Daily Archives: August 29, 2013

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BOMBSHELL REVELATION: ALL WAMU LOAN DOCS WERE UPLOADED TO MERS & DESTROYED

BOMBSHELL REVELATION: ALL WAMU LOAN DOCS WERE UPLOADED TO MERS & DESTROYED

Remember those big moving trucks being loaded with scores of WAMU loan documents down in the heart of Texas and then transported to Mexico as caught on film by a local TV news group.  The saga continues.

Intrepid foreclosure fighter, Dr. James Madison Kelley, has filed a sworn affidavit of  WMBFA borrower, Karen Armstrong, in US Bankruptcy Court in San Jose, California in support of his adversarial proceedingsagainst JPMorgan Chase Bank NA and Washington Mutual Bank FA   The revelations may prove to be groundbreaking relative to the locations (or absence thereof) of the true blue-ink original mortgage loan documents, i..e. Notes, Mortgages, Deeds of Trust.

Karen Armstrong, stated under oath that in July and August 2013 she had spoken three times by telephone with Chase employee, Ashley Curry, of the Chase Executive Offices concerning the destruction of all the Washington Mutual Bank FA original loan documents after uploading.  These conversations took place after Chase Bank assigned Curry to investigate Armstrong’s complaint regarding the Independent Foreclosure Review by Rust Consulting. During the course of their conversation Armstrong requested color blue-ink copies of the original loan documents.

Armstrong asked Curry what the status was of her request for colored copies of the original note, deed of trust and the rider that went with this loan. Armstrong learned from Ashley Curry that there was no way that Curry could get colored copies for Armstrong  because all the original loan documents were destroyed after being up-loaded into the Mortgage Electronic Registration System (MERS). Furthermore Armstrong learned from Curry that by law, MERS had to give her the documents and that Armstrong request them through the MERS process. This was very confusing to Armstrong because according to her black and white copies of the collateral file MERS is not the  beneficiary.  Curry stated that it did not matter if Armstrong’s loan was associated with MERS because all Washington Mutual Bank, FA original notes, deeds of trust, and other legal documents were destroyed.

So where oh where have all the foreclosures gone?
Gone to courthouses and auction blocks nearly everyone . . .
When will they ever learn?  When will they ever learn?

THE AFFIDAVIT OF KARYN ARMSTRONG 

I, Karyn Armstrong, state and affirm as follows:

1.   I am over the age of eighteen years, am of sound mind, have never been convicted of
a felony or crime of moral turpitude; I am competent in all respects to make this
declaration. I have personal knowledge of the matters declared herein, and if called to
testify to the same, I could and would competently testify thereto.
2.  This affidavit concerns statements made to me by Ashley Curry of the Chase
Executive Offices concerning the destruction of all Washington Mutual Bank FA
original loan documents after uploading.
3.  On June 17, 2013, I spoke on the telephone to Ashley Curry and learned me that she
was with the Chase Executive Offices and was assigned to investigate my complaint
regarding the Independent Foreclosure Review (IFR) by Rust Consulting.
4. I asked Ashley Curry what she needed from me in order to investigate my claim. I
learned that Ashley needed the notices of default and the bankruptcy discharge
documents. I was clear with her, that I started the bankruptcy process in early
December 2009 and the bankruptcy was not final until June 2010. I sent the
bankruptcy documents to her by email per her request.
5. During this phone call, I asked Ashley if she could send me a color copy of the
original note, deed of trust and the rider (the collateral file) for my loan. She told me
that she would look into it and get back to me.
6. On June 21, 2013, Ashley Curry called to let me know the findings of the IFR
investigation. I learned from her that the matter was resolved and my foreclosure
happened after the bankruptcy was final so the payment of $300 was correct.1 I
learned from Ashley that I might be able to appeal the decision and she stated that she
would get back to me.
1 This is not true. I was peppered with notices of default in 2009 and the early part of 2010 after I filed
bankruptcy.

7. I asked Ashley Curry what the status was of my request for colored copies of the
original note, deed of trust and the rider that went with this loan. I learned from her
that there was no way that she could get colored copies for me because all the original
loan documents were destroyed after being up-loaded into the Mortgage Electronic
Registration System (MERS).
8.  I learned from Ashley that by law, MERS had to give me the documents so I should
request them through the MERS process. This was very confusing to me because
according to my black and white copies of the collateral file MERS is not the
beneficiary. I learned from Ashley that it did not matter if my loan was associated
with MERS because all Washington Mutual Bank, FA original notes, deeds of trust,
and other legal documents were destroyed.
9.  The last time I spoke to Ashley was on July 11, 2013 when I learned from her that she
had received my email and the Chase attorneys were not finished. I did not hear
anything for a week. As of August 21, 2013, I have not received anything in the mail
responding to the letter that I sent to her on June 21, 2013 about the appeals process
for the Chase decision. I have called Ashley Curry leaving messages at least twice a
week. Her voicemail claims she will get back to all callers within 24 hours but as of
today (August 21, 2013) I have received no return call.
10.  I called Rust Consulting on August 21, 2013 and was told that my case # xxxxxxxxxxx
was closed, that the final decision was that the $300 payout was appropriate and that I
had no right to appeal their decision. However, I was not restricted from pursuing this
decision legally on my own.

Further the Affiant Saith Naught.
Karyn Armstrong Affidavit

http://stopforeclosurefraud.com/wp-content/uploads/2013/08/JPMC-Destruction-of-WaMu-Collateral-Files-_-KarynArmstrongAffidavit.pdf

Correction: Ms. Armstrong’s name was misspelled from the website that I have gotten the article from. The corrected spelling and name is Karyn Armstrong.

