased and merged into JPM. That's why in 2014 we don't see any former WMB-subsidiary on the JPM Subsidiary List anymore.


All transfers with respect to Asset or assets under this Section 3.6 shall be made as provided in Section 9.6. The Assuming Bank shall transfer all such Asset or assets and Related Liabilities to the Receiver without recourse and shall indemnify the Receiver against any and all claims of any Person claiming by, through or under the Assuming Ban with respect to any such Asset or asset, as provided in Section 12.4.

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