Friday, March 25, 2011

JPMorgan Chase Plan to Hire 2,000 in Northern California

JPMorgan Chase Bldg.  560 Mission Street, San Franciso, CA
On a lighter note:

If you'd like a bankster job and would like to live in northern California, there is great news afoot!

Our favorite bankster, JPMorgan Chase Bank, is hiring!

JPMorgan Chase announced today its plan to hire 2,000 employees in Northern California, mostly in San Francisco, over the next two years.

Jamie Dimon, CEO & Chairman of JPMorgan Chase states:  “We have an outstanding strategic position, a great brand, strong character, fantastic employees and a remarkable future. Welcome.”  

If you are a skilled purveyor of lies and half-truths, if you have no problem misrepresenting the facts, if you have no trouble misleading customers, then you may be perfect for one of these 2,000 jobs.

Be sure to include in your resume that you've had lots of foreclosure experience.  Add that you are very familiar with falsifying documents, securitization, and knowledge of bank fraud.  Add that because JPMorgan Chase has stolen your home that you require additional considerations for by the time you are hired you need to be sleeping, eating, and bathing at the bank because you are now homeless.  For perks, request a bathroom with shower and amenities, a good bed, TV, books, sofa, WiFi and all the cable channels -- plus maid service and access to all bank records for WAMU customers. 

Good luck with your life at Banksterville.  

Make sure you that you know what this Bankster is doing all across America to homeowners, children, pets, neighborhoods, cities, and states.

Wednesday, March 23, 2011

Short Sales and California Anti-Deficiency Laws

Short Sales and California Anti-Deficiency Laws

BE AWARE: BANKS ARE INVESTIGATING THOSE WHO FILE LAWSUITS AGAINST THEM

Recently a WAMU borrower, Mrs. Doe, lost her family's home in a foreclosure sale while her husband was serving outside the country in a war zone.  The Doe family were then evicted from their Northern California home. Sgt. Doe came home from the war zone to move the family into a small rental and then returned to the war zone.

Meanwhile Mrs. Doe and their children were still reeling from their own war and were trying to put a good face on the situation and start over as best they could -- with courage and determination.

This week Mrs. Doe rather innocently stumbled into a situation and gained some interesting information that I wish to bring to your attention -- with a word of caution.

Mrs. Doe during her forced downsizing found need to buy a smaller sofa to fit into the modest rental.  Through Craig's List she found the appropriate furnishings at a cost of $200.  Mrs. Doe attempted to negotiate but the seller was not interested in bargaining with her.  She just wanted what she wanted. The seller refused to budge on her price, not even after she learned of Mrs. Doe's economic plight.


During the meeting to consummate the purchase at the seller's residence, after being questioned by the seller, Mrs. Doe revealed that she had been victimized by WAMU through predatory lending and fraudulent acts and that the bank had foreclosed on her while her husband was serving in Afghanistan.  The adult female seller revealed that she is an attorney who represents a "big major bank" in foreclosure litigation.  Her husband stated that he was employed by a "big major bank."  Neither disclosed the name of their respective bankster employer or client. 


Because there was a toddler in the house and because Mrs. Doe was in the seller's home, she chose to be polite and respectful no matter how upsetting the conversation became.

The female attorney,Mrs. Strong Arm of the Law, became quite dramatic with her statements and gestures -- she kept covering her face with her hands and groaned and grimaced.  She warned Mrs. Doe that litigation would be costly and futile -- that she should not pursue litigation -- that it was unwise -- that the borrower NEVER wins.  She did this several times.  Mrs. Doe in response cited some of the fraudulent acts WAMU and JPMorgan Chase had perpetrated, when the attorney's husband, Mr. Strong Arm of the Bank, asserted that Mrs. Doe could possibly have a fraud suit against her bank.  Mrs. Strong Arm of the Law shot Mr. Strong Arm of the Bank a menacing look that Mrs. Doe interpreted as "Keep your big mouth shut!"  He remained docile from that point forward.


The final lob that Mrs. Strong Arm of the Law hurled at Mrs. Doe was a humdinger, one meant to harass and intimidate Mrs. Doe and anyone with whom she might speak about this chance encounter.


Mrs. Strong Arm of the Law warned Mrs. Doe that the banks are now conducting investigations into every borrower who becomes a litigant in a lawsuit against the banks.  This includes digging into the borrower's past and present, following the borrowers, photographing the borrower and family members, and even tailing them.


