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(15-00293 277) TRANSCRIPT of Proceedings Re Discovery Hearing
(15-00293 277) TRANSCRIPT of Proceedings Re Discovery Hearing
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:
4 MORTGAGE RESOLUTION SERVICING, LLC.,:
et al., :
5 : 15-CV-00293 (LTS)
Plaintiffs, :
6 :
v. : 500 Pearl Street
7 : New York, New York
JPMORGAN CHASE BANK, N.A., et al., :
8 : January 8, 2018
Defendants. :
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APPEARANCES:
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6 the plaintiffs.
13 I often think I can rule based on the letters and have so far
18 coming into this much later in the game with Judge Francis
21 come aboard and assumed many of his cases, including this one.
3 to these motions.
19 untimely.
3 our motion --
6 questions.
8 ironic and I think that you sort of hit the nail on the head
16 Judge Francis heard and also ruled upon, we have been arguing
20 turned over.
22 these loans on the date of the MLPA then we could push forward
5 produce this data and in effect Mr. Wick in the May 10th
10 Those 1,000 plus loans data for them is not included in the
14 there. Why we’re asking for the view summary, view activity
15 and view ledger screens is because this will show over time
22 if you read our papers we did show some samples of what those
5 accurate and that’s what the mortgage position was the day of
11 not feel that that was appropriate and it’s our position that
14 that they did breach the contract but we would need to talk to
19 [inaudible] the date of the MLPA then that would push forward
21 say.
23 say that was the date in which the mortgage position was
2 ready and willing to move this case to trial and also move the
4 from Judge Swain all the way from Judge Francis to you also
23 spreadsheet?
1 code and the DFL note code was a code that was created by
6 code.
8 Mr. Lord who has done analysis on this issue the problem that
9 we’re having is is that the DFL note codes that they produce
10
7 that it’s one of the reasons why we’re asking for what we
17 native information.
20 assignments and the loan history and the pay outs or post sale
21 collections, right?
11
15 some they didn’t. Maybe you have the long draw so as you can
19 from the other side that indeed there are servicing files that
24 counsel.
12
3 want to speak for Chase here but obviously I’ve been in this
4 case for some time so I can at least provide you what I know
5 about it.
13 payments are coming into the door they’re being logged, that
14 type of thing.
13
2 counsel.
14
12 tow thoughts. One is are any of those requests that are being
16 cutoff?
15
2 of 2017.
8 relate to servicing?
10 that Chase has already provided. Yes, they do. They are --
15 information that Chase has not yet provided which is the view
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6 exist.
11 week and what she said is no, they’re not accessible on any
15 and get all that data in an automated way. You would have to
17 and the estimate of how much time it would take to do that one
17
8 files that one would expect to find and they don’t have.
16 file.
18
2 left to give.
22 files.
24 request for --
19
1 no?
8 source.
11 asked for but it’s not what we now feel that we need. At that
21 one hand I thought I asked earlier, and you were saying you’ve
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2 response to something.
12 the I-Vault loan files which are -- they are in essence the
16 meet and confer process with them was now a list of not just
17 the six data elements that they asked for in their document
19 elements that were carefully hashed out in the meet and confer
23 ask for that. The process was set up to achieve closure and
21
1 beyond the I-Vault files and the spreadsheet. They asked for
7 well.
14 Honor. We’ve given them the I-Vault loan files which are
21 they purchased but didn’t get them on 3,500 bulk sale loans
23 Honor, but there are two sets of loans at issue in the case.
22
2 summaries, view summaries and view ledgers and sent them off
23
11 there’s no way to sort of push a button and get them for 3,500
13 a time and print them out one page at a time and the estimate
15 Your Honor, is hiring ten temps and having them spend on the
25 helpful.
