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And, IF IF IF there is any kind of $$$ coming back to the estate, it will ALL go to impaired Class 18, and there will be nothing left for 19 and above.
If anyone on this board feels that this is unfair and unreasonable, you should file a claim with the FDIC:
FDIC as Receiver of Washington Mutual Bank
1601 Bryan Street, Suite 1410
Dallas, TX 75201-3479
Attention: Claims Agent
(888) 206-4662
$COOP price targets====>DEUTSCHE BANK👉$88, Piper Sandler👉$88, UBS👉$86, Wedbush👉$85, KBW👉$81, Barclays👉$80, Compass Point👉$76
Lol … 80 and a new all time high will be nice. Let’s go!!
WOW....I GUESS I WAS RIGHT SUNSHINE !!!!!!!!!!!!! YOU CANT TOUCH WMI HOLDING COMPANY !!!! PERIOD !!!!!!!!!!!!!!!
"". Excluded from the transaction are the senior unsecured debt, subordinated debt, and preferred stock of Washington Mutual's banks. JPMorgan Chase will not be acquiring any assets or liabilities of the banks' parent holding company (WM) or the holding company's non-bank subsidiaries.""
MANY.....MANY BILLIONS of DOLLARS coming to ESCROWS !!!!!!!!!!!!!!!!!! MARK IT !!!!!!!!!!!!!!!!!!
Just trying to get the facts and understand how everyone is thinking here............
So we had JPM paying $1.9 Billion to the FDIC in 2008, and taking over ownership of WAMU.
But you are saying that somehow they left $800 Billion on the table .
And now old Equity Shareholders can just walk in 15++ Years later, declare ownership. and become Millionaires?
I find it interesting. BK Vultures usually eat 99.999% of the Carcass.
Thanks split t.
Yes WMI assets were not involved in the seizure. Many still dont understand that! Thats where the big money is.
Plus Jpm still must pay for the bank as Ron has stated repeatedly here. The 1.8b was just an administrative fee. Geesh.
The silence of the hedgies is deafening. They know much more than we peons.
This is going to be a big year for escrows IMO.
Coattails
General Discussion - WMILT and Escrows / WMI Assets that the WMILT had no jurisdiction over
IMO...I decided to start a new topic because this is important to point out since there is some major confusion.
Bankruptcy process of Chapter 11 cases of WMI and WMIIC:
1) Judge Walrath repeatedly stated that non-banking bankruptcy remote assets were not allowed into the bankruptcy proceedings
2) What are the non-banking bankruptcy remote assets?
a) legacy WMI shareholders own the beneficial interests to $101.9 billion original face amount of securitized loans into MBS Trusts (the current value is potentially between $800 billion to $827 billion)
*Long Beach Mortgage (which securitized $165 billion into MBS Trusts) was a non-banking subsidiary. In fact, the regulator for Long Beach Mortgage was not the FDIC or OTS but rather the State of California, thus the FDIC had no jurisdiction over Long Beach Mortgage
**FDIC has stated explicitly that the securitized loans in MBS Trusts are isolated from the jurisdiction of the FDIC
b) real estate (unknown value)
c) mineral rights (unknown value)
d) other miscellaneous assets
3) FDIC LIBOR litigation potential settlement proceeds ($400 billion claim against defendant banks, potential payout to WMI is unknown)
4) There was a press release as of September 25, 2008 that explicitly stated that the FDIC did not seize (or transfer to JPMC) any WMI non-banking assets.
Per joint press release by JPMC and FDIC on September 25, 2008:
https://www.sec.gov/Archives/edgar/data/19617/000119312508201638/dex991.htm
" New York, Sept. 25, 2008 – JPMorgan Chase & Co. (NYSE: JPM) tonight announced it has acquired all deposits, assets and certain liabilities of Washington Mutual's banking operations from the Federal Deposit Insurance Corporation (FDIC), effective immediately. Excluded from the transaction are the senior unsecured debt, subordinated debt, and preferred stock of Washington Mutual's banks. JPMorgan Chase will not be acquiring any assets or liabilities of the banks' parent holding company (WM) or the holding company's non-bank subsidiaries. As part of this transaction, JPMorgan Chase will make a payment of approximately $1.9 billion to the FDIC."
