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JPMorgan Chase v. Porzio, et al. – Here’s A Court That Understands “Issues of Fact.”

“Washington Mutual Bank, F.A.” ceased to exist after April 4, 2005? Hmmmmm….That’s an issue of fact.

No date on that blank “Cynthia Riley” endorsement? Hmmmmm….That’s an issue of fact.

No specific schedule of assets tied to the PAA, no specific closing date on that PAA,  “no affidavit or documentation is before this court concerning the handling and location of the original promissory note from the closing on March 1, 2007 until the end of 2008 when the FDIC procedures had been completed?” Hmmm….These are all issues of fact.

(Excerpts from the decision below)

http://caselaw.findlaw.com/ct-superior-court/1650807.html

3. The mortgage deed recorded in Book 2789 Page 180 of the Westport Land Records described the lender as Washington Mutual Bank, FA. The plaintiff’s complaint in paragraph 1 indicates that the promissory note was payable to the order of Washington Mutual Bank, FA. The defendant’s Third Special Defense (# 263.00) states:  “The alleged Lender Washington Mutual Bank, FA ceased to exist on April 4, 2005 with a legal name change to Washington Mutual Bank.” If in fact the lender was Washington Mutual Bank, FA, it no longer was Washington Mutual Bank, FA as of some date in 2005, there is a material issue of fact as to the viability of the March 1, 2007 $2,500,000 promissory note and mortgage deed in favor of Washington Mutual Bank, FA. – See more at: http://caselaw.findlaw.com/ct-superior-court/1650807.html#sthash.YQKd8WHZ.dpuf

7. The photocopy of the promissory note contains a stamp on the signature page that states “Pay to the order of Without Recourse WASHINGTON MUTUAL BANK, FA By CYNTHIA RILEY, VICE PRESIDENT.”   Although the defendants do not concede, the court finds that this is a blank endorsement.   The endorsement contains no date.   This fact, the defendant argues, demonstrates that the plaintiff never had physical possession of the original note because the note was lost before Washington Mutual’s assets were transferred by the FDIC in September 2008.   No affidavit or documentation is before this court concerning the handling and location of the original promissory note from the closing on March 1, 2007 until the end of 2008 when the FDIC procedures had been completed.   Judge Mintz discussed this situation:  “Having reached this determination, the court is left with a situation where the plaintiff is the owner of the mortgage but it was never in possession of the note.” (# 193.00, page 8.) That status raises an issue of material fact. – See more at: http://caselaw.findlaw.com/ct-superior-court/1650807.html#sthash.YQKd8WHZ.dpuf

11. The court has examined the September 25, 2008 Purchase and Assumption Agreement.   Ex. 5 There is no specific chronological date for the closing.   Bank Closing is defined on page 2 as “the close of business of the Failed Bank on the date which the Chartering Authority closed such institution.”   The date of that event closing the institution had to have been known prior to September 25, 2008, the date of the Purchase and Assumption Agreement, and must have occurred prior to September 25, 2008.   Despite the fact that the Bank Closing date was known, no chronological Bank Closing date is contained in the Purchase and Assumption Agreement.  “Settlement Date” is defined on page 7 as “the first Business Day immediately prior to the day which is one hundred eighty (180) days after Bank Closing, or such other date prior thereto as may be agreed by the Receiver and the Assuming Bank. The Receiver, in its discretion may extend the Settlement Date.” This creates a material issue of fact as to whether, if ever, the transaction set forth in the Purchase and Assumption Agreement ever closed and title to whatever assets existed passed to JP Morgan Chase Bank, National Association.12. The court notes that there is no exhibit or schedule attached to the Purchase and Assumption Agreement in which any mortgage or any asset of Washington Mutual Bank is set forth.   This $2,500,000 mortgage is not included anywhere within the Purchase and Assumption Agreement.   There is no place for any specific investment or mortgage asset to be included as an Exhibit or Schedule within the body of the Purchase and Assumption Agreement.   There is no computer printout, listing Quicken type program, or spreadsheet attached to the Purchase and Assumption Agreement.   There is no specific description or nature of assets that are being sold and conveyed.   The agreement itself is silent on the exact nature of the assets of Washington Mutual and the related rights that were being sold and conveyed.   Certain assets were to be listed in Schedule 3.1.a. There is no such Schedule 3.1.a. Ex. 5, page 9, paragraph 3.1.   The only assets sold were the “right, title and interest of the Receiver,” which assets are not further described in the Purchase and Assumption Agreements.   Ex. 5, page 9, paragraph 3.1.   There is a material issue of fact as to whether this March 1, 2007 $2,500,000 mortgage and note was an asset sold to JP Morgan Chase Bank, National Association by the FDIC pursuant to the September 25, 2008 Purchase and Assumption Agreement.13. The salient portions of the Lawrence Nardi deposition discloses that he has not been able to locate any assignment of any mortgage whatsoever from Washington Mutual Bank through the FDIC and/or from the FDIC to JP Morgan Chase Bank, National Association for the Florida mortgage in question.   So too in that Florida foreclosure no such assignment has been furnished to the court.   No list of assets, affidavits, bill of sale, or in any other documentary form that refers to this March 1, 2007 $2,500,000 mortgage on 2 Angora Road, Westport, Connecticut has been furnished to this court.   This too is a material issue of fact.This court is disturbed by the limited information that it has in this file concerning Washington Mutual Bank, FA, its change of name from and to Washington Mutual Bank, the receivership by FDIC, the take over thereafter by JP Morgan Chase Bank, National Association, and the effect of the Purchase and Assumption Agreement.   Judge Schack expressed those concerns more vocally.   A trial is the opportunity for all of the facts to be presented to a court.   This court believes that the light of day should shine on every single fact.   This matter should be tried. – See more at: http://caselaw.findlaw.com/ct-superior-court/1650807.html#sthash.YQKd8WHZ.dpuf

 

3 Responsesto “JPMorgan Chase v. Porzio, et al. – Here’s A Court That Understands “Issues of Fact.””

  1. izraul says:

    From the (WMI)annual 10k filing for 2004:

    “On January 1, 2005, our state savings bank, Washington Mutual Bank (“WMB”) merged into Washington Mutual Bank, FA (“WMBFA”), and ceased to exist; [consequently, we no longer own a state savings bank] that is subject to regulation and supervision by the Director of Financial Institutions of the State of Washington and by the FDIC.”

    wmb = state bank
    wmbfa = federal association
    wmbfsb = federal savings bank

    so in 2005, (wmb) [state bank], merged into (wmbfa) [federal association bank], therefore, (wmb) [state bank], ceased to exist.

    is it just me?

    (wmb) ceased to exist. not (wmbfa).

    or does it just sound like that?

  2. izraul says:

    so.. ok Jan 1, 2005 no more(sb) i get that.

    then… April 4, 2005 .. what ? (fa) reverts back to (sb)

    why? what for? why not stay (fa) instead of pretend?

    or go (fsb) or (na) or merge (vendor). i dont get that.

    so where is the April 4 2005? proof ?

  3. ada-cat.com says:

    Can you consider one certain improvement that would certainly occur as an outcome of government law?

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