Case 1:15-cv-00293-LTS-RWL Document 277 Filed 01/25/18 Page 24 of 67
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2 to get one report per loan that can’t take 1,000 hours for ten
6 be one button push per page and it’s going to be several pages
8 they don’t have the -- they don’t have anybody sitting around
9 that can spend the next three weeks doing nothing but generate
18 the day is they want to know the borrower name, they want to
19 know the social security number, they want to know the balance
21 They want to know the interest rate. They want to know the
23 principle and they want to know the post charge off payment
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5 the beginning such as where is the data pulled from, when was
9 answered the question. The data has been pulled from two data
14 February 2009.
18 Well, we’ve given them that on every one of the loans. The
20 query it. What is your record for what the mortgage position
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3 February 2009.
9 recovery 1 --
12 servicing files.
14 be --
17 data and we’ve given them both. He’s imaging that we have a
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2 truth. That’s what I’ve been told by Chase and I’m happy to
5 seems pretty basic that one would want to know the code --
6 some information about the codes and what they mean and the
9 know what codes he’s talking about. We have told him what the
14 more.
16 codes that I’m aware of. On June 30, 2017 he moved to compel
18 codes that they have seen in some of the physical loan files
20 those codes were all irrelevant and we agree with that and we
25 spreadsheet.
Case 1:15-cv-00293-LTS-RWL Document 277 Filed 01/25/18 Page 28 of 67
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5 mean.
6 THE COURT: How and where have you told them that?
12 that means and we told them and I’m looking at the letter
20 the data spreadsheet. We’ve told them what every one of them
21 are. His real gripe, Your Honor, is not that he doesn’t know
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6 has that.
17 issues. So --
21 Your Honor we are all in agreement about the fact that we want
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1 September.
4 the I-Vault data until November of this year. It was not May
8 nature. We’ve been working with them as they have worked with
9 us.
13 that.
19 search for the loans basically -- all the loans that were
20 under the MRS pool and subsequently they stated that we can
25 single person at Chase says yes, that code exists. You can
Case 1:15-cv-00293-LTS-RWL Document 277 Filed 01/25/18 Page 31 of 67
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1 run a query, MRS 209, into RCV-1 boom, all the ones pull up.
20 [Pause in proceedings.]
23 objection.
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18 ledger and view summary screens that allow us to see how the
21 servicing files?
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16 excuse me. They do not contain the types of things that Mr.
17 Wick is talking about. And we have asked him for that and
18 we’ve told him that. The thing -- one of the issues that were
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4 accurate. I’m not trying to sit here and argue with them.
5 Our position is we just want the data and we can move on.
8 fact that they said that I-Vault would have the servicing data
17 again?
21 somewhere --
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5 spreadsheets.
10 received?
18 started I would say late August and the team that’s been doing
19 this they were hit by the hurricane pretty badly with Irma and
20 -- but we’ve been talking with them and meet and conferring
21 about those for some time. So it’s not like something -- it’s
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5 both of you about what has been exchanged and whether the data
8 hear from Mr. Wick on that but it’s unusual to get such a
13 We’re not trying -- I’m not trying to hold up the process and
14 I understand --
16 the codes. You’re going to get that. But I want to make sure
22 didn’t you raise this back at the time when Judge Francis was
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3 explain why.
12 which --
15 and the second one was produced -- I don’t know the exact date
22 were asking them where are these loans, where’s the data
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12 existed but what I’m having trouble with is the views that
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6 particular information?
9 little bit.
11 Vault loan files, Your Honor, the vast majority of those were
13 set, was produced on September 13, 2017 which was the fact
17 THE COURT: Let’s not worry about the false and the
21 in the four types of documents that they asked for the first
23 ask for this view activity report, the view ledger, the
24 boarding summary and the -- I forget what the fourth one was.
25 They didn’t ask for that in their November letter. They asked
Case 1:15-cv-00293-LTS-RWL Document 277 Filed 01/25/18 Page 40 of 67
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2 has never been asked for in any document request in this case.
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9 damage here.
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3 same discrepancies.
9 but the view activity reports do not exist are not accessible
14 a time for 3,500 loans many years after the fact she said it
24 was moved from this cue to this cue. Today the debtor called
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5 in there that I might want to have but that is not a basis for
17 non conforming --
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5 elsewhere?