5) The WMILT only has jurisdiction over bankruptcy estate assets, not any non-banking bankruptcy remote assets
]Courtesy of dmdmd1
~ Kilshaw, Not Specific only to "COOP", ... Not My Research ! !, (Thanks to Another) ... However, IMO', "Applicable" to OUR Own WaMu Process, Our "Segregated" Submitted Releases' and W-9's Submitted to OUR Brokerage Accounts, Maintaining OUR ... "Specific Ownership to a released, P' a K' or ... or wamuq Ownership" ... "Tracking Markers" ~
"book-entry securities are to be transferred from the account of a DTC participant to the account of a Clearstream Banking SA participant or a Euroclear participant, the purchaser must send instructions to Clearstream Banking SA or Euroclear through a participant at least one business day prior to settlement. Clearstream Banking SA or Euroclear, as the case may be, will instruct its U.S. agent to receive book-entry securities against payment. After settlement, Clearstream Banking SA or Euroclear will credit its participant's account. Credit for the book-entry securities will appear on the next day (European time)."
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Mr. Cooper Group Inc. (NASDAQ: COOP) provides quality servicing, origination and transaction-based services related principally to single-family residences throughout the United States with operations under its primary brands: Mr. Cooper® and Xome®. Mr. Cooper is one of the largest home loan servicers in the country focused on delivering a variety of servicing and lending products, services and technologies. Xome provides technology and data enhanced solutions to homebuyers, home sellers, real estate agents and mortgage companies.
Upon completion of the merger between WMIH Corp. and Nationstar Mortgage Holdings Inc. on July 31, 2018, WMIH became the parent company of the Nationstar Mortgage Holdings Inc. family including Mr. Cooper (Nationstar Mortgage LLC, d/b/a Mr. Cooper), Xome and Champion Mortgage (Nationstar Mortgage LLC d/b/a Champion).
As of October 10, 2018, Mr. Cooper Group Inc. is the new name of WMIH Corp. On July 31, 2018, WMIH, now Mr. Cooper Group, became the parent company of the Nationstar Mortgage Holdings Inc. family including Mr. Cooper (Nationstar Mortgage LLC, d/b/a Mr. Cooper) and Xome.
As early as late 2006, WaMu would begin to become a victim of what would eventually become the worst recession in US history since the Great Depression of 1929. WaMu's aggressive business strategy would begin to unfold throughout the end of 2006 and become increasingly disastrous through 2007. As housing rates were at all time highs before the recession began, WaMu would use its considerable leverage and assets to make large amounts of loans in both subprime mortgages and subprime credit cards. The banking division of WaMu at one point before the end of 2007 had nearly 336 stand-alone branch buildings where various types of home loans were processed and approved. WaMu would eventually over leverage themselves due to the high number of Adjustable Rate Mortgages (ARMs). As the US economy slowed down, the number of home loan defaults began to rise in quick succession. This coupled with the falling home prices throughout most of the US meant that even with foreclosures and the properties back in the hands of the company, they were unable to sell them back into the market, or were not able to derive enough revenue from the sale to cover the loan that was made on them. In the mean time, the credit card division was also seeing a surge in the number of late and non payments being made.
By September of 2008, WaMu's stock price had fallen to $2 from its previous highs of around $50 just two years earlier. Amid strong voices from the shareholders, then company CEO Kerry Killinger was dismissed by the company board. In the meantime, the company went looking for a buyer for part of its banking division. WaMu had been unsuccessful in finding an appropriate buy until its seizure by the FDIC. Overnight the companies banking division was bought by JP Morgan Chase in a secret deal brokered by the FDIC for 1.9 billion dollars. Washington Mutual Inc. has reorganized to Washington Mutual Holding Inc. WITH SHAREHOLDERS INTACT
WMI Equity Escrow Calculator
WMIH: Here's how old shares relate in value to the new shares.
AI