Such behavior is menacing and intimidating.  Do not allow the bank to harass you like this.  You have legal rights.  The Bar Association frowns on such tactics.  Do not let fear override your right to due process.
Word to the Wise:
REPORT ANY & ALL SUSPICIOUS BEHAVIOR TO THE POLICE

In the event that you or your family members observe any suspicious behavior, let me admonish you to become an activist in defending your family and yourself. Take photos of the perpetrators. Get witness statements. Make notes of the times, dates, places and suspicious activity. Keep a log, a journal. Most importantly file a Report of Suspicious Activity with your local police department; get a copy of the report for your records. Notify the attorneys through your own attorney that you know you are being watched; report the attorneys for the bank to the Bar in your state.
DO NOT ALLOW THE BANKSTERS TO INTIMIDATE YOU.
FIGHT BACK!!!

Monday, March 21, 2011

Washington Mutual Bank -- Exhibits Documenting High Risk Lending Strategy


The following link will take you to a 666 page document containing Exhibits utilized in the US Senate Subcommittee Hearings on the Wall Street Financial Crises.

These Exhibits demonstrate the carefully engineered high-risk lending practices of Washington Mutual Bank and how they target marketed the vulnerable in our society.  There is every appearance of a masterfully engineered fraud which must not go unchecked.


http://edocket.access.gpo.gov/2010/2010-22161.htm 

Supreme Court Says Banks Can’t Hide Fed Lending Data - FoxBusiness.com

Supreme Court Says Banks Can’t Hide Fed Lending Data - FoxBusiness.com

Proposed CA law would bill banks for foreclosures - ContraCostaTimes.com

Proposed CA law would bill banks for foreclosures - Contra CostaTimes.com

Sunday, March 13, 2011

The Case Against Washington Mutual Bank and California Reconveyance Company

WAMU LOGO
On March 10, 2011 three highly respected members of the California Office of the Attorney General participated in a teleconference meeting with five members of the WAMU Chase Homeowners Action Alliance.  Please find below the agenda and outline of three presentations and our list of recommendations to deal with the fraud perpetrated on borrowers in California was Washington Mutual Bank, Washington Mutual Bank FA, and California Reconveyance Company. This information is based on official documents, personal experiences of the participants, and information in the public domain.


AGENDA 

Thursday, March 10, 2011  3:30 – 4:30 PM

Representing the San Francisco, California Office of Attorney General:  Kathrin Sears, Supervising Deputy Attorney General, California Department of Justice, Office of the Attorney General; and schedule permitting, Joseph A. Ragazzo, Deputy Attorney General and Benjamin Diehl, Deputy Attorney General

Representing the WAMU Chase Homeowners Action Alliance:  Brenda Reed, James Kelley, Levanson Coffey & Tess Schoenbart


3:30 PM          Welcome and Purpose, chairperson:  Brenda Reed
                        Introductions
                  
3:35 PM          WAMU’s lending practices and impact on foreclosure crises in CA:  Brenda Reed

3:45 PM          Washington Mutual Bank, FA – history and issues of legal status,  standing, and       fraudulent foreclosure practices:   James Kelley

4:00 PM          California Reconveyance Company’s foreclosure practices; JPMorgan Chase’s standing, and failure of Chase/WAMU loan modification program:   Deontos

4:10 PM          Testimonial : Tess Schoenbart

4:15 PM          WAMU Homeowners Bottom Line:  Brenda Reed

4:20 PM          Questions and Commitments, Next Steps
      • Engaging the National WAMU Homeowner's Support Grouop as “Party of Interest”
 4:30 PM          Adjourn

A HISTORY OF WAMU’s LENDING PRACTICES AND IMPACT ON CALIFORNIA

 Goals for the meeting:

1.   To address concerns with WAMU and JPMorgan Chase as to issues of fraud and the impact on Californians.  Most significantly the Attorney General has the ability to convince a court that certain conduct by lenders, servicers and their agents are unfair and deceptive acts on behalf of our citizens.
2.   To have California recognized as the leader of the 50 states and demonstrate that California is serious about addressing these issues. We are hoping that our Attorney General can and will act where other agencies have failed.
3.   To call for sanctions as well as substantive settlements that protect the citizens of the great state of California as we move forward We pray that The Office of the Attorney General with move forward quickly and expeditiously with your investigations, sanctions, prosecutions, and settlements.

WAMU’S MOTTO --  FRIEND OF THE FAMILY.

WHAT FRIEND OF THE FAMILY DESTROYS THEIR DREAMS, DEVASTATES THEM FINANCIALLY, AND SEIZES THEIR HOME.

