This DEFIES Logic - why does WAMU have to approve mods???

[Marie T]

I am really getting fed up with this "line" - can anyone tell me how it is that if CHASE bought WAMU and all its assets that CHASE can now say they have to get approval from WAMU for a modification when my loan was owned by WAMU?

The Office of Thrift Supervision shut down WAMU September 26, 2008, and the FDIC then brokered the sale of WAMU to JP Morgan Chase. Washington Mutuals assets were valued at $310 BILLION !!! CHASE paid $1.9 billion for WAMU. $176 billion of WAMU's assets were "risky" mortgages and they expected to lose 20% of that.

SO how GREEDY is CHASE and why in the heck isn't the government making them get these modifications done!!!

[OH-WAMU]

Testify, sister!

[Moe Bedard]

Maybe they just service some of these loans. There are still investor behind some of these loans.

BUT, and that is A BIG BUT, this has been the standard BS line by these departments to deflect everything off of them. I think you are right.

[Marie T]

I have asked several people at Washington Mutual and at Chase if there is any investor on my loan and the answer has always been that Washington Mutual kept my loan and there is not an investor. It makes sense they would want to keep mine because this was my 4th loan with them, I had never been late in twenty years of mortgages with them and I was well-qualified at the time I took out the loan. I am sure they kept mine "in-house" while they packaged other questionable loans and sold them off to investors!

[wamusing]

I have been told since Feb 09 my 1st and HELOC were held by WAMU from numerous collection, mitigation and negotiator employees of Chase and WAMU. I was served f/c papers 7-16-09 with the plantiff named as:
Bank of America, National Assoc as Successor by Merger to LaSalle Bank NA as Trustee for WAMU Mortgage Pass-Through. Certificate Series 2007-OAI Trust.

After speaking with Chip in loss mitigation today he informed me "oh yes the loan was sold 3 months after it closed in Dec 2007 to a joint venture". Are these people hiding things or just clueless? My lawyer had already responded to this matter last week as I was never informed of sale to aforementioned. Below are a couple of pararaphs of legal-eese addressing matter.

Plantiff is not the proper or real party in interest for this matter. Plantiff has alleged that it ".... is the owner and holder of the Note and Mortgage...." However, the mortgage attached to the complaint states differently, to wit that the Lender/Mortgage is " Washington Mutual Bank, F.A.".

In this case, Plantiff attaches a copy of a mortgage which indicates that it is neither the mortgagee or lender.

My attorney feels BOA would be able to produce proof it bought mortgage, he also feels there is a chance LaSalle Bank could be a liabilty to BOA as they bought many bundled toxic real estate trusts and may have trouble producing required documents. Any matter it buys a couple months of time to continue fighting for a mod. Per my previous post, my attorney stated these large banks are using high volume legal offices looking for low hanging fruit using young low paid lawyers who do not recieve a fee til deal is closed. He has handled many of these cases and continues to find blaten rookie errors such as the one above. Once this matter is solved he already has another motion for dismissal planned based on the legal registration of LaSalle which will buy a few more months. I feel these banks are somewhat confused and have issues of their own with some of their aquisitions. Will advise as plot thickens. WAMU has in the meantime postponed my f/c while it works toward mod according to loss mit (who knows if this is true or not??). At this point I have already engaged my lawyer to handle all contacts with their legal depts while I work with negotiator directly. GOOD LUCK TO ALL!!!

[Marie T]

Hi Wamusing (good name - mine is not at all creative!)

That is interesting - I have specifically asked and I have probably had 9 to 10 people from WAMU/Chase tell me that my loan was never packaged and sold or sold at all. They have said this as they were (it seems) reading it from from my file on the computer screen).

But it sounds like you were getting the same line so now I am wondering...good luck to you with the attorney.