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(15 - 00293 427-28) Guerrero Email October 22, 2008
(15 - 00293 427-28) Guerrero Email October 22, 2008
EXHIBIT 28
From: eddle.s.guerrero@chase.com
To: 'lictor.b.fox@chase.com
Sent: 10/22/2008 4:4 1 :58 PM
We could recommend that, I was thinking of the opposite and having those accounts separated from the other population to funher reduce the number of loans we would ulllrnately say ok to release on. We may need to release a few of them. but the maj ority should be
unsecured. I thought this would give us a better idea of what could still be secured and we could thin that population by releasing the problem states and so on. Let me know your thoughts, but I am of the mindset of simply reducing ourvulnerabillty by identilylng loans that
could become a risk to the bank. I don't see the possible unsecured loans as fJUlng that scenario and therefore feel we should take no actiOn on them.
Thank you,
Eddie S. Guerrero
Real Estate Recovery Supervisor
eddles.guerrero@chase.com
Direct 602.627.8140
Fax 602.680.1152
1.800.834.9218 Ext 78140
"I find that the harder I work, the more luck I seem to have."
- Thomas Jefferson
Victor B Fox/JPMCHASE
To ~ueITerolJPMCHASE@JPMCHASE
cc jct,ad.g.paxton@jpmchase.com, Jason K Richmond/JPMCHASE@JPMCHASE. Jom C Jones/JI
Victor 8 Fox/JPMCHASE IRe: Fw: Uen release proiet:t /follow•up research/urgent
10/22/2008 08:37 AM
s b)ect { doclink : document= '716C104DC6978F72852574EA005552E0' view =
u '38D46BF5E8F08834852564850012982C' database =
'85257068006A32EA' }
Ed thanks, based on that what should we recommend as far as saying OK to release lien ff It Is In fact there? Vic
Victor B. Fox
Vice President
Real Estate Recovery
Chase Home Finance
8333 Ridgepolnt Drive
Irving, TX 75063
Office - 972-443-2767
Cell - 440-552-5750
e-FAX-469-519-9527
To jiiictor B Fox/JPMCHASE@JPMCHASE
Hey Vic,
I spot checked some of the accounts and I think we are safe to assume that if 60% or more of the original loan amount has been paid we are most likely unsecured. The larger variances are of course more likely to be unsecured through shon sale, forec1osure, orsif.
Thank you,
Eddie S. Guerrero
Real Estate Recovery Supeivisor
eddie.s.guerrero@chase.com
Direct 602.627.8140
Fax 602.680.1152
1,80-0.834.9218 Exl 78140
"I fond that the harder I work. the more luck I seem to have."
• Thomas Jefferson
Victor B Fox/JPMCHASE
Guy's, Sam ran the 20,00-0 loans were we see a first line position. a quick look ( far right columns) tell me we can most like say release line orwe have already released the lien.
Jason, not sure if this wil help us clean up RCVl lien posillOn or not
Victor B. FOK
Vice President
Real Estate Recovery
Chase Home Finance
8333 Rldgepoint Drive
Irving, TX 75063
Oflice • 972-443-2767
Cell - 440-552-5750
e-FAX-469-51!}.9527
To fctor B Fox/JPM::HASE@JPMCHASE
Vic,
Here is lhe updated fde wah the additional rields. I went ahead and calculated the valiance from the original balance and recovery balance and sorted the me by State and lhe valiance. I will note that I was not able to get the original balance on about 5% of lhe file. AISo. lhere
are some records where lhe recovery balance Is hlgherthan the original balance. I think this happens on lhe LOC accounts. The original balance Is the initial draw on the loan, so this could be a relaUVely low amount. Let me know If you have any questions. Hopefully this will
work tor you ...
