Friday, February 25, 2011

History of Washington Mutual Bank, FA, formerly American Savings Bank, FA

http://www2.fdic.gov/idasp/main_bankfind.asp

History of Washington Mutual Bank, FA, Stockton, California (FDIC Cert: 32633)
Note: This institution is currently part of JPMorgan Chase Bank, National Association, Columbus, Ohio (FDIC Cert: 628)

 

Date  Event 
1 12/27/1988  Institution established. Original name: American Savings Bank, FA (32633)
2 6/14/1990  Changed name to American Savings Bank, F.A. (32633).
3 9/11/1991  Acquired American Savings Bank, F.S.B. (33130) in Huntington Beach, California.
4 9/13/1991  Acquired Columbia Savings And Loan Association, F.A. (33359) in Beverly Hills, California.
5 3/20/1992  Acquired Far West Savings And Loan Association, F.A. (33324) in Newport Beach, California.
6 4/10/1992  Acquired Valley Federal Savings And Loan Association (31768) in Van Nuys, California.
7 6/3/1994  Acquired Encino Savings Bank, Fsb (31484) in Encino, California as part of a government assisted transaction.
8 10/1/1997  Changed name to Washington Mutual Bank, FA (32633).
9 10/1/1997  Acquired Great Western Bank, A Fsb (29602) in Chatsworth, California.
10 10/3/1998  Acquired Home Savings Of America, Fsb (15919) in Irwindale, California.
11 2/13/2001  Acquired Bank United (32640) in Houston, Texas.
12 1/7/2002  Acquired The Dime Savings Bank Of New York, Fsb (16011) in New York City, New York.
13 1/1/2005  Acquired Washington Mutual Bank (9576) in Seattle, Washington.
14 4/4/2005  Changed name to Washington Mutual Bank (32633).
15 9/23/2005  Moved bank headquarters from Stockton, California to Henderson, Nevada.
16 10/1/2005  Acquired Providian National Bank (6252) in Tilton, New Hampshire.
17 3/1/2006  Reorganized.
18 10/1/2006  Acquired Commercial Capital Bank, Fsb (32316) in Irvine, California.
19 9/25/2008  Merged with government financial assistance and subsequently operated as part of JPMorgan Chase Bank, National Association (628) in Columbus, Ohio.


FDIC closing information for Washington Mutual Bank (32633): http://www.fdic.gov/bank/individual/failed/wamu.html

EPIC WAMU BANKSTER FRAUD


Here is an untold story given as my personal opinion about just how stupid and greedy the Banksters are:

EPIC BANKSTER FRAUD:

In 2005 Washington Mutual Bank, FA (a federal savings bank) headquartered in Danville, CA merged with Washington Mutual Bank and became nonexistent.  By law when a bank merges within another, there is only one survivor – in this case it was Washington Mutual Bank, NOT Washington Mutual Bank FA which was terminated within 30 days of that merger in March or April 2005.  (See Washington Mutual,  Inc. 10K filing with the SEC for 12/31/2005).

Problem #1:  Washington Mutual Bank, FA (now nonexistent as a legal entity) continued to make home loans under this nonexistent name to thousands of homeowners in California and elsewhere AFTER THE MERGER through the year 2007.

Problem #2:  JPMorgan Chase (servicer for WaMu mortgages) is now foreclosing on thousands of homes across the country citing Washington Mutual Bank, FA as the beneficiary on Notices of Default and Notices of Trustee’s Sale.  This of course is under the auspices of Jamie Dimon, CEO of JPMC, who as stated that no homeowner was foreclosed on who did not deserve such actions.

Problem #3:  These acts speak to possibles violations of the California Civil Code 1550 contract law. If an entity/person does not legally exist, how can the contract (mortgage) be valid? 

Problem #4:  JPMorgan Chase and the FDIC are believed to know this and are trying to keep this hush hush.  They even turn a blind eye to federal subpoenas. They are above the law.  This is criminal.

Problem #5:  The mortgages were fraudulent and probably nonenforceable from the moment of application and execution – thus making thousands of foreclosures fraudulent.

Unfortunately struggling homeowners do not have the money to hire competent lawyers with an understanding of this grand scheme of fraud to fight back.

This is about Bankster Fraud on an epic scale. 

Friday, February 18, 2011

CALL TO ACTION: VIGIL SUPPORTING HOMEOWNERS IN FORECLOSURE, OAKLAND, CA


VIGIL SUPPORTING HOMEOWNERS
IN FORECLOSURE

END BANKSTER FRAUD. STOP FORECLOSURES. 

Date: Friday, March 4, 2011
Time: Noon – 2 PM
Alameda County Courthouse Steps Fallon Street Entrance
 (During the foreclosure auction)
1225 Fallon Street
Oakland, CA 94612

Support  homeowners and families losing their homes to foreclosure.
End the massive “BANKSTER FRAUD.
 This problem knows no social barriers & affects our entire community, robbing families of their homes, their sense of safety, their peace of mind and creating a blight on our community. This is not about getting a house for free.
This is about the BANKSTERS defrauding homeowners and reaping billions in profits.

Invite anyone concerned about the impact of foreclosures on our families and our community.   Let’s send a message.  OAKLAND SAYS NO TO FORECLOSURES.

Bring your signs, banners, good will, Bibles and prayers.

SAVE OUR HOMES FROM THE BANKSTERS.

STOP FORECLOSURES.
STOP EQUITY STRIPPING.
STOP BID RIGGING.


