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Wamu Chase Default question


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Got to reading this thread on the matter... and didnt want to hijack it

http://www.creditinfocenter.com/forums/there-lawyer-house/312051-summons-cc-debt-done-my-research-just-need-reviewed-2.html#post1151224

If the last payment on a wamu CC was before Chase took it over then wamu would be the OC and JDB would have to provide the bill of sale and assignment from wamu to chase to jdb right?

Edited by drummer55
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Got to reading this thread on the matter... and didnt want to hijack it

http://www.creditinfocenter.com/forums/there-lawyer-house/312051-summons-cc-debt-done-my-research-just-need-reviewed-2.html#post1151224

If the last payment on a wamu CC was before Chase took it over then wamu would be the OC and JDB would have to provide the bill of sale and assignment from wamu to chase to jdb right?

oh god I'm quoting myself.. :)

so upon further reading it seems that on September 28th WAMU the FDIC was appointed as receiver and then some assets were sold to chase.

Yeomalakis v FDIC

The 9th paragraph details the info.

so what would be needed is a chain of assignment like this?

Wamu->FDIC->Chase->JDB ?

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I'm not sure if they'd have to provide a bill of sale from Chase, because they could prove Chase purchased WAMU. In addition, if cc statements from Chase have your name on them, that would be some evidence that your account was included when Chase purchased WAMU.

Were statements from both WAMU and Chase provided?

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nothing has been provided yet. we live in a godforsaken state that allows the plaintiff to file suit with nothing attached. grrrrr.

You'd, of course, request statements in discovery. I would think they would need to provide statements from both WAMU and Chase. If they have no WAMU statements, they can't prove the amount on the Chase statements are accurate. If there's no Chase statements, they can't prove Chase purchased the accout from WAMU.

Is this a JDB case?

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You'd, of course, request statements in discovery. I would think they would need to provide statements from both WAMU and Chase. If they have no WAMU statements, they can't prove the amount on the Chase statements are accurate. If there's no Chase statements, they can't prove Chase purchased the accout from WAMU.

Is this a JDB case?

yep.

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Who is the named plaintiff on the complaint? If it is Chase that's not a JDB. Midland, Portfolio Recovery, those are junk debt buyers. The law firm has nothing to do with this aspect of who the plaintiff is.

Its a JDB, our old friend Midland

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Then Chase becomes a debt purchaser because the FDIC breaks the chain as a reciever. In re: vinhee messing up bank buyouts for years to come.

yeah thats what I was wondering. starting to do some looking for other caselaw on it and how it affects the chain of assignment.

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My wife has been going through a nearly identicle situation as yours. The difference is that she dv'ed the JDB and the JDB fell silent. Your JDB decided to sue.

The fact is, a JDB must send to the creditor for dv. This is impossible because Wamu is gone. Chase knows nothing about the account except for one line of information which was transferred with thousands of other accounts. Chase could not possible know if the amount asked for is correct. They have no personal knowledge of how the debt was created or maintained or how it came to be the amount it is today. How could they verify the amount asked for is the correct amount?

You should be sending in affirmative defenses and counterclaims as your JDB cannot win and you can use their dime to file counterclaims to collect money for FDCPA violations. They could dismiss their claim but your counterclaims would still have to be heard.

The problem you may have is educating the judge as to what verification is. It does not take much for verification but it must come from the OC. I know the term creditor is used but only the OC could verify if the amount asked for is correct as they would have all the documents. Any creditor after the OC does not have anything to look at execpt one line of information on a page of accounts in with the whole portfolio of accounts.

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Drummer,

Is this in regard to your own case, or are you simply curious about the details of another case?

its a friend of mine, I'm doing research for him. its similar to my own and the realization that chase accounts were put into receivership then assigned to chase was news to me.

I'm trying to figure out how that information can be helpful.

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I take back what I stated earlier. I would request a copy of a valid assignment from WAMU to Chase. Also, request cc statements. It will be interesting to see if they provide any WAMU statements.

We know Midland will claim they can authenticate documents. Of course, we challenge that claim. If they can't authenticate documents from Chase, how can they authenticate statements from WAMU? You know they won't have anything from Chase stating the documents from WAMU are true and correct copies.

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were they real statements and/or certified or just photocopies?

It doesn't matter if they're photocopies. Unless the rules of evidence state otherwise, copies of business records are allowed. That being said, they do have to be authenticated as true and correct copies.

Midland does have or will order Wamu statements. They sent me some of mine.

Just because Midland has WAMU statements for one account, doesn't mean the have them for all WAMU/Chase accounts they claim to have purchased.

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It doesn't matter if they're photocopies. Unless the rules of evidence state otherwise, copies of business records are allowed. That being said, they do have to be authenticated as true and correct copies.

authenticated by whom? WAMU? Chase? or the JDB?

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Well, going back to what I've already said, it would have to be Wamu. Wamu is gone so it ain't gonna happen. Typical JDB bluff. We got ya. Pay up.

Midland does have or will order Wamu statements. They sent me some of mine.

How many statements? One, two, maybe three? What does this establish? Without an affidavit from someone working directly for Wamu confirming that those 3 statements are authentic, they have nothing.

Addtionally, how could any JDB order statements from a defunct company?

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Leagleagle, you have an additional valid point. Even if Chase somehow did rent a warehouse to keep all the documents, Midland would have to pay a heavy price for those documents. However, my guess is that Wamu sent Chase a portfolio of one-line assignments and nothing else.

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authenticated by whom? WAMU? Chase? or the JDB?

Some courts have ruled that a 3rd party's affidavit is satisfactory to authenticate documents. Other courts have ruled that authentication needs to come from the original party.

If there's no precedent (published case law) in your state supporting your argument about hearsay, then you have to make a good argument on your own. Case law from other courts would be persuasive.

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