WHAT WE HAVE ARE BROKEN DREAMS, BROKEN LIVES, BROKEN FAMILIES, BROKEN COMMUNITIES, AND BROKEN BANKS.

WE COME TO YOU TODAY TO RIGHT THIS WRONG.

CAUSES OF WAMU’S FAILURE:

Pursuit of high-risk lending strategy  -- Story of Greed
  • 2005, WAMU management shifted strategy away from originating traditional fixed rate & conforming single family residential loans towards riskier nontraditional loan products and subprime loans
  • Purpose – to compete with Countrywide Financial Corporation which in 2005 WAMU’s CEO saw as “arguable the strongest competitor.” & boost its bottom line.
  • WAMU in 2006 estimated its internal profit margin from subprime loans could be more than 10 times for a gov’t backed loan product and more than 7 times for fixed rate loan product  Subprime Loan = 150 basis points return
  • Home Equity = 113 basis points return
  • Option ARM = 109 basis points return
  • Fixed rate = 19 basis points return
  • Gov’t backed = 13 basis points return
  • Liberal underwriting standards
  • Inadequate risk controls.

Housing & Market Collapse in 2007
  • Created loan losses
  • Borrowing limitations
  • Falling stock price
  • 2008, depositor withdrew significant funds after other high profile bank failures & rumors of WAMU’s problems
 High Risk Lending Practices

  • OPTION ARMS made up one-half of all loan originations  during 2003-2007.
    • 2007, 47 % or about $59 billion were in Option ARMS
    • Low introductory “teaser rate” in place.
    • End of 2007  84% were negatively amortizing
  •  SUBPRIME LOANS2007 loan portfolio was c $16 billion or 13% of portfolio

Systemic Underwriting Weaknesses:
  • Underwriting policies & practices made high-risk products riskier
  • Stated income loans or ”low doc” loans --- without supporting documentation.  Liars loans.
    • 90% of all WAMU home equity loans were "low doc" or "liar loans."
    • 73% of Option ARMS
    • 50% of subprime loans
    • High loan to value ratios often in excess of 80% of value of underlying property
    • Borrowers were not required to purchase PMI (private mortgage insurance in case of default)
  • Failed to provide adequate oversight of 3rd party brokers who were compensated for originating most of WAMU mortgages but were not WAMU employees.
    • 2007 – 14 WAMU employees were overseeing 34,000 3rd party brokers 
    • 2007 WAMU identified fraud losses to 3rd party brokers of $51 million for subprimes & $27 million for primes
 Concentrations of Loans in California and Florida
  • Source: 12/31/2007 WAMU 10-K states the following loan concentrations: 
    • 49% Option Arms in CA  (13% in FL)
    • 25% Subprimes in CA   (10% in FL) 
    • 53% Home Equity in CA  (9% in FL) 
    • 25% of loans were concentrated in one metropolitan statistical area
 Wamu Mergers and Acqusitions 1991 – 2006
  • 1991 – 2001 acquired 9 institution  $137.16 billion in assets
  • 1/1/2005    Merged with affiliate Washington Mutual Bank Seattle $28.77 billions in assets
  • 10/1/2005 acquired Providian Nat’l Bank  $13.10 billions
  • 3/1/2006  merged with affiliate Long Beach Mortgage Co.  $13.11 billions
  • 10/1/2006  acquired Commercial Capital Banks FSB  $5.67 billions
  •  9/25/2008 Washington Mutual Bank merged with FDIC financial assistance and operates as part of JPMorgan Chase Bank, NA in Columbus, OH.  Purchase and Acquisition Agreement has not been finalized.  Pending litigation.
 California Foreclosure Rates
  • 1 in 92 housing units in foreclosure in CA
  • 67,072 new foreclosures in Jan 2011
  • 19,357 homes in CA scheduled to be auction the week of March 14th
  • Jan 2011  1 in every 200 rec’d foreclosure filing
  • 5,000,000 borrowers in USA in Feb 2011 were 2 months behind
  • Over 1 million homes repossessed nationally in 2010
  • Kerry K. Killinger, former CEO of  Wamu
  • 1.2 million predicted for 2011
WAMU FRAUD 

Senate committee presented evident that WAMU executives knew about the fraud & knowingly failed to take action.

  • 2005 WAMU conducted an internal investigation – results were sent to David Schneider, president of Home Loans, and shared with Kerry Killinger, CEO of WAMU at that time.
  • No action taken.
  • Killlinger's goal was to turn WAMU into the "Wal-Mart of banking" and cater to lower and middle class patrons.  
  • "We hope to do to this industry what Wal-Mart did to theirs, Starbucks did to theirs, Costco did to theirs and Lowe's-Home Depot did to their industry. And I think if we’ve done our job, five years from now you’re not going to call us a bank."  

