Supporting, Informing & Connecting People in Foreclosure

WASHINGTON MUTUAL INFO

Okay, So in all of my digging I have unearthed so many things I can't start to explain it all but thought if I can save others the time and energy I most certainly will.

So here is what I know so far and if others have info please share.

Washington Mutual was the LARGEST!! bank failure in the history of this country. Why? Guess.

The value of the bank as estimated before the FDIC stepped in was 321 Billion give or take. What did it sell for to Chase with the FDIC help?
@ 1.9 Billion of .005 cents ish on the dollar

I wonder what they know that we don't? Fraud mostly

So in researching your loan if you ended up with them as your servicer chances are you were part of the mess and you thought they were only a bank that you made payments to, right?

Well, you are not alone.

They did business with originator banks(fake pretending lenders that are really brokers) of the like of:

First Magnus Financial(bankruptcy in AZ)
Countrywide(Imploded and is now BofA)
Plaza Home Mortgage-active
First Horizon-active
Alliance Bancorp-unsure
Residential Funding-unsure
Mortgage IT
Steward Financial
UBS

This comes from my knowledge of the wonderful Neg Am Option ARM and may have many more players. Either way alot of the above lenders used a warehouse line of credit to fund the loan and then sell it to WAMU for securitization.

1) I am attaching a link to the WAMU Seller's guide which explains the underwriting and the way the files are to be delivered etc.
Pay attention to the BLANK endorsement requirement on assignments(Why?)

They also make a point of keeping WAMU's name out as the purchaser of the loans which I would say is a concealment issue. Add that to the MERS situation and you have more non-transparency

https://www.wamumsc.com/sellerguide/reports/pdf/msc_seller_all.pdf

2) Second is the Servicer Guide which explains the servicing procedures etc:

https://www.wamumsc.com/servicerguide/reports/msc_servicer_all.pdf

3) Third is a master Prospectus filed with the SEC which explains all of the advanced calculus that goes into confusing all but three humans on earth.

http://www.secinfo.com/dScj2.u2p2.htm#c38e

4) Then each bundle of securities gets an individual prospectus to go with it:

http://www.secinfo.com/dsvRa.v32u.htm

5) When they submit the bundle they list all of the loans in the trust at the time of creation. Here is what that looks like. This one has originating lenders names and the loans by number:

http://www.secinfo.com/d16VAy.u5c.htm

and another without lender names:

http://www.secinfo.com/d16VAy.vyb.htm

6) Here is a Pooling and Servicing Agreement that goes through the process of creating the securities and the pool of mortgage loans etc.:

http://www.secinfo.com/d16VAy.u83.d.htm

Here are various lawsuits that are filed against WAMU from investors that I have found so far. The last one is a link to the WAMU bankruptcy case and all of the documents that go with it. Chase and WAMU are battling over billions of assets. Interesting reading and gives details of underwriting and appraisal fraud:

http://securities.stanford.edu/1043/WAMUQ00_01/20091030_f01c_090155...

http://securities.stanford.edu/1042/WAHUQ_01/20091123_r01c_0900037.pdf

WAMU BK filing and case with Chase

http://www.kccllc.net/wamu

You may or may not be able to find if your loan is included in the above. You can narrow the search down to the year in which you closed your loan and search the above www.secinfo.com site and find the classes for your timeframe. Once you find the trust(WMALT 200? such and such) you can search the attachments for a FWP file and search through by zip code and see if you are included.

If you log into the secinfo site it may require you to register for free to continue access.

I hope this helps you find more info on your loan WAMU/CHASE loan and if you need help please let me know.

I will keep adding as I go so if anyone else has info please add it to the pile. I will try to keep it semi organized so that it is easy to find.

Happy reading!

Tags: WAMU, guide, prospectus, securitization, seller, servicer

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Permalink Reply by J in CO on January 18, 2010 at 10:09am

Nice Info Rob!

They are the worst and I have absolute proof of securities and appraisal fraud that is undeniable. In your case has the process been slow or hindered by the governement involvement?

I am going to file in Federal Court hopefully this week to enforce my rescission and fraud in the factum(not for loan terms but actually a switch from primary residence to second home without letting me know)

I am just concerned that if the FDIC and government are involved that they may somehow screw up my suit.

I truly believe someone needs to file a suit against them as WAMU is the worst and since Chase bought them for half a cent on the dollar knowing the loans were all junk but fraudulently goes about stealing homes so they can turn a profit they should all be in prison.

I will review some of this info and may have some questions.

Thanks Rob!

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Permalink Reply by Jylly Jakes on March 15, 2011 at 11:35am

Does anyone know what happens to a loan after a re fi with a different servicer? For example, I had my loan originally with Wells. Then in 2003 I with Wachovia, then in 2005 again re fied with Abn Amro. In 2007, just at the beginning of the meltdown ABN sold their loan pool to CitiMortgage. Now, I am searching all three servicers for the different years the loan changed hands and became larger at the SECINFO.COM website. (It's free, and far easier to navigate than SEC.gov). I am pretty sure the original 2002 Wells Fargo loan was securitized right away and was in fact a part of a Lehman deal (it's in the county records). Does anyone have an idea what route would be the quickest to find my loan? FYI, I have been scanning prospectuses for two weeks. I am a former financial person and even for me this is mind numbingly tedious. Also, I have found some interesting ways the data was entered to the SEC. Has anyone done what I am doing? Thanks, Jylly

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Permalink Reply by JE on September 25, 2011 at 10:43pm

HI Jylly,

when you re-financed you created a new note and Deed of Trust/Mortgage with the new lender

each time the loan was paid off and new money was recreated and the note was sold into a new trust. Can you answer the following questions and I can see if I can help you. I do this every day for a living and sometimes I get to help people like you just because.

Here are the questions I need answered.

Date of last Note

Who was the last lender?

What was the loan amount?

Was it fixed or Adjustable?

What was the interest rate

If it was an adjustable can you answer the following questions for me.

What was the margin? what was the index rate? what was the Ceiling Cap Rate, What was the Floor rate? What was the day of the first payment?

what was the P&I payment originally

get this information to me and let me see what I can do .

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Permalink Reply by Jylly Jakes on September 26, 2011 at 11:21am

Thanks JE, I have spent almost every waking moment figuring this out, and I have. Wish you had answered my post back in January =) thank you for getting back to me. I have done my loan/securitization audit and I am good to go.