Case 1:15-cv-00293-LTS-RWL Document 427-26 Filed 09/30/19 Page 1 of 4

EXHIBIT 26
Case 1:15-cv-00293-LTS-RWL Document 427-26 Filed 09/30/19 Page 2 of 4

BRAD AXEL July 11, 2017

S&A v JPMorgan Chase 1–4
Page 1 Page 3
UNITED STATES DISTRICT COURT ·1· · · · · · · · · · · · · ·-· - -
SOUTHERN DISTRICT OF NEW· YORK · · · · · · · · · · · · · · I N D E X
·2· · · · · · · · · · · · · ·-· - -
-----------------------------------x
·3· ·WITNESS:· · · · · ·DIRECT· ·CROSS· REDIRECT· RECROSS
S&A CAPITAL PARTNERS, INC.,· · · · : ·4· ·BRAD AXEL
MORTGAGE RESOLUTION SERVICING,· · ·: ·5· · · By Mr. Wick· · · ·5· · · · · · · ·187
LLC, and 1st FIDELITY LOAN· · · · ·: · · · · By Ms. Fait· · · · · · · ·186
SERVICING, LLC,· · · · · · · · · · : ·6
·7· · · · · · · · · · · · · ·-· - -
· · · · · · · · · · · · · · · · · ·:
· · · · · · · · · · · · ·E X H I B I T S
· · · · · Plaintiffs,· · · · · · · : ·8· · · · · · · · · · · · · ·-· - -
· · · · · · · · · · · · · · · · · ·:· NO. 15-cv-00293- ·9· ·EXHIBIT· · · · · ·DESCRIPTION· · · · · · · · · · ·PAGE
· · · ·-v-· · · · · · · · · · · · ·:· · · LTS-JCF 10· ·Defendant's 114· ·Summary of Loans Bought by S&A· · 15
· · · · · · · · · · · · · · · · · ·: · · · · · · · · · · · ·and by 1st Fidelity from Chase
11
JPMORGAN CHASE BANK, N.A., CHASE· ·:
· · ·Defendant's 115· ·2012 Tax Return for S&A· · · · · ·45
HOME FINANCE, LLC, and JPMORGAN· · : 12· · · · · · · · · · ·Bates SA00433747-SA00433767
CHASE & CO.,· · · · · · · · · · · ·: 13· ·Defendant's 116· ·BSI financial report for S&A· · · 61
· · · · · · · · · · · · · · · · · ·: · · · · · · · · · · · ·Dec. 1, 2011 to Dec. 31, 2011
· · · · · Defendants.· · · · · · · : 14
· · ·Defendant's 117· ·BSI financial report for S&A· · · 67
___________________________________x
15· · · · · · · · · · ·Oct. 1, 2016 - Oct. 31, 2016
· · · · · · · · DEPOSITION OF BRAD AXEL 16· ·Defendant's 118· ·2-6-17 letter from B.Tantillo· · ·95
· · · · · · · · · · · (videotaped) · · · · · · · · · · · ·to C. Pistilli
· · · · · · · · ·Tuesday, July 11, 2017 17
· · · · · · · · · · 8:33 - 3:21 p.m. · · ·Defendant's 119· ·E-mail chain, Bates JPMC-MRS-· · 110
18· · · · · · · · · · ·00002770-00002771
· · · · · · ·2385 NW Executive Center Drive
19· ·Defendant's 120· ·Plaintiff's Objections and· · · ·144
· · · · · · · · · · · ·Suite 360 · · · · · · · · · · · ·Responses to Defendants'
· · · · · · · ·Boca Raton, Florida 33431 20· · · · · · · · · · ·Second Set of Interrogatories
Reported By: 21
Rachel W. Bridge, RMR, CRR 22
23
Esquire Deposition Solutions
24
Job #J0568933 25

Page 2 Page 4
·1· ·APPEARANCES: ·1· · · · · · · · · · P R O C E E D I N G S
·2· ·On behalf of the Plaintiffs:
·2· · · · · · · · · · · · · · · -· - -
·3· · · · MARY JANE FAIT, ESQUIRE
· · · · · TANTILLO LAW ·3· · · · · · ·THE VIDEOGRAPHER:· We are now on the video
·4· · · · 100 Church Street, 8th Floor ·4· · · · record.· Today is Tuesday, the 11th day of
· · · · · New York, New York· 10007
·5· · · · July 2017.· The time is 8:34 a.m.
