Foreclosure – JP Morgan Chase Fraud is Underway with the FDIC

Do you recall 2 years ago when the FDIC stepped in to help arrange the sale of the failing WAMU to the powerhouse JP Morgan Chase outfit?  There is a lot more going on here, than meets the eye.

Foreclosing on somebody's house is a function of fraud.  Banks are aware of this.  The transactions the FDIC arranged between WAMU and JP Morgan Chase has not settled yet.  Somebody is getting Foreclosure Happy.  These Big Banks are not playing within the law.  We must ask the right questions in order to get the right answers.

Bjorn Rafto 
Tue  Aug 17, 2010 
Subject; WAMU/Chase Deal is Not Settled Yet

Washington Mutual JPMorgan Chase FDIC Deal NOT Finalized? So how can JPMorgan Foreclose on WAMU Loans?

WaMu sale hasn’t closed, document suggests

Next month will mark two years since federal regulators seized Washington Mutual and sold it to JPMorgan Chase for $1.9 billion. Now a document that appears to be from the Federal Deposit Insurance Corporation suggests the deal still hasn’t closed.

“Everyone is saying the sale is finalized,” said the shareholder, Farokh Lam, of Woburn, Mass. “It is not.

Lam noticed that on pages 7 and 9, the original WaMu purchase and sale agreement allows the FDIC to extend the settlement date. He says he asked about it, and the FDIC confirmed in phone calls and emails that the settlement date was set for Aug. 30, 2010, and could be extended further.

“Settlement Date” means the first Business Day immediately prior to the day which is one hundred eighty (180) days after Ban Closing, or such other date prior thereto as may be agreed upon by the Receiver and the Assuming Bank. The Receiver, in its discretion, may extend the Settlement Date.

It says: “The purpose of this amendment is to extend the time period for Final Settlement to August. 30, 2010.”

WaMu’s final days were chronicled in depth by Puget Sound Business Journal Staff Writer Kirsten Grind in an award-winning series.

Does this mean that all the WAMU foreclosures being pushed through the courts by JPMorgan Chase using the FDIC Purchase and Sale Agreement are invalid?

Does it mean if they haven’t closed the deal THEY DO NOT OWN THE LOANS OR THEIR SERVICING RIGHTS?

Where are the windfall profits going after the foreclosure sale?

What if the agreement changes before it is finalized?

So many questions…

The way I see it is, if they haven’t finalized the deal, how can they foreclose on the homes?



JPMorgan Wamu FDIC Settlement Date Extension

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2 Responses to “Foreclosure – JP Morgan Chase Fraud is Underway with the FDIC”

  1. Cliff Sockwell says:

    Thanks for good info 🙂

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