                                                                                                                          
  • "The Power of Yes" ad campaign, introduced by WAMU during the 2003 Academy Awards k\ to promote the offering of loans to all consumers, particularly borrowers that the banks deemed too risky. Another commercial in the ad series showed WaMu representatives in casual clothes, contrasting with traditionally-dressed bankers in suits.   
  • "Whoo hoo!" was an advertising campaign introduced by Washington Mutual in February 2008. As fears of an economic crisis were rising, and WaMu was looking to become an "iconic brand that people love", they began courting consumers with a new slogan, designed to position WaMu as a consumer-friendly institution

  • Top producing offices in CA – WAMU internal investigation found that in Southern California that Subprime lending fraud was out of control.  

  • One office in Downey 58% of the mortgages were fraudulent.  
    • One borrower was photographed as a mariachi player as his only proof of income.
    • One home photographed by the appraised defaulted; it was in fact a vacant lot.
    • Misled borrowers.
    • Lied about income and assets.
    • Fraudulent cut and pastes on documents. 
  • One office in Montebello the rate of fraud was 83%.
  •  WAMU took no steps to address the problems.  
Examples of fraud: o   Phony IDs for borrowers
o   Buyers acting as fronts for real buyers
o   Phony credit histories
o   Process requirements waived

o   In one Long Beach Mortgage office that sales people sometimes cut and pasted borrowers' names on false bank statements.


  • WAMU failure was caused by greed and more greed.  Just say "Yes."  Rewards to mortgage brokers and real estate brokers such as one month first-class vacations in places like Jamaica and Hawaii. Huge commissions paid out. Atmosphere of anything goes as long as the loan gets made.  Too bad about the homeowner and what lies ahead.
  • WAMU motto was “Friend of the Family” 
  • WAMU Rap at an employee retreat in Hawaii:  "I like big bucks and I cannot lie/You mortgage brothers can't deny  "That when the dough roles in like you're printin' your own cash/  And you gotta make a splash."  
  • People who had Option ARMS didn’t understand them; flagship WAMU product; Senate committee found that sales people were trained to convince borrowers that they could simply finance if they got in trouble as housing prices were soaring
  • WAMU paid huge commissions to brokers & loan officers – worst the terms of the loan for the borrower, the better the commission.
  • Mastered the art of the “liar’s loan." 
  • Most popular subprime loans used low “teaser” rates for first 1  to 3 years when rates shot up dramatically when the teaser expired.  Borrowers caught in loans on which they could not make their payments unless they refinanced into another teaser rate; were told up front that this was the solution.
  • People selling the mortgages received huge bonuses and trips to Hawaii for high volume lending. 
  • WAMU’s chief risk officer (hired to control risk) had 35% of her pay tied to growth & only 25% to risk Management.
CEO KERRY K. KILLINGER WAS COMPENSATED MORE THAN $103 MILLION 2003 – 2008.  HE EARNED $25 MILLION IN 2008, THE YEAR HIS BANK DIED.
AFTER 3 YEARS NO ARRESTS HAVE BEEN MADE.
NO ONE HAS GONE TO JAIL. 
NOT KERRY KILLINGER.  
NOT DAVID SCHNEIDER.  
NOT JAMIE DIMON.
NOT THE WAMU BROKERS OR EMPLOYEES. 
NOT ANYONE.


WAMU was certainly NO FRIEND OF THE FAMILY.  The impact on our society is devastating.
  • Families ripped from their homes.
  • Belongings tossed into the streets.
  • Families living in their cars, on the streets, or in seedy motels in one room.
  • Children going to school hungry and forced to live in unsafe neighborhoods where they cannot enjoy being children.
  • Children falling behind in school.
  • Creating blights in our communities.
  • Lost revenues of $5,000 - $35,000 per foreclosed home.
  • Suicides and attempted suicides.  Violent crimes.
  • A failed banking system that rewards fraud & greed while the lives of Californians are devastated and from which they may never recover.
Broken families.  Broken lives.  Broken hearts.  Broken dreams. A broken California.

http://fdicoig.gov/reports10%5C10-002EV.pdf


http://en.wikipedia.org/wiki/Washington_Mutual

MAKING LOANS IN THE NAME OF A NON-EXISTENT BANK - WASHINGTON MUTUAL BANK, FA
 

"Washington Mutual Bank, FA”  ceased to exist April 4, 2005, yet continued to make loans as such.  Are these loans legitimate? Or are they a product of fraud?