12 What would you say about resolving the discrepancies? Can you
14 is correct?
17 Honor.
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10 doesn’t match the I-Vault loan files where you can either find
13 has discrepancies. I don’t have any other data other than the
15 than the ones I say. If they conflict then it’s just because
17 conflicting information.
20 exists.
22 forgive me.
23 [Pause in proceedings.]
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8 they’re not there we don’t know where else to look for them.
10 one more time from Mr. Tantillo and then I just want to move
13 deposition.
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2 until -- the first time was August when it was produced with
7 of the loans, all but about 300. We gave them the spreadsheet
16 they had the 4,000 in May and they got the last 300 in
17 September.
22 what a code means. Can you provide a list of what the codes
23 are?
24 MR. WICK: I --
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12 or so.
17 spreadsheet on about 4,000 of the loans, all but about 300 was
22 in the summer, in July, you get ten depositions, which ten are
24 have [inaudible].
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12 questions about what does that mean, what’s left out, what’s
13 in.
15 mortgage position.
17 where does it come from, that type of -- I’m not saying it’s
25 stated Chase has made clear that they have no way to track
Case 1:15-cv-00293-LTS-RWL Document 277 Filed 01/25/18 Page 50 of 67
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4 ability. So --
6 to --
14 question. All I’m using this is for just the example of fact
20 [Pause in proceedings.]
22 example of that.
25 Your Honor, but what -- all I’m trying to say is that that
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10 thought Mr. Wick just said the spreadsheet was produced back
11 in May.
17 you get a spreadsheet and you get part of the spreadsheet and
18 it has all of the columns or all the rows you’re going to see
19 the terms.
21 disputing that.
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1 circumstances.
5 period.
15 person?
17 that’s what it means and also the fact that all the
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11 you have a background in, and two, the nature of kind of what
12 happened in this case where a lot of these loans were used for
17 nothing more.
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2 I’m going to order that and I want to tell you that today. I
7 but --
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18 purchases were very informal and they may have been agreed
22 here’s why.
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3 those borrowers had more than one loan, one of which the
12 loan list of all the loans that the parties agreed would be
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7 can answer.
12 in May and July and so it’s now time for them to take a
18 [Pause in proceedings.]
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3 date. That is the date when their expert reports are due.
10 we’d like to have 90 days to serve our -- from the date they
13 4,500 loans what they’re saying and whether it’s true and
21 time.
23 do it now.
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2 which -- both sides can have experts doing the same analyses
19 Mr. Tantillo.
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7 complete that and then also that would assist us in being able
11 particular loans.
13 the record that he or she has and can still draw a conclusion.
16 process.
18 those very unique entries that are within at least the view
24 from.
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2 damages are in this case but also to let them know what kind
10 that?
21 what the time line is for these expert reports. Mr. Wick at
22 one point stated that they wish to stay any requirement until
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4 what it is, discrepancies are the truth which Mr. Wick has
5 alluded to, then we’re going to need our expert to then start
13 going to have restart his analysis once that stuff comes over.
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12 expert has been well underway. It’s just trying to figure out
15 never fun. It’s not good when there’s disagreement about what
23 issues. I’m just thinking outside the box a little bit trying
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2 from my [inaudible].
4 discrepancy but maybe the other side agrees that yes, there’s
12 might be in there.
16 for given his representations but I’ve heard him say several
18 have in I-Vault.
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3 haven’t produced any tax returns after the year 2012 and the
7 was the extension requests that they filed and Mr. Schneider,
11 did make estimated tax payments after 2012 and those have
23 estimated payments?
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1 are adjourned.
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Case 1:15-cv-00293-LTS-RWL Document 277 Filed 01/25/18 Page 67 of 67
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1 I certify that the foregoing is a court transcript from
2 an electronic sound recording of the proceedings in the above-
3 entitled matter.
~
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r
r
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6 Shari Riemer, CET-805
7 Dated: January 10, 2018
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