Organized by:  Brenda Reed, National WAMU Homeowners Support Group, California 

Tuesday, February 8, 2011

Lender Processing Services (LPS) Website Denies Homeowner Access to Auction Dates on Foreclosed Properties


Thousands of Notices of Trustee's Sale filed by California Reconveyance Company, as Trustee for WAMU, specifically refer struggling homeowners in California and other states to the website www.fidelityasap.com or www.priorityposting.com.    When attempting to access the site www.fidelitityasap.com, on Monday, February 7, 2010, homeowners throughout California received the following Internet message: 

The page cannot be displayed

You have attempted to execute a CGI, ISAPI, or other executable program from a directory that does not allow programs to be executed.

Please try the following:
  • Contact the Web site administrator if you believe this directory should allow execute access.

HTTP Error 403.1 - Forbidden: Execute access is denied.
Internet Information Services (IIS)

Sometime between 9 o'clock a.m. and 5 o'clock p.m. all information posted to the Internet by Lender Processing Services relative to Trustee Sales of foreclosed property became inaccessible to homeowners seeking crucial information relative to posted auction dates for their properties. Lender Process Servicing and California Reconveyance Company have denied vital access to crucial information relative to auction dates for the sale of their homes on the courthouse steps of California.  Furthermore the following website for LPS denies access stating "Directory Listing Denied"; go to http://www.lpsasap.com/

Below is an example of page 2 of a Notice of Trustee's Sale filed in Alameda County, California.

Page 2 of Notice of Trustee Sale recorded in Alameda County, CA

Is this yet another indication of corruption and fraud?

What are the implications for homeowners?     

Note that on August 20, 2010 DSNews.com published a story at http://www.dsnews.com/articles/lps-establishes-network-of-default-service-providers-2010-08-20Lender Processing Services, Inc. (LPS) had announced that it was forming a strategic partnership group to establish a network of default-related service providers.  The Florida-based mortgage technology and services firm indicated that the goal of the network was to lower the cost of default services and create efficiencies for borrowers, mortgage servicers, and investors.  



 

Sunday, February 6, 2011

Nothing-Backed Securities

Nothing-Backed Securities

Wall Street Banks Committing Widespread Mortgage Foreclosure Fraud :

Wall Street Banks Committing Widespread Mortgage Foreclosure Fraud :

WAMU Investment Securities Trusts Purchased the Note, Not a Loan 2005-2008

According to WAMU FRAUD.COM

Asset-Backed Security Trusts purchased Notes are not Loans entitled to Trust Deeds

 

Most "loans" made by Washington Mutual in the past 5 years were actually purchases of Notes by Special Purpose Vehicles created by Lehman Brothers. These Special Purpose Vehicles were Securitization Trusts prefunded by investors for the purpose of purchasing Notes to enable the Trust to be an Asset Backed Security.

The "Lender" named in the Note and Deed of Trust or Mortgage (e.g. WAMU) did not fund the transaction, and therefore was not really the "Lender." They acted only as a "Nominal Lender" only named in the Note to facilitate the creation of a Deed of Trust or Mortgage to secure the Note as a Loan, when it was not a Loan, but was rather an Investment Security.   

Frank J. Fabozzi and Vinod Kothari, in their book, Introduction to Securitization, state on page 5:   "The asset securitization process transforms a pool of assets into one or more securities that are referred to as asset-backed securities."

Securitization is one type of structured finance, and in the case of WaMu as a "Nomimal Lender" applies to the inclusion of most "Notes" into Asset-backed Securities. No loans were funded by the "Nominal Lender", in this case WAMU. It can be alleged in court that the "Nominal Lender" was paid in full, plus received a commission.

The Deed of Trust or Mortgage cannot secure an Investment Security. Thus the Homeowner was tricked into thinking he was a Borrower in a Loan, when he was instead a Seller of a Note to an Investment Trust. 

The Investment Trust had no right to a Deed of Trust or Mortgage to a purchased Note that was not a Loan. The "nominal Lender" should not be able to foreclose on an asset in an Investment Security with an invalid Deed of Trust or Mortgage, fraudulently procured under the guise of a "Loan", when it was not a Loan, but rather the "Purchase of a Note" into an Asset-Backed Investment Security, with the "nominal Lender" paid in full, plus a commission for something it did not fund.
Can a "nominal Lender" that did not fund the transaction, but rather fraudulently allowed its name to be put on a Note and Deed of Trust or Mortgage to trick a Homeowner into signing a Deed of Trust or Mortgage to secure an Investment Security, assign a Beneficial Right it never had to another Beneficiary?
WAMU almost never assigns the Deed of Trust or Mortgage.  WAMU forecloses directly or through JPMorgan Chase, its alleged new owner.

WAMU is the Servicer. Trust wording also calls it the Originator however the Trust purchased the Notes directly.  WAMU did not fund the loan.

The Trust was fully formed before the purchase.  It wired the funds into escrow. The originator almost never funds directly to sell it.

Fraud  may be alleged in that the Borrower was tricked into believing it was a loan to procure a Deed of Trust or Mortgage, and the true nature of Transaction was not disclosed.
Fraud may also be alleged (after research) that the Pool Insurance paid off the Investors after multiple Defaults and Foreclosures. If they were paid, why can they foreclose on the homeowner?
Further, fraud may be alleged in that the Deed of Trust (UCC 9) is invalid for an Investment Security (UCC 8) (you cannot have both).  A foreclosure is improper, and should be voidable.

Consult with your attorney if you suspect you are the victim of fraud by securitization.