On January 1, 2005, the Company’s state savings bank, the former Washington Mutual Bank merged into Washington Mutual Bank, FA, and ceased to exist; subsequently, changed its name to Washington Mutual Bank, FA changed its name to  Washington Mutual Bank (“WMB”). Consequently, the Company no longer owns a state savings bank that is subject to regulation and supervision by the Director of Financial Institutions of the State of Washington. Its non-bank financial subsidiaries are subject to various federal and state laws and regulations.[1]


[1] Washington Mutual, Inc, 2005 Form 10-K, Filed with SEC

Scope of the Problem

From April 2005 - September 2008 tens of thousands of Loans were made in the name of a non-existent bank -- Washington Mutual Bank, FA 

  •       Fraud on Federal and State Courts in foreclosure cases by Chase.
  •       Concealed fraud on the unwitting Borrower.
  •       FDIC and Chase bank are both practicing fraud on the courts.

Benefits of the Washington Mutual Bank, FA Fraud 

Loans that are brokered are required to disclose the Yield Spread Premiums[2]

Making a brokered loan in the dead name of the “Washington Mutual Bank, FA” allowed the Yield Spread Premium to be treated as a unreportable “Service Release Premium”.

The fraud evades the fiduciary duty between the “Broker” by claiming the dead bank as a Loan Originator.[4]

This makes it difficult (if not impossible) for the Borrower to later recover damages if Borrower sues the non-existent bank.

The FDIC and Chase have been coordinating their efforts to suppress this fraud because it voids tens of thousands of loans.[5]



[1] Washington Mutual, Inc, 2005 Form 10-K, Filed with SEC
[2] 1-1.5% of amount of loan on the HUD-1
[3] http://en.wikipedia.org/wiki/Yield_spread_premium , “In the U.S., mortgage brokers are required per the truth in lending act to disclose YSP within three days of the borrower's initial application on the Good Faith Estimate of Closing Costs, and then again as YSP as a fee "POC" (Paid Outside Closing) on page 2 of the HUD-1 Settlement Statement, inside the margin, away from the column marked "Paid from Borrower's funds at Settlement." This is a source of controversy, as similarly priced loans from banks require none of this disclosure.”
[4] http://www.dre.ca.gov/, "A person who provides brokerage services to a borrower in a covered loan transaction by soliciting lenders or otherwise negotiating a consumer loan secured by real property, is the fiduciary of the consumer, and any violation of the person's fiduciary duties is a violation of this law."
"A broker who arranges a covered loan owes this fiduciary duty to the consumer regardless of whom else the broker may be acting as an agent for in the course of the loan transaction."

[5] Article IX, section 9.3, page 21, “Purchase and Assumption Agreement Whole Bank Among Federal Deposit Insurance Corporation, Receiver of Washington Mutual Bank, Henderson , Nevada Federal Deposit Insurance and JPMorgan Chase Bank, NA September 25, 2008.

Assessment of California Reconveyance Company



1. Trustee (California Reconveyance Company) has not signed on the Notices of Default as required.  A Trustee must be a signatory to the Trust.  
  • How can a Trustee be party to the note if they have not signed it?  
  • How do they even know they are Trustee?  They never accepted the authority.  
  • This is in violation of the Uniform Trust Code-Probate Code : A Trustee has to be a signatory to the Trust.
 2. Trustor is supposed to choose the Trustee, and Borrowers were not given that opposition. Most home owners do not realize they have given the power of sale to the Trustee to sell their property. If you are never told what you are signing and it was not disclosed to the homeowner (borrowers go into a signing probably in front of a roaming notary who says to are told sign here); there is no conformed consent.

3. Notice of Default states in the second to the last paragraph
That by reason thereof, the present beneficiary under such Deed of Trust, has executed and delivered said Trustee, a written Declaration and Demand for Sale, and has deposited with said duly appointed Trustee, such Deed of Trust and all documents evidencing the obligations secured thereby, and has declared and does hereby declare all sums secured thereby immediately due and payable and has elected and does hereby elect to cause the trust property to be sold to satisfy the obligations secured thereby. 
  • This is a false document because they can and have not done this because they can not produce these documents. 
  • Compare this document to the first paragraph of the Deed of Trust. “Lender” is Washington Mutual. . . .Lender is the beneficiary under this Security Instrument. 
  • This constitutes a violation of California Criminal Code 115 as a false note and under California Criminal Code 115.5 a fine for each violation can collect up to $75,000 per action which the AG office could collect for the benefit of California and Californians.
  • Where is the Declaration of Beneficiary?

