Wednesday, November 7, 2012

THE SAGA OF THE PURCHASE & ASSUMPTION OF WASHINGTON MUTUAL BANK CONTINUES

    We have a game of veritable "Hide & Seek" among the FDIC, JPMorgan Chase Bank, and courts across America during the discovery process in cases involving foreclosed homeowners.  JPMC hires law firms to obfuscate and delay discovery at the most basic of level.  Allegedly these attorneys have delivered fraudulent documents.  The intent is to wear the homeowner down so that they simply will give up and abandon their fight.

Since Washington Mutual Bank was acquired by JPMorgan Chase Bank NA (JPMC) through the FDIC as Receiver much controversy has arisen as to the veracity of Chase's foreclosure standing in cases involving borrowers with Washington Mutual Bank, Washington Mutual Bank FA or their affiliates.  Both JPMC and the FDIC have obfuscated the truth about their behind-closed-door agreement for the purchase of Washington Mutual Bank.  The end result is that thousands of homeowners have been foreclosed by JPMC.  Families and communities continue to be hurt in the name of greed.

Affidavits given by Jeffrey Thorne and Michael D. Zarro filed in two other court cases. contend that the true and complete Purchase & Assumption Agreement consists of approximately 118 pages.  However JPMC has filed a 39 page Purchase & Assumption Agreement that contains no loan inventory or even a book value for these mortgage loans.

The drama continues as FDIC and JPMC through their battery of attorneys fight discovery of the true and complete PAA.  One such case, Kelley v. JPMorgan Chase Bank NA et al, filed in the Bankuptcy Court in the Northern District of California, lays out the extraordinary struggle between the plaintiff and defendants to obtain what FDIC alleges to be a public document available on the internet. 

Herein lies the latest chapter in this saga:

On November 5, 2012 Robert Schoppe, Assistant Director of the Division of Resolutions & Receiverships, FDIC, at Dallas, Texas, prepared a declaration submitted in the US Bankruptcy Court for the Northern District of California, Division 6, as a result of a Third Party Subpoena in an adversarial proceeding James Madison Kelley v. JPMorgan Chase Bank NA et al (Case No. 10-05245).

Schoppe has personal knowledge of how the FDIC maintains its official records and documents in the regular courts of its business in administering the Receivership for Washington Mutual Bank (WaMu).  He has access to all such official records and documents. 

The Purchase and Assumption Agreement (PAA) entered into among the FDIC as Receiver of WaMu, the FDIC in its corporate capacity, and JPMorgan Chase Bank, NA (JPMC) was finalized for signature and signed on September 25, 2008.  Schoppe declared that after signing that the parties realized corrections needed to be made. On September 28, 2008, FDIC-Receiver emailed to JPMC proposed corrections to the PAA.  On September 28 or 29, 2008, the parties signed the corrected PAA. 

Thus five PAA documents exist as described below:
  1. The PAA finalized for signature on September 25, 2008
  2. The PAA (1) was then signed on September 25, 2008. [Schoppe states that there is no difference between documents 1 & 2 other than the actual signatures.]
  3. A corrected PAA that was exchanged with JPMC on September 28, 2008.
  4. The PAA that was exchanged with JPMC on September 28, 2008, showing electronic signatures.
  5. The "final " PAA signed on September 28 or 29, 2008 known as the "Final Executed P&A Agreement." Schoppe declared that the words "Execution Copy" are located in the footer of the document and that the "Final Executed P&A Agreement" is the final PAA.  Schoppe claims that other than the electronic signatures (as opposed to actual signatures) that there are no differences between the documents #4 and #5. The "Final Executed P&A Agreement" was attached as Exhibit 1 to his June 15, 2012 Declaration (Dkr. No. 212, Ex. 1).  This alleged "Final Executed P&A Agreement" is a public document, available on the internet at www.fdic.gov/about/freedom/Washington_Mutual_P_and_A.pdf
Schoppe further stated that the alleged "Final Executed P&A Agreement, eight 1-page addenda were entered into and attached collectively as Exhibit 2 to his June 15, 2012 Declaration.

Schoppe declares under penalty of perjury that the "Final Executed P&A Agreement" and attached addenda described above is "the operative version of the PAA used to administer the Washington Mutual Bank Receivership.

This alleged final PAA consists of 44 pages.  No inventory of home mortgages is included.

JPMC never gave the FDIC an inventory of the mortgages. 

As of this date the documents filed with this Declaration have not been uploaded to PACER. 

You may view the Schoppe 11/5/2012 declaration at  Declaration of Robert Schoppe (FDIC) 11/5/2012

1 comment:

  1. Where can I obtain a copy of
    Schoppe's June 15, 2012 Declaration?
    Thank you.

    ReplyDelete