Daily Archives: August 13, 2013

JPMorgan ‘London Whale’ Scandal Is More Proof It Doesn’t Pay To Be An Underling In Banking

As usual, it does not pay to be one of the little guys in banking.

U.S. authorities are reportedly hot on the trail of a couple of former JPMorgan Chase employees for their roles in the bank’s “London Whale” trading debacle. Both men, Javier Martin-Artajo and Julien Grout, are reportedly in Europe and may be out of the reach of U.K. and U.S. authorities trying to find them, according to The New York Times.

The bankers were also very near the bottom of the JPMorgan Chase totem pole, as you can see from the organizational chart below, which dates to 2012. (Story continues after graphic.)



California: Defaulted borrowers can challenge RMBS assignment

California: Defaulted borrowers can challenge RMBS assignment

By a California appellate court’s admission, California homeowner Thomas Glaski’s tale of his Bank of America(BAC) foreclosure is “somewhat confusing and may contain contradictions,” but he still has the right to challenge the claim of transfer of his mortgage into a residential mortgage-backed securitization.

The decision, which was delivered by the Fifth Appellate District Court of Appeal in California, overturns an earlier ruling in favor of Bank of America. The ruling said Glaski could effectively prove the title chain of his mortgage broke upon transfer into a trust for securitizing. And therefore, he can challenge the foreclosure.

“We conclude that a borrower may challenge the securitized trust’s chain of ownership by alleging the attempts to transfer the deed of trust to the securitized trust (which was formed under New York law) occurred after the trust’s closing date,” the ruling reads.

The California Supreme Court must now address the case if California is going to learn how to proceed with non-judicial foreclosures. Another ruling in the state, known as the Jenkins case, appears contradicted in the latest decision.

The order is now at the bottom of the Opinion.



Here is the court document: