...as factually derived from the subject court jurisdiction documents.
...comments in RED.
tanjazielman Tuesday, 06/20/17 12:51:28 PM Re: bkshadow post# 480021 Post # 480044 of 480046 Go YIKES!
WRONG AGAIN. Previous link?
You're taking ONE unique example, of 1 specific MBS Trust. Nobody said anything about deadbeat mortgage borrowers. Those instances are too marginal. I took the ONE example that was posted and linked as proof positive that all of the mortgages backing mortgage backed securities was "coming home" to escrows; i.e., a direct responsive post to that assertion.
There were 99 Trusts managed by Deutsche Bank alone. With 165 billion in value. Actually, Exhibit 1-A of the Superior Court Probate filing by Bois, Schiller et al is in regards to the 99 residential mortgage securitization trusts (i.e., the PRIMARY TRUSTS), however, including Exhibit 1-B bring the number of trusts up to 127 (i.e., adding in the 28 SECONDARY TRUSTS ~ they do not directly own mortgage loans, but rather hold "beneficial interests" in the PRIMARY TRUSTS.).
Firstly, 80+ billion are repaid/refinanced (by JPM most probably). No, JPM, via the "servicing rights" it acquired from WMB in receivership, was COLLECTING PAYMENTS FROM LOAN MORGAGEES AND REMITTING THEM TO THE TRUSTEE FOR PAYMENT TO THE SECURITY HOLDERS (OWNERS). So, "JPM most probably" is totally incorrect.
You know how a repayment works? You repay a debt. Borrowers gives money to the original investors. I believe I just stated that in the previous comment.
You know how a refinancing works? Another financial institution (JPM) gives money to the investors to put the loan on their balance sheet. These are not REFINANCINGS, as per the court documents; perhaps you have the wrong case.
To whom pays the borrowers/JPM pay money? To the original investors. Who are they? Clearly not the investors who settled in a class action for 69 million. They got their share taken care of. The payment flow is enumerated above. The $69M was the proceeds of the Class Action OF AN ENTIRELY DIFFERENT GROUP OF WAMU MORTGAGE BACKED SECURITIES. That group has NOTHING TO DO WITH DEUTSCHE BANK'S TRUSTEESHIP over the 99 PRIMARY TRUSTS and 28 SECONDARY TRUSTS "explained above."
What is left? 80+ billion in repayments to original investors minus the 69 million which got settled in a class action. N/A after previous corrections.
Another 20+ billion in liquidation proceeds, proceeds JPM doesn't have legal entitlement to. To whom do these proceeds belong to? The original investors. I do not see $20B in liquidation proceeds in this California Probate Case re: Deutsche Bank as Trustee for the above identified trusts.
69 million is settled in a class action to a group of investors. The rest goes to whom? Already covered that it is a separate action, a CLASS ACTION.
JPM? No, they don't own or have an economic interest in the MBS Trust (only servicer which they receive a fee for remember, off balance sheet and all). There is NO "REST" to get; what is there goes to the trustee for payment to the security holders. However, as has been suggested by another, there can be RETAINED INTERESTS if the mortgage pools overperform. Since such were purchased by JPM from WMB in receivership, any of that residual would accordingly be theirs.
Deutsche bank? No, they don't have legal right to get money only a fee as Trustee. Deutsche Bank IS NOT ASKING FOR IT. DB is the TRUSTEE and, in accordance with CA Probate, is looking for authorization to complete the SETTLEMENT AGREEMENT by and between the FDIC-R, JPM and the TRUSTS they are the TRUSTEE for. DB will be getting a fee as disclosed below per the court documents and Expert filings.
The only party left in the DB case concerning the 165 billion in trusts is the FDIC, successor in interest of WMI/WMIIC. No, in fact, the FDIC has NOT EVEN EXPRESSED AN INTEREST (no filing) in such.
Roughly 100 billion will come back to FDIC. FDIC will deduct 17.5 billion in costs (including bondholders, general unsecured claimants, 645 million settlement with JPM and the 3B DB settlement). Exhibit A - Value of the Trustee Allowed Claim, by the EXPERT WITNESS, clearly states that out of the $2,762,851,000 receivership value, $7,000,000 will cover the receivers' claim, $645,000,000 to JPM in Settlement leaving $2,110,851,000 in value after these senior claims. Next, considering the General Claims of $19,249,000 and Senior Debt Holders $6,077,557,000, the TRUST CLAIM of $3,006,926,600 will result in a pro-rata parri passu share of $697,206,149 TO THE TRUSTS ($5,000,000 for DB costs).
Leaves roughly 82 billion to be divided among equity. 75/25 split or not, that's a heap of money. No, see correct amount directly from the court filing of the expert witnesses.
The unliquidated portion (30+ billion) goes to WMIH, because of the link with WMIIC (both a subsidiary of WMI LT and WMIH). Ditto
Last friday we all as (indirect) beneficiaries got the green light from our Trustee to receive capital. The Liquidating Trustee gave NO SUCH GREEN LIGHT, and Deutsche Bank is the Trustee for the above-mentioned subject trusts.
And if anyone has a better idea to whom this 100+ billion belongs to (other than the FDIC, as succesor in interest of WMI(IC), I would gladly ask that person to point out WHO these "investors" are and why these investors were not at the hearing last friday or were taken in on the class action which was settled for 69 million (marginal compared to 100+ billion in repayments/liquidations). Or were they lurking in the shadows (pun intended)? Considering the previous factual corrections, moot.
You are all welcome, and I wish you all a HLCE.
Both WMIH and escrows are GOLDEN.
...no problem.
...GLTY.
...anyone can access the 184 page eFiling in the Superior Court of California, County of Orange on 04/28/2017 at 2:41:00 PM.
