CHASE BOMBSHELL! Investigator Bill Paatalo Follow-Up: JPMorgan Chase Ordered To Produce Wire Transfers Of Borrower’s Payments To Trust

Follow-Up: JPMorgan Chase Ordered To Produce Wire Transfers Of Borrower’s Payments To Trust

https://bpinvestigativeagency.com/jpmorgan-chase-ordered-to-produce-wire-transfers-of-borrowers-payments-to-trust/

On February 23, 2018 JPMorgan Chase filed an emergency motion seeking clarification and an in camera review. (See: Chase Emergency Motion – Proodian (1)  ) Here are some excerpts from the motion with my comments in CAPS:

II. ARGUMENT

A. Motion For Clarification And Request For In Camera

13. The Order specifically orders Chase to produce “(1) wire transfer history for Plaintiff’s account reflecting payments made to JPMorgan Chase Bank, N.A. and forwarded to Wells Fargo, or any other entity, via wire transfer.

14. After a diligent search, Chase is not in possession, custody or control of documents responsive to the Order as phrased.

15. Specifically, Chase does not maintain loan level information regarding its payments to the investor, Wells Fargo. In other words, Chase does not have a wire transfer history to Wells Fargo (or any other entity) for Plaintiff’s account alone. [“DOES NOT MAINTAIN LOAN LEVEL INFORMATION TO THE INVESTOR?” THIS STATEMENT SHOWS A COMPLETE DISCONNECT WITH THE CASH-FLOW BETWEEN A BORROWER AND THE ALLEGED INVESTOR(S), AND CLEARLY SUGGESTS THAT THERE IS NO WAY TO PROVE, THROUGH VERIFIABLE ACCOUNTING, THAT THE ALLEGED INVESTOR(S) RECEIVE THE ACTUAL PAYMENTS “FROM THE BORROWER.” WHEN IT COMES TO ACCOUNTING, PLAYING “HORSESHOES & HAND GRENADES” WHERE CLOSE ENOUGH IS ALL THAT MATTERS ISN’T GOING TO CUT IT, NOR SHOULD “TRUST US YOUR HONOR.”]

16. The records that Chase maintains, therefore, show the total monthly payment (in millions of dollars) made to Wells Fargo, regardless of whether any individual borrower in the pool made their payment to Chase. [WELLS FARGO GETS PAID “REGARDLESS OF WHETHER ANY INDIVIDUAL BORROWER IN THE POOL MADE PAYMENT TO CHASE.” FIRST OF ALL, WELLS FARGO IN THIS INSTANCE IS THE TRUSTEE, AND NOT THE “INVESTOR” AS THEY WANT THE COURT TO BELIEVE. WHERE DOES THE MONEY GO FROM WELLS FARGO? AGAIN, HERE IS AN ADMITTED DISCONNECT IN THE MONEY TRAIL THAT CHASE, AND ALL OTHERS SIMILARALY SITUATED, DO NOT WANT ANYONE TO SEE. IN FACT, CHASE ARGUES IN THIS CASE THAT BORROWER’S AREN’T ENTITLED TO, AND DON’T HAVE STANDING TO DEMAND ALL THE ACCOUNTING INFORMATION BETWEEN THE SECURITIZATION PARTICIPANTS. REALLY? THIS IS NOTHING BUT DIVERSION FROM THE FACT THAT CHASE CANNOT PRODUCE THE MONEY TRAIL ON THIS BORROWER’S LOAN, OR ANY SECURITIZED LOAN.]

17. Chase’s records will show (i) Plaintiff’s loan is part of the pool of loans; and (ii) that Chase makes one large lump sum payment to Wells Fargo each month for that pool, regardless of whether it receives a payment from Plaintiff’s.

18. In short, the documents that Plaintiffs seek and were the subject of the Court’s recent discovery Order – i.e. wire transfer history for Plaintiff’s account alone – do not exis[t.] [THERE WE HAVE IT, FOLKS. THERE IS NO WIRE TRANSFER HISTORY FOR ANY INDIVIDUAL ACCOUNT SHOWING PAYMENTS TO ANY INVESTOR(S). THEY “DO NOT EXIST.” I STILL FIND THIS HARD TO BELIEVE. CHASE IS ESSENTIALLY SAYING THAT IT SENDS MILLIONS OF DOLLARS EACH MONTH TO WELLS FARGO ON BEHALF OF A POOL OF LOANS, BUT CANNOT BREAK DOWN THAT LUMP SUM PAYMENT TO SHOW THE ORIGINS AND SOURCES OF THESE PAYMENTS? AND, WELLS FARGO ISN’T SEEKING TO KNOW THE ORIGINS AND SOURCES OF THESE ENORMOUS SUMS OF MONEY? WITHOUT ANY FORMAL ACCOUNTING, “RED FLAGS” OF PONZI SCHEMES AND MONEY LAUNDERING ARE FLYING HIGH.]

