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Who owns my Chase home mortgage loan?

May 12, 2010: The whole mortgage-backed security issue has been sticking in my craw, underlined by the fact that Washington Mutual had taken advantage of me not once but twice. First when they lured me into a Pick & Pay loan which exposed me to negative amortization, and then when I’d realized what a bad loan it was and wanted to dig out, they “modified” my loan with an equally unfavorable streamlined refinance. I wanted to review each and every document in this predatory mess, but I wasn’t exactly sure where to start. 

I went to the RESPA site http://www.hud.gov/offices/hsg/ramh/res/respa_hm.cfm and read everything I could find before placing a call to Customer Service. My questions were surrounding the fact that my loan was not Freddie Mae or Fannie Mac backed; did the RESPA rules apply? The rep didn’t know but she told me to call RESPA at (202)708-0502 in Washington, DC and ask an expert. I called and left a voice mail and a while later Angela Collier (202) 402-6135 returned my call. She was extremely helpful and directed me back to the site to walk me through how to submit a “qualified written request” and showed me the sample letter http://www.hud.gov/offices/hsg/ramh/res/reslettr.cfm  format I needed to follow. Ms. Collier suggested I copy her when I sent the letter and that I consider copying my state Attorney General’s office as well as the state FTC. She knew her stuff.

She listened to my concerns and told me exactly what documents I should ask for, especially when I told her I was convinced the loan had been sliced and sold off as a mortgage-backed security. I shared my suspicions that perhaps this was why I was could not get loan modification answers from Chase. Ms. Collier said that Chase would have twenty (20) business days to respond and I should call her to follow-up. I said if Chase responded in twenty business days it would be a first! They hadn’t responded to my OCC complaint which was over 60 days old, nor had they responded to my letter to David Lowman Chase Home Lending CEO.

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Chase, what’s the problem with equity?

March 3, 2010, 8:45 pm:  Keisha Hackney phoned looking for payment. She told me I was denied because I had “the equity” and that I should list my home for sale; a modification was not available for me. I should liquidate my assets and pay up; consider a short sale. I will receive a denial letter and a letter with intent to foreclose. I was denied because I have “the equity” and I “should have refinanced or pulled all the equity out.”

Ms. Hackney had the unique ability to make having equity sound like I had the clap.

I asked if Chase merely serviced the loan and she said no, “this is an asset loan in the portfolio” (interesting, because I strongly suspected this particularly predatory Washington Mutual loan had been sliced, diced, repackaged as a mortgage-backed security and sold down the river.) I said I was going to make a payment March 5 but had been told it would not be applied if it was a partial payment; she confirmed this. I said I could commit to a full payment with late fees by April 5, 2010. She told me she would note in the file I “was not able to make a commitment at this time”. I said I was making a commitment but she would not hear of it. I ended the call.