·5· · · · Cell:· 847-922-6729
· · · · · E-mail:· mjfait@tantillolaw.com ·6· · · · · · ·We are here at 2385 Northwest Executive Center
·6 ·7· · · · Drive in Boca Raton, Florida, for the purpose of
·7· · · · BRENT S. TANTILLO, ESQUIRE
· · · · · TANTILLO LAW
·8· · · · taking the videotaped deposition of Brad Axel.
·8· · · · 1629 K. Street, N.W. ·9· · · · Case is S&A Capital Partners Inc., Mortgage
· · · · · Suite 300 10· · · · Resolution Servicing, LLC, and 1st Fidelity
·9· · · · Washington, D.C.· 20006
· · · · · Cell:· 786-506-2991 11· · · · Servicing, LLC versus JPMorgan Chase Bank, NA,
10· · · · E-mail:· btantillo@tantillolaw.com 12· · · · Chase Home Financing, LLC and JPMorgan Chase and
11 13· · · · Company.
12· ·On behalf of the Defendants:
13· · · · ROBERT D. WICK, ESQUIRE 14· · · · · · ·The court reporter is Rachel Bridge and the
· · · · · COVINGTON & BURLING LLP 15· · · · videographer is Don Savoy, both from Esquire
14· · · · One CityCenter
16· · · · Deposition Solutions.
· · · · · 850 Tenth Street, N.W.
15· · · · Washington, DC· 20001-4956 17· · · · · · ·Will counsel please announce their appearances
· · · · · Telephone: (202) 662-6000 18· · · · for the record.
16· · · · E-mail:· RWick@cov.com
19· · · · · · ·MR. WICK:· Robert Wick for the defendants.
17
18· ·Also Present: 20· · · · · · ·MS. FAIT:· Mary Jane Fait for plaintiffs.
19· · · · Don Savoy, Videographer 21· · · · · · ·MR. TANTILLO:· Brent Tantillo for plaintiffs.
20
22· ·Thereupon,
21
22 23· · · · · · · · · · · · ·BRAD AXEL
23 24· ·having been first duly sworn or affirmed, was examined
24
25 25· ·and testified as follows:

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Case 1:15-cv-00293-LTS-RWL Document 427-26 Filed 09/30/19 Page 3 of 4
BRAD AXEL
S&A v JPMorgan Chase
Page 85
·1· · · · A.· ·I never spoke to Omar.
·2· · · · Q.· ·With Eddie Guerrero?
·3· · · · A.· ·No.
·4· · · · Q.· ·Victor Fox?
·5· · · · A.· ·No.
·6· · · · Q.· ·Chad Paxton, P-a-x-t-o-n?
·7· · · · A.· ·No.
·8· · · · Q.· ·Do you have any memory of specific phone calls
·9· ·with Launi Solomon?
10· · · · A.· ·I don't.
11· · · · Q.· ·With anyone else at Chase?
12· · · · A.· ·That I had?
13· · · · Q.· ·That you had.
14· · · · A.· ·No.
15· · · · Q.· ·That someone else had?
16· · · · A.· ·Not that I can remember.
17· · · · Q.· ·Approximately when did you have your most
18· ·recent communication with Chase?
19· · · · A.· ·It's been years since I've communicated
20· ·directly with them.· I rarely spoke to Chase directly.
21· · · · Q.· ·When S&A Capital acquired a loan from Chase,
22· ·how would Chase be paid?
23· · · · A.· ·We would wire the money same day.
24· · · · Q.· ·Who would initiate the wire?
25· · · · A.· ·Larry.
Page 86
·1· · · · Q.· ·Where did the funds come from?
·2· · · · A.· ·S&A Capital's bank account.
·3· · · · Q.· ·How was it determined whether any given loan
·4· ·purchase would be made by S&A Capital as opposed to 1st ·4· ·loan from Chase when we purchased a loan, but
·5· ·Fidelity?
·6· · · · A.· ·S&A was buying loans prior to 1st Fidelity.