Bill Paatalo

Private Investigator – OR PSID# 49411

BP Investigative Agency, LLC

bill.bpia@gmail.com

 

10 Responses

  1. So glad that these issues are FINALLY making the news and Courts morw awarw & helpful.. We can only hope it continues before more Children are Homeless… Wake up…stop letting these kids be the one’s that loose the most.

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  2. To losingmyhomeinflorida, your story like mine I Lost my residence in Kern County due to modification w Well Fargo bank I hope miracles heals us up and get compensated. I paid lawyer who kept hindering mingling not even has name on my case was referred by legal shield pay the @ $20./mo . I’d rather pay llivinglies but I tried everything w pay pal is not working cz my credit card no changed

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  3. To losingmyhomeinflorida, your story like mine I Lost my residence in Kern County due to modification w Well Fargo bank I hope miracles heals us up and get compensated. I paid lawyer who kept hindering mingling not even has name on my case was referred by legal shield pay the @ $20./mo . I’d rather pay llivinglies but I tried everything w pay pal is not working cz my credit card no changed

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  4. David, pound the IRS on this one.

    Liked by 1 person

  5. There other issue is they were all paid pmi when they told milliions of people to be 90 days late in order to apply for a modification. They entire process is killing both me and my husband. We also must throw in the towel. Perpetual Foreclosure it’s extremely stressful. One+ thing prices are back up. So if we pay are cards right and we buy a house now in the middle of the bubble by the time they try and sell my home there will be equity. Prayers needed. I do hope someday this still comes to a halt and anyone involved in this fraudulent crime will receive restitution. Those in their homes will get to keep them. Those who lost it to fraudulent forclosure or having to leave because of medical conditions will be compensated. Hey a woman is aloud to pipedream ok. The diabetes, depression, obesity is getting really bad. The casino chip that is are homes souls never have been. If anyone knows psychology there is an old psychologist named maslow. Maslow designed his heirarchy of needs in a parymid. Shelter is#1. Each level of the parymid needs to be meet before we can get to the next level. #1 is Physiological or basic human needs such as air, food, water, shelter, clothing and sleep. So you see why playing with our shelter we can’t meet level 2 which is safety. So people became ill and depressed. Well I feel should never have gone on this long

    Liked by 1 person

  6. Are there any similar case against Bank of New York Mellon acting as trustee of CWABS Trust with defective assignments of mortgages?

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  7. Psalm 35

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  8. OK !!! So Wells Fargo wore me out and I threw in the towel and they “foreclosed” on my house. So then they get the house and are demanding 200k in attorney fees and difference between the “foreclosure sale price” and the “current market value”???? If that is not corrupt enough Wells sent me a 1099 on top of all that so the IRS can collect more from me and Wells gets to keep their tax exempt status for a REMIC that never existed. SO I SENT THEIR 1099 BACK TO THEM AFTER CHECKING THE LITTLE CORRECTED BOX AT THE TOP AND CHANGED MYSELF TO THE LENDER AND WELLS FARGO AS THE BORROWER. Well their attorneys got all huffy about it and said I was to deal specifically with them which is BS. If Wells can’t prove they “loaned” me any money with a wire transfer maybe the IRS can find out. The next step is to send that corrected 1099 to the IRS in my tax return and tell them I suspect FRAUD because Wells Fargo never provided me with any US $ “money of account”. Any thoughts???

    Liked by 2 people

  9. If only this case would open up the fraud committed by others in the racket (and we all know it’s a racket).

    Banking as we know it will be made obsolete by decentralized P2P BCT with NSA backdoors to monitor financial crimes. That means these fraudsters have no basis by which to justify their existence.

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  10. If JP Morgan Chase is doing it so are the other servicers and banks.

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