There are some developments in some smaller cases in District courts in CA, WA and FL that is very interesting. I do not have the resources (LEXIS-NEXUS) to track down what is going on, but if any one here does. Let me know..
myinvesco@gmail.com
Here is why... From what I am hearing, the FDIC is involved in "local lawsuits where JPMC has foreclosed on property capitalized by WAMU" and the problem for them, is they can not produce a deed to properly foreclose. In filings, the FDIC has referenced a 118 page document called (you guessed it) the Purchase and Assumption agreement. In which it states the Mortgage Rights were never legally transferred to JPMC.
If any of you remember correctly, WAMU "outright owned" mortgages that were entirely capitalized by the bank. In Mortgage terms they are called "conventional mortgages." Many of these mortgages were also "top-tier" mortgages with Excellent loan to value (LTV) ratio's. They were issued and "in-house" capitalized by the bank, so that means the bank owned them.
Did they get transferred in the sale by the FDIC?. Answer...NO
Who owns them? As far as the POR7 goes.. WMILT would own the rights to the 190B in Mortgages that did not get transferred. Thus, if this is true, the FDIC can not close out the PA in Sept.
What we need to do is DD on this whole scenario playing out in courts. I hear there is a 118 Page PA document on file in one of the courts where JPMC is being sued. That could be the section 3.1A that disappeared. Don't want to get your hopes up, but if this true, then our escrows are "GOLDEN TICKETS!"
Cheers
and Good Morning.
P.S. I just got this info last night, will keep board apprised of what I come up with. I am going to try and get that document.