·7· ·So when S&A trailed off buying loans, Larry picked up
·8· ·with 1st Fidelity.
·9· · · · · · ·So I don't think that was really a case.· S&A ·9· · · · Sometimes we needed a correction on an
10· ·stopped buying and then 1st Fidelity started buying,
11· ·from my understanding.
12· · · · Q.· ·So S&A and 1st Fidelity were never in
13· ·competition for loans?
14· · · · A.· ·No.
15· · · · Q.· ·Did you want S&A Capital to purchase any of
16· ·the loans that 1st Fidelity purchased?
17· · · · · · ·MS. FAIT:· Object to the form.
18· · · · · · ·THE WITNESS:· It was never something I thought 18· ·didn't.
19· · · · of.
20· ·BY MR. WICK:
21· · · · Q.· ·Did S&A Capital ever make a bulk loan
22· ·purchase?
23· · · · A.· ·No.
24· · · · Q.· ·Do you know whether 1st Fidelity ever made a
25· ·bulk loan purchase?
July 11, 2017
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Page 87
·1· · · · A.· ·I don't know.
·2· · · · Q.· ·Have you ever been involved with any bulk loan
·3· ·purchases?
·4· · · · A.· ·No.
·5· · · · · · ·MS. FAIT:· Object to the form.
·6· · · · · · ·THE WITNESS:· I haven't.
·7· ·BY MR. WICK:
·8· · · · Q.· ·When S&A would acquire a new loan, would a
·9· ·transfer letter be sent on the loan?
10· · · · A.· ·Yes.
11· · · · Q.· ·And S&A would send that letter?
12· · · · A.· ·Yes.
13· · · · Q.· ·And approximately how long after the loan was
14· ·acquired would the transfer letter go out?
15· · · · A.· ·Within the guidelines of RESPA.
16· · · · Q.· ·Relatively soon?
17· · · · A.· ·Yeah.· It had to be within a certain amount of
18· ·days where a good buy letter would be sent by the prior
19· ·lender, and there was a window of time, and then we
20· ·would have to send our letter right after.
21· · · · Q.· ·When S&A would acquire a new loan?
22· · · · A.· ·What loan documents would S&A typically
23· ·acquire on the loan.
24· · · · · · ·MS. FAIT:· Object to the form.
25· · · · · · ·THE WITNESS:· Usually we -- it changes every
Page 88
·1· ·time.· It could be any number of -- it was
·2· ·different every time.· It would be, in a perfect
·3· ·world we would receive the same docs from every
·5· ·sometimes there would be a copy of a note.
·6· · · · Sometimes it would be an original note.
·7· ·Sometimes it would be original mortgage.· Sometimes
·8· ·a copy of a mortgage.
10· ·assignment.· Sometimes there would be pay history.
11· ·Sometimes there weren't pay histories.
12· · · · In most cases, in all cases I could say there
13· ·was never an allonge submitted with the due
14· ·diligence file.· Sometimes we would receive the
15· ·original collateral documents upon origination.
16· ·Sometimes we wouldn't.· Sometimes those origination
17· ·docs contained title policies.· Sometimes they
19· · · · Sometimes they had appraisals.· Sometimes they
20· ·didn't.· Sometimes they showed the good-faith
21· ·estimates.· Sometimes they didn't.
22· · · · So there was really no consistency as far as
23· ·what we received, but we always had a good
24· ·relationship with Chase and open lines of
25· ·communication and an ongoing business, so that we
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BRAD AXEL
S&A v JPMorgan Chase
Page 89
·1· · · · always felt confident we could receive the docs
·2· · · · when we needed them.
·3· · · · · · ·And that was my experience.· It was a really
·4· · · · good experience with Chase for things that we
·5· · · · needed that were missing.· We call those trailing
·6· · · · documents.
·7· ·BY MR. WICK:
·8· · · · Q.· ·Did you have any involvement at all in the
·9· ·bulk purchase of loans that MRS made in February 2009? ·9· ·BY MR. WICK:
10· · · · · · ·MS. FAIT:· Asked and answered.
11· · · · · · ·THE WITNESS:· No.
12· ·BY MR. WICK:
13· · · · Q.· ·Did you have any involvement in the due
14· ·diligence on that purchase?
