Pursue try, and always could have been, a complete stranger to label. The only partnership Chase ever had having people WMB financing was the new ambiguous and you may care about-offering umbilical wire called the Get & Expectation Agreement, together with (powerless) Limited Strength out of Attorneys files granted so you can Pursue on the FDIC (a narrative off negligence and complicity for another big date). Once a decade + investigating that it design, new cord that considering the lifeblood on Pursue scheme is now able to getting severed ranging from WMB, Mother FDIC, and Chase.
In the event the music avoided toward nine/, there is certainly zero records evidencing people income of the 10s regarding thousands of mortgage loans securitized and you can offered by WMB (zero projects regarding mortgages no endorsements upon notes), only worthless certificates held from the traders
There were zero understood repurchases of those WMB financing because of the WMAAC, Chase, and/or FDIC post-receivership, merely bucks settlements you to definitely admit in order to absolutely nothing. Folk refused liability that have people and you may traders left instead recourse. Having WMB dry, plus the trusts which have no claims facing individuals without any required judge assignments of the mortgage loans therefore the endorsed notes, the brand new trusts is actually stuck carrying the fresh wallet off fatally bad and you will unenforceable mortgage loans. Read More
