ZARRO'S AFFIDAVIT FOR JPMORGAN CHASE- SR VP OF DEFAULT SPECIALTY OPS 2011

Here is an affidavit from a Senior VP of Default Speciality Operations at JP Morgan Chase named Michael Zarro.

Check out Mr. Zarro's affidavit in the NJ Supreme Court filing dated January 5, 2011 in the matter of residential mortgage foreclosure pleading and document irregularities. Here is an interesting statement by Michael Zarro on page 28:

8. A borrower’s relationship is typically with the servicer, rather than a lender. The servicer often differs from the entity that originated the mortgage loan at the time of the closing. Sometimes the serviced loan at the time of closing is owned and held by the servicer or a related entity, with the servicer acting as the behalf. Other times, the servicer has a contractual relationship with the owner/holder of the loan and acts as a agency capacity of the entity’s behalf. Other servicing functions include: sending notices to delinquent borrowers; negotiating loss mitigation workout deals such as loan modifications and repayment plans; engaging local foreclosure counsel if necessary; and directing the foreclosure action as the client of the foreclosure firm (regardless whether the foreclosure is brought in the name of the servicer or in the name of the holder or the owner of the loan-a decision generally guided by the servicer’s agreement with the holder/owner.)

However, the affidavit of Michael Zarro dated April 7, 2011 is far different from the affidavit submitted on January 5. Mr. Zarro states that Chase's loan were owned by other lenders such as GSE (Government Sponsored Enterprises i.e. Fannie and Freddie) and private investors who hold pools of loans in securitized trusts.

ZARRO'S AFFIDAVIT FOR JPMORGAN CHASE- HE IS SR VP OF DEFAULT SPECIALTY OPS 2011