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Wells Fargo Kickback Case Won’t Be Reopened, Judge Says

Wells Fargo Kickback Case Won’t Be Reopened, Judge Says

Law360, New York (August 28, 2013, 9:59 PM ET) — A Maryland federal judge on Wednesday refused to grant a new trial to plaintiffs in a class action accusing Wells Fargo Bank NA of a mortgage referral kickback scheme, saying they had engaged in “gamesmanship” by claiming he incorrectly instructed the jury.

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True Welfare Queens: Taxpayer Dollars Paid A Third Of Richest Corporate CEOs–Report

True Welfare Queens: Taxpayer Dollars Paid A Third Of Richest Corporate CEOs–Report

WASHINGTON — More than one-third of the nation’s highest-paid CEOs from the past two decades led companies that were subsidized by American taxpayers, according to a report released Wednesday by the Institute for Policy Studies, a liberal think tank.

“Financial bailouts offer just one example of how a significant number of America’s CEO pay leaders owe much of their good fortune to America’s taxpayers,” reads the report. “Government contracts offer another.”

IPS has been publishing annual reports on executive compensation since 1993, tracking the 25 highest-paid CEOs each year and analyzing trends in payouts. Of the 500 total company listings, 103 were banks that received government bailouts under the Troubled Asset Relief Program, while another 62 were among the nation’s most prolific government contractors.

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Swiss Banks Deal Near In Tax Haven Crackdown, Justice Department Says

Swiss Banks Deal Near In Tax Haven Crackdown, Justice Department Says

WASHINGTON — The U.S. and Switzerland are nearing a deal that would allow some Swiss banks to avoid prosecution for sheltering the funds of wealthy Americans seeking to dodge U.S. taxes, a senior Justice Department official said Wednesday.

The deal, to be finalized within days, would end a dispute over American investigations into Swiss banks. The deal won’t include 14 Swiss banks already under criminal investigation, and only will apply to financial institutions not yet under formal probes, said the Justice Department official, who would not agree to be named because the deal isn’t final.

Under the deal, Swiss banks could disclose their activity to U.S. investigators and enter a non-prosecution agreement or a deferred prosecution agreement. If the banks can prove they weren’t willingly helping Americans avoid paying U.S. taxes, the Justice Department will issue them a non-target letter.

Banks that participate in the program would have to pay large penalties, starting at 20 percent of their American clients’ assets and going as high as 50 percent. The U.S. expects to collect more than $1 billion in penalties under the program, which will cover the period from 2008 to 2014, the Justice Department official said.

 

New Jersey ranks second in foreclosures

According to The Star-Ledger, New Jersey continued to reign as the second-highest foreclosure state behind Florida, with at least 6% of mortgages in the state in the foreclosure pipeline.  The paper cited data from CoreLogic to prove its point:

According to CoreLogic, more than 3,400 homes completed foreclosures between June 2012 and June 2013 in the Garden State.

While foreclosure rates statewide rose from 6.04 percent in June 2012 to 6.19 percent a year later, rates in the Newark metropolitan area – the only local region cited in the report – dropped from 7.03 percent to 6.89 percent during the same period.

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Six Biggest Banks’ Legal Tab Tops $100 Billion Amid Crisis Cleanup

Six Biggest Banks’ Legal Tab Tops $100 Billion Amid Crisis Cleanup

he six biggest U.S. banks, led by JPMorgan Chase and Bank of America, have piled up $103 billion in legal costs since the financial crisis, more than all dividends paid to shareholders in the past five years.

That’s the amount allotted to lawyers and litigation, as well as for settling claims about shoddy mortgages and foreclosures, according to data compiled by Bloomberg. The sum, equivalent to spending $51 million a day, is enough to erase everything the banks earned for 2012.

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Wall Street’s greatest enemy: The man who knows too much

Wall Street’s greatest enemy: The man who knows too much

You may know Michael Winston’s story from a series of articles by Gretchen Morgenson in the New York Times, or from a celebrated Frontline episode, “The Untouchables,” about the lack of prosecutions on Wall Street. He was a Ph.D. who rose to the corporate elite, with stints at Lockheed Martin, McDonnell Douglas, Motorola and Merrill Lynch. He was recruited to mortgage originator Countrywide Financial with the promise that it wanted to become the “Goldman Sachs of the Pacific,” a full-service global financial corporation.

“They talked about the importance of ethics and principles, and they said they heard I was a high-integrity guy,” Winston tells Salon, noting his father had a vanity plate that read “HONOR.” Winston initially succeeded as enterprise chief leadership officer at Countrywide, getting promoted twice in 14 months and building a team of 200 working on corporate strategy.

But he could not ignore the rot at the heart of the company’s profitmaking approach.

So now, a successful high-level executive for 30 years, he has been embroiled in seven years of lawsuits with Countrywide and the company that bought it, Bank of America. His determination to speak out against multiple violations of law at Countrywide earned him retaliation, and eventually, he was frozen out of corporate boardrooms, unable to find a new job. He won a jury verdict in his case, but after two and a half more years of fighting, an appellate court reversed the ruling in highly unusual circumstances.

“I keep hearing about whistle-blower protections,” he tells Salon, exasperatedly. “It certainly didn’t happen for me.”

Now, Bank of America wants to gouge Michael Winston one last time, demanding an interest payment on money awarded to him that he never received.

“Thus far, the person who did the right thing got punished, and the person who did the wrong thing got rewarded,” Winston said. The chilling case shows that the greatest enemy for Wall Street is the man or woman who actually tries to expose its secrets.

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