UPDATE 2-JPMorgan to pay $614 mln in U.S. mortgage fraud case

Comments (3)
CharlesReed wrote:

Now we can get onto Wells Fargo Bank and the thousands of Washington Mutual Bank (WaMu) pooled FHA & VA loans they illegally foreclosed on pretending that they were the “owner” of these loans. The FHA & VA have had paid out at hundreds of million for just the WaMu loans!

Wells Fargo back on Jul 31, 2006 made a mortgage servicing deal with WaMu to service the 1.3 million government insured loans of WaMu, that went under the radar with the cover of the FDIC sell to JPMorgan that made it seem as if the sell encompass all WaMu loans.

However as its been revealed that JPMorgan did not purchase WaMu loans, because Fannie Mae, Freddie Mac and Ginnie Mae all had claims on these loans. You could not have foreclosed on loan your not own a debt, and the last party having possession of the debt in WaMu separated the Notes from the debts, which is a fatal mistake!

Feb 04, 2014 10:07pm EST  --  Report as abuse
BigTexasSteer wrote:

Nothing will change until the banks fail and their CEOs are in jail

Feb 05, 2014 12:27am EST  --  Report as abuse
BigTexasSteer wrote:

Nothing will change until the banks fail and their CEOs are in jail

Feb 05, 2014 12:27am EST  --  Report as abuse
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