Did Chase Park The WaMu Loans In Off-Shore “Tax Haven Subsidiaries?” Evidence Says, Yes.

Before I begin with the dirty details, I am humbly reminded to take my own advice; NEVER presume a “scrivener’s error.”

In 2009, a “closed” Washington Mutual Bank” declared a default and carried out a non-judicial foreclosure of my Oregon property. No assignments of my Deed of Trust were ever recorded. A Trustee’s Deed was issued from the Trustee to “JPMorgan Chase Bank, N.A.” declaring there have been no other beneficiaries in the chain of title. Subsequently, the property was sold to a third-party who was given a “Special Warranty Deed” (See: Special Warranty Deed – JPMorgan Case Bank Chase Bank National Association). But, was the property conveyed by “JPMorgan Chase Bank, N.A.?” Well that’s the presumption they want everyone to believe. The document names the Grantor as “JPMorgan Case Bank Chase Bank, National Association” to which the document is signed by its Vice President.

 

At first glance, the name looks like a silly scrivener’s error, right? Oops, they must have just typed the name out wrong when they executed this document. Nothing more to look at here, just move on. However, the document names this entity in three places. It wasn’t until this week that I discovered new evidence that I believe proves that JPMorgan Chase Bank, N.A. was just a servicer that foreclosed my Deed of Trust (albeit rescinded on March 29, 2008) where it had been funneled to one of its thousands of non-reported “Tax Haven Subsidiaries.” The clue that tipped me off I cannot show at this time. However, I’ll provide a discovery tip to anyone with a WaMu loan who’s property went into REO and was sold to a third-party by “JPMorgan Chase Bank, N.A.” Demand to see the real estate sales agreement. Hard to do, I know. Having reviewed this document in my situation, I discovered that “JPMorgan Chase Bank, N.A.” was NOT the “owner” of the property who sold my home to the third-party who currently occupies it. It made me take another look at this goofy name on the “Special Warranty Deed.” In doing so, I discovered there is actually an entity called “JPMorgan Chase Bank Chase Bank, National Association.” You won’t see this entity as a subsidiary in any SEC filings, and there is little to nothing if you run it through the search engines. Here’s all that came up:

 

Low and behold, “JPMorgan Chase Bank Chase Bank, National Association” appears in this Malaysia company’s annual financial report as a shareholder. Now why would any entity make up such a ridiculous and redundant name? Either they have so many entities in their global enterprise that they ran out of original names, or it was created to deceive. I of course believe it’s the latter.

 

Now, if there ever was a scrivener’s error, it is likely with the word “Case” rather than “Chase to throw off the scent and the search engines. A very intentional act I now know, believe, and can prove!

Per the following article from Citizens For Tax Justice dated June 30, 2016:

(See: CTJ Article)

 

Lax SEC Reporting Requirements Allow Companies to Omit Over 85 Percent of Their Tax Haven Subsidiaries

   Background

Offshore profit shifting by U.S. multinational corporations is estimated to cost the federal government at least $111 billion annually in foregone corporate tax revenue.1 In March, CTJ reported that Fortune 500 companies are holding $2.4 trillion offshore as “permanently invested” profits.2 By shifting U.S. profits to foreign subsidiaries and declaring them to be permanently reinvested, corporations can avoid paying U.S. taxes on these earnings indefinitely. A key part of this tax avoidance strategy is shifting profits into subsidiaries in tax haven jurisdictions (countries or territories that have low or zero tax rates, such as Bermuda, the Cayman Islands, and Luxembourg) to minimize or even zero out worldwide income tax liability.

 

The Challenge

Currently, there is no single source that allows the public to see all of a corporation’s subsidiaries and how many of them are located in tax havens. The Securities and Exchange Commission (SEC) requires publicly traded corporations to report all of their “significant” subsidiaries in their annual financial reports. In 2014, 358 Fortune 500 companies disclosed owning at least 7,622 subsidiaries in tax haven countries. 4 However, since companies are permitted to omit subsidiaries that do not meet the SEC’s definition of “significant” (comprising at least 10 percent of the company’s total assets, investments, or income), the true number of tax haven subsidiaries is likely dramatically higher than what is reported. In fact, this report finds that companies may be omitting more than 85 percent of their total and tax haven subsidiaries in their 10-K filings.

 

 

$2.4 Trillion parked in these institutions’ off-shore “Tax Haven Subsidiaries.” This is where most of the debt sits, all disconnected from all the mortgages and deeds of trust, and all hidden from the SEC, homeowner’s, and the courts through falsified documents and on-going perjurious testimony. 

 

Bill Paatalo – Private Investigator – OR PSID# 49411

Bill.bpia@gmail.com

1-888-582-0961