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Well Well Well….What Do We Have Here?

In other words….What the F&*#@!!!?

Now we have the FDIC assigning WaMu loans to the Trusts for “valuable consideration” in violation of trust laws and IRS REMIC provisions. This is quite unbelievable! So why this loan in particular?
Without any schedules of assets ever being produced, how do they decide which ones will be assigned to the trusts from the FDIC, and which ones assigned from Chase? Either way it is illegal! So now we know with certainty that at least some of the WaMu trust loans were retained on the books of WaMu, which violates the PSA’s and the reps and warranties to the investors. There is no other way the FDIC can even attempt this assignment. So now what we have is the FDIC accepting “valuable consideration” for (stolen merchandise?) and dumping the losses onto the REMIC investors.
So who says that these government agencies are conspiring with the banksters? WOW!
Update 01/25/2013:
I’m fielding a lot of inquiries on this. I’d like to point out an additional observation. Why is the FDIC not foreclosing in its own capacity through Chase as the servicer of the loan? Kind of a rhetorical question here. The answer – They can’t because the loan never belonged to WaMu, it belonged to the trust. The FDIC could NOT seize and sell an asset that didn’t legally exist on WaMu’s books.  It’s like the cops raiding a “fencing operation” and seizing all the stolen merchandise, but instead of processing the crime scene by inventorying and storing the stolen goods into the property room, the cops (FDIC) decide to cut a deal with some third party (Chase) to peddle and profit in the liquidation of the stolen goods. Instead of reporting and prosecuting the crime, these parties decided to aid and abet the crime. It’s really quite that simple.
Do you really think the excuse is “too big to fail, and systemic risk?” I think not. I think it is nothing more than PURE GREED!

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