15· · · · A.· ·No.
16· · · · Q.· ·Did you have any conversations with
17· ·Mr. Schneider about the due diligence on that process?
18· · · · A.· ·No.
19· · · · Q.· ·Not at the time of the purchase?
20· · · · A.· ·Correct.
21· · · · Q.· ·And not subsequently?
22· · · · A.· ·After the time of purchase, he explained to me
23· ·that he wasn't receiving docs that he needed.
24· · · · Q.· ·Approximately when did that conversation take
25· ·place?
Page 90
·1· · · · A.· ·Right around the time of the purchase.· After
·2· ·the purchase.
·3· · · · Q.· ·How long after?
·4· · · · A.· ·As soon as he started receiving material from
·5· ·Chase was the time that he realized the material wasn't
·6· ·what he needed and it wasn't similar to what we received
·7· ·for S&A and 1st Fidelity.
·8· · · · Q.· ·Was this an in-person conversation?
·9· · · · A.· ·Yeah.
10· · · · Q.· ·Where did it take place?
11· · · · A.· ·I don't remember.
12· · · · Q.· ·Approximately how long did it last?
13· · · · A.· ·Just a few moments.
14· · · · Q.· ·How well do you remember it?
15· · · · A.· ·I remember it to the extent that I'm telling
16· ·you.
17· · · · Q.· ·What else do you recall about that
18· ·conversation?
19· · · · A.· ·That was pretty much it.· Just he was
20· ·surprised to find out that the processes and the history
21· ·that we had with Chase, there was a complete break from
22· ·that, and we were -- literally couldn't believe it.
23· · · · Q.· ·You couldn't believe it?
24· · · · A.· ·I couldn't believe what he was telling me,
25· ·given my good experience with Chase in purchasing loans 25· · · · receiving complaints from attorney generals around
July 11, 2017
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Page 91
·1· ·for so many years and so many loans, that this new
·2· ·transaction deviated so greatly from the hundreds and
·3· ·hundreds of transactions that we completed with Chase
·4· ·prior.
·5· · · · Q.· ·Do you recall any specific statements that he
·6· ·made?
·7· · · · · · ·MS. FAIT:· Object to the form.
·8· · · · · · ·THE WITNESS:· Just what I'm saying.
10· · · · Q.· ·Do you recall any specific words he used?
11· · · · A.· ·I don't.
12· · · · Q.· ·Have you told me everything that you remember
13· ·about that conversation?
14· · · · A.· ·Yes.
15· · · · Q.· ·The conversation we were just discussing took
16· ·place soon after the purchase; is that correct?
17· · · · A.· ·Yes.
18· · · · Q.· ·Have you had any conversations with
19· ·Mr. Schneider about the purchase since then?
20· · · · · · ·MS. FAIT:· Again, I'm just going to caution
21· · · · the witness not to disclose conversations that may
22· · · · be in furtherance of preparation of this
23· · · · litigation.
24· · · · · · ·THE WITNESS:· More of the same.· Just how far
25· · · · it's deviated from our past history dealing with
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·1· · · · Chase and transacting with Chase.
·2· ·BY MR. WICK:
·3· · · · Q.· ·Deviated how?
·4· · · · A.· ·We had an established process over years
·5· ·purchasing hundreds and hundreds of loans from Chase in
·6· ·the best working relationship I've been involved with
·7· ·another company, and it was nothing like that.· It
·8· ·was --
·9· · · · Q.· ·Did you know that yourself or is that what
10· ·Mr. Schneider told you?
11· · · · A.· ·That's what he was explaining to me.
12· · · · Q.· ·What else did he explain to you?
13· · · · A.· ·That our liens were being released from our
14· ·other companies.
15· · · · Q.· ·When did he say that?
16· · · · A.· ·As soon as he became aware.
17· · · · Q.· ·When was that?
18· · · · A.· ·I don't know the exact date.
19· · · · Q.· ·Was that in 2013?
20· · · · A.· ·I can't say for sure exactly the date.
21· · · · Q.· ·Do you recall any other complaints by
22· ·Mr. Schneider?
23· · · · · · ·MS. FAIT:· About what?· Objection to form.
24· · · · · · ·THE WITNESS:· Just that he was, he started
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