4. Deed of Trust Paragraph 24 states that only the Lender can Substitute the Trustee.  
  • Washington Mutual owned California Reconveyance Company.  Now Chase owns California Reconveyance.
  • CRC has a fiduciary relationship with the Trustor/Borrower.
  • This constitutes a conflict of interest when they move to foreclose. 
  • Once the Note was securitized, WAMU (by any name) ceased to be the Lender. 
 5. When a Note is sold, an Assignment of Deed of Trust should be required to replace the original Deed of Trust
  • The PAA does not replace the Assignment of Deed of Trust. 
  • This results in issues as to Continuity of Title. This affects all homeowners in California, not just those in foreclosure.
  • According to The Rules of Deed of Trust, this problem can only cured through an  Assignment of Deed of Trust.
 6. To level the playing field, every document RECORDED under California Property Recordation Laws must affirm/contain at least three indexible TERMS: 
  • a) Assessor's Parcel Number;  
  • b) Name of Grantor and/or Grantee in ORIGINAL Deed of Trust and/or Security Instrument;  
  • c) Nominal Street Address, City, State, ZIP of The Property in Question.  
  • The Subject Parties appear to deliberately EXCLUDE these indices ---rendering the recorded documents as "electronically irretrievable" by the distressed borrower and parties attempting to expose MERS, LPS and Servicer Lies! 
 7. WAMU borrowers have collected evidence of forgeries on our Notices of Trustee's Sale by a alleged officer of CRC. 
Deborah Brignac
  • Documents demonstrate countless inconsistencies with the signature of one Deborah Brignac, who is variously an officer of California Reconveyance, WAMU, and JPMorgan Chase.
  • One participants on the teleconference call has 2 signatures that do not match on two separate Notices of Trustee Sale. 
  • These signatures do not match signatures  where she has signed with a notary as witness. 
  • Deborah Brignac signs as VP of CRC, VP JPM Chase, VP Deutsche Bank, and VP Mers. 
  • Even if CRC were an Affiliate of these companies, Deborah Brignac cannot sign for those entities; she can only sign for the company for whom she works.
 8. Many of the Notices of Default and Notices of Trustee Sale are time stamped at 8:00 am the recorders office does not open until 9:00 am. 

9. Evidence has been found to indicate that California Reconveyance Company does not have possession of the original note and without it cannot legally foreclose.   
  • An organization sent a homeowner into the offices of California Reconveyance Company in Chatsworth, California, to inspect their alleged original note. 
  • CRC representatives presented the homeowner with a Double sided color copy.
  • The original note signed by the homeowner was single sided.
 RECOMMENDATIONS TO THE CALIFORNIA OFFICE OF THE ATTORNEY GENERAL:

1.   Immediate moratorium on foreclosures for six months.

2.    Cessation of trial modification programs.
  • Restitution to homeowner for all trial modification payments without penalty.
3.    Mandatory permanent loan modifications that are affordable and sustainable for all homeowners in distress regardless of the size of the mortgage that provide a fresh start for the homeowner.
  • Low fixed interest rates (2 – 4 % maximum)
  • Long term mortgages (40 years)
  • No balloon payments
  • Waiver of missed payments and foreclosure fees
  • Rescission of all Notices of Default and Notices of Trustees Sales
4.    Mandatory principle reductions

5.    Restitution for fraudulent foreclosures

6.    Cessation of parallel foreclosure practices

7.    Proof of beneficial interest in a property prior to foreclosure in the form of a wet-in note
  • If a loan was securitized and most were, documentation must be provided to homeowners before foreclosure proceedings can be implemented.
8.    Criminal prosecutions for fraud and other violations of legal statutes.

9.   The level of documentation needed to proceed to foreclose should:
  • Identify the current "real party in interest" and document unequivocally how that occurred through a RECORDED chain of title. 
  • NO NOMINEES   
  • NO AGENTS. 
  • NO LOST NOTE AFFIDAVITS. 
  • NO EXCEPTIONS. 
  • NO TRICKS.  
  • Consider AZ 1259.  ||  Consider the Ibanez Decision. Consider actions by  Judicial in Oregon.\
10.  Plaintiffs attorney should be required to verify all Recordations and Servicer  assertions as stated on the NOD and NOS.
  • The "officer of the court" should  be HELD directly accountable.  ||  As in the RECENT procedures enacted in New York state.
 11.  The homeowner should be afforded a "Private Right of Action" with substantial  TEETH if and when they encounter malfeasance, deception and bad faith on the  part of lender or their counsel ."

