Finding WAMU Securitizations

FROM an unidentified researcher:

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: Alliance bancorp, countrywide, First Horizon, First Magnus, JPM, Mortgage IT, Plaza Home Mortgage, Residential Funding, Steward Financial, WAMU, Washington Mutual
Posted in bubble, Corruption, Eviction, securities fraud |