How WAMU gamed BK Receivership in 2008; Contrived Complexity Revisited by Neil

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Manage episode 300864273 series 2453550
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Bill will discuss on the Show today how a blanket lien granted by the OTS just prior the WAMU BK receivership of 2008 was used by the FDIC to in effect use the bk process to enable the conveying of title to the WAMU mortgage loans transferred through the BK to Chase, whereby same title was 'as is', with no warranties as to enforceability, collectibility, or unknown liens. This provides yet another level and layer of potential attack of the WAMU receivership, in litigation. Bill will then revisit his take as relayed by Charles on the Show a couple of weeks ago, re a Nationstar deponent testifying that no delivery of value occurred in the underyling loan transaction Nationstar was supposed to be servicing. Charles then will relate some brief details of a thought experiment conveyed to Neil by a Wall Street insider, an anonymous yet reliable source on the mortgage meltdown fiasco and ongoing housing market reality. Great take on how through contrived complexity you can make $100 into $5,000, while still demanding $1,000 from the principal victim to the ruse--the original borrower, seeker of the mortgage deal, purchaser of the home that is mortgaged. Charles will finish up the Show with his latest Covid update.

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