  • This is desperately needed because of the failure of the Executive, Legislative and Judicial branches of our government to protect it own citizens.  
CALIFORNIANS  MUST BE ALLOWED THE WHEREWITHAL TO PROTECT THEMSELVES.

Friday, March 11, 2011

WAMU Borrowers Teleconference Meeting with the Office of Attorney General, California

Members of the WAMU Chase Homeowners Action Alliance (WCHAA) participated in a teleconference on March 10, 2011, with three senior Deputy Attorneys General in the Office of Attorney General in San Francisco, California,  Members of WCHAA described the problems WAMU borrowers continue to face everyday and outlined suggestions and potential remedies to begin to cure the bank and mortgage fraud in California. [Participants are listed at the bottom of the page. A more detailed report will follow.]

WAMU's motto was "Friend of the Family."  We as borrowers know WAMU was no friend of our family.  Now the Office of the Attorney General in California knows this.


As California is a non-judicial foreclosure state, borrowers without financial resources have little means at hand to go into combat with these enormous financial institutions such as JPMorgan Chase, servicer for Washington Mutual Bank. We feel strongly that the banks carefully and meticulously engineered the fraud perpetrated on borrowers throughout California and across the entire country.  In fact we assert that these banks purposely preyed on our citizens to feed their greed.

On behalf of WAMU borrowers we specifically addressed issues relative to the greed and fraud perpetrated on homeowners across California and our nation. We outlined WAMU's history of greed, fraud, and abuse. We raised concerns about the dead bank, Washington Mutual Bank FA's continued operation after April 4, 2005 when it became Washington Mutual Bank; that the bank made loans and has engaged in foreclosures under the name of the dead bank WAMU FA.  We also addressed the fraudulent practices perpetrated by California Reconveyance Company. 

Tess Schoenbart bravely presented a moving testimonial and put a very real face to this crises.  Her Lafayette, California has been scheduled to be sold on the Contra Costa County Courthouse steps in Martinez on Monday, March 14th at 1:30 PM.  After the teleconference one of the DAGs stepped up to the plate in an attempt to intervene on her behalf.  Meanwhile today she is gearing up for whatever lies ahead.  We pray for the best for Tess and everyone similarly situated.


On behalf of the members of the National WAMU Homeowners Support Group, we invited the Office of the Attorney General to consider our bottom line proposal to remedy and cure the fraud as they move forward to address these wrongs and evil doings.

PROPOSAL SUBMITTED TO THE OFFICE OF THE ATTORNEY GENERAL, CALIFORNIA by the WAMU Chase Homeowners Action Alliance:


1.   Immediate moratorium on foreclosures for six months.  {Hawaii has set this precedent and is currently executing a foreclosure moratorium.]


2.    Cessation of trial modification programs due to rampant bank abuse, lost documentation, and deceptive practices of the banks which feed their greed machine.


3.    Mandatory permanent loan modifications -- affordable and sustainable -- for all homeowners in distress regardless of the size of the mortgage.  [Banks preyed on Californians and fed the soaring real estate values creating false markets.  Banks engineered Option ARMs, subprime loans, and home equity loans so that the borrower had to keep coming back to the bank to meet their escalating payments. Homeowners/borrowers were set up intentionally to fail.]  
a.    Low fixed interest rates (2 – 4 % maximum)
b.    Long term mortgages (40 years)
c.    No balloon payments
d.    Waiver of missed payments and foreclosure fees
e.    Rescission of all Notices of Default and Notices of Trustees Sales


4.     Mandatory principle reductions.


5.    Restitution for fraudulent foreclosures and evictions.

6.    Cessation of parallel foreclosure practices that represent a continuation of the fraud and a system designed to steal our homes.


7.   Proof of beneficial interest in a property prior to foreclosure in the form  of a wet-ink note.  If a loan was securitized, documentation must be provided to homeowners before foreclosure proceedings are implemented.

