The Re-REMIC Gimmick at JPMorgan Chase
Ever since the 2008 implosion that was created by the TBTF banks, investors have awakened to the fact that the mortgage bonds in their portfolio are worthless. They are worthless because they were issued by a nonexistent REMIC Trust that has never been activated by the receipt of cash from the sale of those securities.
So the Trusts were unable to fulfill their one basic function — acquisition of high-grade mortgages. Instead the money was used or originate mortgages without the use of the Trust as Real Estate Mortgage Investment Conduit (REMIC). And the mortgages that were originated were mostly fatally flawed in their underwriting and fatally flawed in their execution.
Caught with their giant hands in the largest cookie jar ever imagined, the banks negotiated with investors who still don’t want to tell their pensioners or investors that there isn’t enough…
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My mother’s home was approved for 3 months low payments; she paid every payment on time and not less one cent; but soon after that Chase told her “she was not qualified for the loan mod, has to reapply”. So, I helped her to fax in the application, and confirmed J.P. Morgan Chase did receive it and they told us have to wait for the process. So, we waited, but they auctioned my mother’s house in a private garage in Bellevue WA!!! If we knew they would do so we’d rather sell it for hire price! We hate Chase cheated us and just took all her retirement and savings.
After my mother’s home was lost my mother got stroke and dead…
My home with Wells fargo. They cheated me and told me you have to stop payments 3 months, after that we will drop your interest and payment amount after I had an auto injury and had hard time to pay my mortgage. I followed this bloodsucker’s advice, but what followed up was default, and foreclosure, and my owed amount just became bigger and bigger hard to catch up… It has been over 7 years. During this 7 years wells fargo received 2 bad face certificate for the loan mod mediation. Wells fargo refused to do anything to help me and intentionally dragged me passed the World Savings Loan (the more I pay the more I owe) correction loan mod deadline also.
Most recently, Wells Fargo raised my loan payment amount $300/month, and saying my home worth over $736k, but I tried $649, not even have anyone buys it yet. I don’t know how to deal with WELLS FARGO’S CHEATING GAMES.
ANYONE CAN HELP ME? How come we all know the bank cheated us, and dragging us to the foreclosure nobody can do anything at all?!
Jane, from Seattle