Thank you,
Sam Brown
Default Risk Management
Chase Home Finance
972.4432703
Todd/Sam, need your help, is !here anyway you can re-n.m lhe your last lost and add in original balance and current RCVl balance tor me? Vic
Victor B. Fox
Vice President
Real Estate Recovery
Chase Home Finance
8333 Ridgepolnt D(we
Irving, TX 75063
Office - 972-443-2767
Cell - 440-552-5750
e-FAX-469-519-9527
Nancy. I hear you and we will come to a decision ASAP on the recovery accounts. The open side walks are not my call. you need to discuss !hat w~h Mark Davis. My point in my emails is that I believe our exposure in RCVl is much less !hen what lhe 11st shows and ii I can
get Sam to add the fields I need I can bnng !his piece to a conclusion. Believe me I am not fighting this I just want to know lhe correct population lhat we are releasing so I can have accurate dala for once In RCV1 . Vic
Victor B. Fox
Vice President
Real Es1ate Recovery
Chase Home Finance
8333 Rldgepolnt Drive
Irving, TX 75063
Office - 972-443-2767
Cell -440-552-5750
e-FAX-469-519-9527
10/21/2008 12:24 PM
SubJect {doclink: document= 'A34443C4A3EC7EE9862574E9005EFECD' view=
'AE6CCB313B7C22DC8525709200694729' database=
'8625740B006E76E7'}
Nancy Wooten
Chase Home Lending
Default Centralized Operations
Ph: (972) 444-6228
Victor B Fox/JPMCHASE
To rNancy J Wooten/JPMCHASE@JPMCHASE
ec Pad< Evans/JPMCHASE@JPMCHASE, Michael Borun/JPMCHASE@JPMCHASE
10/21/2008 12:17 PM
subject {doclink : document = 'CDC32C7969B67AE3862574E9005E2C33' view =
'AE6CCB313B7C22DC8525709200694729' database=
'8625743E0024002D'}
Nancy I have kept Mark up to speed on this. On what we are missing its more reducing the size of the list so we tag lhe right accounts to release. We reviewed approx 50 loans on the list provided by lien release where it showed they did not release a lien our research
showed that we no longer had a lien. I have asked Sam to run the list again adding original balance vs current rcv l balance I hope to have today or tomorrow and I assume tt will be a much smaller number where we may have exposure and then we can move this foiward and
put It behind us. Vic
Nancy J Wooten
To : Vi ctor Fo :~
Subj~ct: Re: Fw: lien Lel ease project /foll ow-up research
That's fine. Can we bling together all the info gathered to date. and schedule a call to make a decision? What info are we missing from the last meeting?
Nancy Wooten
Chase Home Lending
Default Centralized Operations
Ph: (972) 444-6228
cc !Jack Evans/JPMCHASE@JPWCHASE
Nancy I can ask if Sam can splh out but sure he can. If we go that route I would include Mark Davis for that decision. Vic
Nancy J Wooten
-- · Original Message - ·
This is being discussed in lhe WAMU meeting today. WAMU releases liens on first mortgage walks in Minnesota. Michigan, Ohio, and Indiana. Do we know how many of our first lien walks are in these states?
We need to get together again including Michael and Risk to get to a decision.
Nancy Wooten
Chase Home Lending
Default Centralized Operations
Ph: (972) 444-6228
Victor B Fox/JPMCHASE
~ad< Evans/JPMCHASE@JPWCHASE
To j
cc !Nancy J Woote/\lJPMCHASE@JPMCHASE
Victor B Fox/JPMCHASE
fRe: Fw: lien release proiect !follow-up -research
10/21/200811 :26 AM
Subject{doclink: document= 'E1650E3O56BO217B852574E90059BB37' view=
'AE6CCB313B7C22DC8525709200694729' database=
'8625743E0024002O'}
Jack, thanks and that makes sense on w~h what we are seeing and will do on the !st. One thing Is for dam sure. when this exercise Is complete at least we will have a preuy clean file In RCV1 and If I ever meet the yahoos who managed this system In the past. ifs lights out!
Vic
Victor B. Fox
Vice President
Real Estate Recovery
Chase Home Finance
8333 Ridgepolnt Drive
Irving, TX 75063
Office - 972-443-2767
Cell -440-552-5750
e-FAX-469-519-9527
f
cc
Jack Evans/JPMCHASE
Fw: lien release project /follow-up research
10/21/2008 11:20 AM
SubJect{doclink : document= '69BB99EA13B28853862574E90058845A' view =
'AE6CCB31387C22DC8525709200694729' database =
'8625740B006E76E7' }
Thanks, my concern with what lien release dpt provided may have been for only loans paid off and not necessarily walked on. They are setting up meeting to discuss fu,ther. will let u know. If u are reducing lhe count from the 20K plus let me know before I have them do any
additional work. Thx
VictorB Fox
HI Jack, we looked at approx. 50 loans from lhe fist you sent us where line release had no Indicator / lien not released. Mos1 if not all of what we looked at was either foreclosed on. settled or sitting In a purge queue. Don't shoot me. bUl I asked Sam to run one more cut on the
population. to show us the 01igination balance vs. the current RCVl balance. If he can do that we can mcst likely beat this volume down 10 what we really have a lien on and save some wol1<. I hope to have an answer back fi·orn Sam today and will keep you posted. ijyou
have any ques1ions just let me know, Vic
Non Prine
HE
Non-Pnme Owned
11534492 New Owner Mk sold collateral to Holding Hill for $679 on 7.2.02 Investor 240(not bank owned)
11589561 New Owner Tax sale 723.04 lnvestor241 (not bank owned)
10325827 Makers own Our loan was refinanced end paid off...Balance $228.29...(no lien)
Non-Plime Investor
Home Equity
Chase Home Finance LLC Property Prese,vation/Hazard Claims - Tel 614-776-8708 Fax 614-437-5523
Chase Home Finance LLC Property Preservation/Ha,ard Claims • Tel 6 14-n6-6708 Fax 614-437-5523
Jack Evans/JPMCHASE
cc
10/20/2008 07:40 AM
Below is the latest on lhe lien release project. I took u,e list or 20.000+ loans from Victor and sent the fist to Monroe asking them to bump u,e 11st against their rien release database. This is the response I received back from Alisha after questioning the low count on u,e number
of loans with lien releases showing:
Nonp~me Investor tab: out of 14.469 loans. 528 had a release date
Nonp~me Prime owned tab: out or 1.822 loans, 88 had a release date
If anyone has a next step, please advise. I am not familiar with the ent~e process and dependent upon below for answers. Looks like per Alisha's response there are or were various databases kept for lien release.