8.   The level of documentation needed to proceed to foreclose should: 

a.   Identify the current "real party in interest" and document unequivocally how that occurred through a RECORDED chain of title. NO NOMINEES   NO AGENTS. NO LOST NOTE AFFIDAVITS. NO EXCEPTIONS. NO TRICKS.  Consider AZ 1259.  ||  Consider the Ibanez Decision. Consider actions by  Judicial in Oregon.
b.  The creditor or creditor’s agent’s attorney should be required to verify all Recordations and Servicer assertions as stated on the Notice of Default and Notice of Trustee’s Sale; and that “office of the court” should be HELD directly accountable.  ¶  As in the recent procedures enacted in the state of New York.

c.    The homeowner should be afforded a "Private Right of Action" with substantial  TEETH if and when they encounter malfeasance, deception and bad faith on the  part of lender or their counsel and ".  This is desperately needed because of the   failure of the executive and legislative branches to protect it own citizens.  THEY MUST BE ALLOWED THE WHEREWITHAL TO PROTECT THEMSELVES.

9.    Criminal prosecutions within the lending and foreclosure machines for fraud and other violations of legal statutes and civil codes. Financial restitution to the victims of their high crimes and misdemeanors.


10.   Break up the banks that are "too big to fail.

Representing the WAMU Chase Homeowners Action Alliance:  Brenda Reed, Charles Coffey, James Kelly, & Tess Schoenbart

Representing the Office of Attorney General:  Kathrin Sears, Supervising Deputy Attorney General, California Department of Justice, Office of the Attorney General; and schedule permitting, Joseph A. Ragazzo, Deputy Attorney General and Benjamin Diehl, Deputy Attorney General

Tuesday, March 1, 2011

ACTION ALERT FOR OAKLAND, CALIFORNIA: VIGIL & RALLY SUPPORTING HOMEOWNERS IN FORECLOSURE

ACTION ALERT --- OAKLAND, CALIFORNIA

VIGIL & RALLY

SUPPORTING HOMEOWNERS IN FORECLOSURE

Organized by the WAMU Chase Homeowners Action Alliance

Friday, March 4th 2011 

Noon to end of the foreclosure auction. 

Alameda County Courthouse steps

Fallon Street Entrance

1225 Fallon Street (at 14th Street near Lake Merritt)

Oakland, California 94612

We are one.  We are strong.  
No auction block for us. 
No more.  No more.  
Thousands gone . . .  no more. 
No more.

The foreclosure crisis is not over. It is not over in Oakland, California or Alameda County or California or the United States of America.  In February 2011 California ranked number one in foreclosures, while Oakland ranked double the national average.  In 2010 banks repossessed (foreclosed on) 1,000,000 homes throughout the Alameda County.  In 2011 forecasters state that 1,200,000 more homes in America will be lost to foreclosure.  These figures represents homes, lives, families, broken dreams and broken promises. No one is bailing our the good decent people.
Presently 5,000,000 borrowers in the county have fallen least two months behind on their mortgage payments with foreclosure rates expected to remain high in 2011, a result of high unemployment, stringent refinancing standards and decreasing home values. Should these homeowners miss a third payment their bank will file a Notice of Default, step one in the foreclosure process.
For each foreclosed home our local government sustains lost revenues averaging from $5,000 to $35,000 per property.  On March 4th 2011 a minimum of 135 homes are presently scheduled to  be sold at auction on the courthouse steps in Oakland, California -- a loss of  $675,000 to $4,725,000 in revenues for our community for one days worth of foreclosures. In March 2011 over 2,451 homes belonging to the good people of Alameda County will be put on the auction block equating to lost revenues of $12,255,00 to $85,785,000.  These losses stagger the mind considering the economic distresses being experienced throughout California.
Banks and Wall Street continue to profiteer from the massive fraud schemes, the securitization of loans, robo-signing, faking documents, fraudulent foreclosure filings, misrepresentations, appraisal fraud, greed, and avarice boggling the human senses.  Yet, not one Wall Street executive or banker stands convicted of any crimes.  Banks reap record profits.  Executives receive exorbitant bonuses.  While Wall Street reaps record profits, while our communities, neighborhoods, and families are being  irrevocably damaged.

Californians are rallying to demand the following from our nation's leaders:
  •  Immediate state-wide moratorium on all foreclosures for a period of 6 months.
  • Mandatory meaningful and sustainable loan modifications
  • Mandatory principal reduction and meaningful sustainable loan modifications.
  • Prosecution of the perpetrators of fraud on every level.
  • Protections for the victims of bank fraud and malfeasance.
  • End foreclosures while a loan is in a modification process.
  • Restitution in cases where homes have been fraudulently confiscated.
Join us if you are  concerned about the impact of foreclosures on our families and our community. 

  OAKLAND SAYS NO TO FORECLOSURES.

Bring your signs, banners, good will, prayers. Let our voices be heard.

NO MORE . . . NO MORE