Let me know.
ec
Al isha Young/JPMCHASE
10/16/2008 06:37 PM
f
Re: Fw: iDart 08201511 lien release project
HI Jack - I do know there were other systems besides POTS U1at was utilized as a release system. The below request was pulled correctly based on whars loaded to the system.
There were otller system used prior to POTS. I'm not sure if all data was converted to POTS. Ex: Priorto Pots for Prime/NonPrime loans a system called LSA was utilized. I can reach out to see iflhe data was convened. HE loans were also on a different system. which I'll
try to find more information on.
If a loan pays offvia Servicing Systems. the loans will board POTS. We then send the release out for recordation after 10-days to ensure sufficient funds. We release on charge off's only when we receive appropriate notice.
Alisha
Aisha Yourg ~ I Chase I AVP Lien Mariagement I ( 318.699.4756
Chase Home Finance LLC Property Preservation/Hazard Claims - Tel 614-776-8708 Fax 614-437-5523
Chase Home Finance LLC Property Preservation/Hazard Claims• Tel 614-nG-8708 Fax 614-437-SSZl
Jack Evans/JPMCHASE
To
r
f
sha Young/JPMCHASE@JPMCHASE
cc Nancy J Wooten/JPMCHASE@JPMCHASE
10/16/200802:53 PM
Fw: iOart 0820151 1 lien release pro;ect
Subject
r
Nonp~me Investor tab: out of 14,469 loans, 528 had a release date
Nonp~me Prime owned tab: out of 1,822 loans. 88 had a release date
This seems low for lien release, are we sure this repon was pulled correcUy? Does eve,ythlng that gets written off (charged off, walked from )board your payoff system for a lien release?
Jack Evans
Propeny Preservation, VP
Chase Home Finance
800 Brooksedge Blvd
Westervile, OH 43081
614-776-8708
--· FcMarded by Jack Evans/JPMCHASE en 10/16/2008 03:48 PM-
P"Bd< Evans/JPMCHASE@JPMCHASE
To
1
cc
Alisha Ycung/JPMCHASE
. re: 1Darlll8201511, Please review Deliverable -
10/16/2008 03:45 PM
HI Jack - they·ve added a column. which is column C. If1here is a date that means the loan boarded our payoff system, which indicates a release was sent ouL If there is no information, then the loans did not board our payoff system.
Chase Home Finance LLC Property Preservation/Hazard Claims - Tel 614-776-8708 Fax 614-437•5523
Chase Home Finance LLC Property Preservabon/Ha>ard Claims• Tel 6 14-TTS-8708 Fax 614-437-5523
To
cc
r sha Youn9'JPMCHASE@JPMCHASE
Jack Evans/JPMCHASE
,Re: IDart 08201511, Please review Deliverable
10/16/2008 08:53 AM
So, \hey are going to add a column that says lien released Y or N to below? maybe \he release date?
Jack Evans
Property Preservation, VP
Chase Home Finance
800 BrookSedge Blvd
WestervRle, OH 43081
614-776-8708
10/15/2008 06:02 PM
[Chrlslopher L MllernN/ONE@JPMCHASE: Dawn X Eason/JPMCHASE@JPMCHASE
cc
Team• see column C per each tab. Per the below. this will reflect the load date to POTS.
Allen has updated each tab. If fields are blank. the loans did not board !his system.
Allen M BuUer/JPMCHASE
ChriStoph0t L WillernNIONE@JPMCHASE
Allen M Butler/JPMCHASE
cc
10/14/2008 10:21 AM
IOart 08201511. Please review Dellverab'e
Subject
HenoAllsha.
I have attached the original document sent with this iDan requesl The only difference is that there Is a new column caned "Pots Load Date·
This column shOws all accounts and their IOad dates. If !hey have not been loaded Into POTS then the field wm be blank.
Please let me know If this is acceptable and the solution you where looking for.
[attachment 'POTSCOMPARE.xls" deleted by Victor 8 Fox/J PMCHASE]
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