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....11 years nothing speaks volumes ...
Truth be told. CRA, subprime, no-doc, alt-A madness. Deliberate and intentional. They knew exactly what they were doing. Sabotage.
>>>>>>>Mr. Cooper Group Inc. to Discuss First Quarter 2024 Financial Results on April 24, 2024
https://www.businesswire.com/news/home/20240404446961/en/Mr.-Cooper-Group-Inc.-to-Discuss-First-Quarter-2024-Financial-Results-on-April-24-2024
Coops is up nicely in PRE MARKET
Good morning people, Considering yesterday's market numbers IMO. COOP-OTIS done did good 😉(The FI's took a little smack) YUCK!!!, Lets see where we go today as of this post the market seems in favor of a little up-movement,But who knows later with the unemployment numbers do out
(Edit) market up 140pts)
GoGoooCOOP
Time to hit the gym
The diet issss done, off to the Club later today-cocktails and dinner😉
Have a great weekend people GLTA-Ts
LIBOR litigation is not a joke.Yale got some $780 million imagine FDIC-R claims?.Due to LIBOR manipulation WMB borrowing was under pressure and it also helped for its collapse.
Mr. Cooper Group Inc. to Discuss First Quarter 2024 Financial Results on April 24, 2024
The FDIC will take care of the rest.
ASAP This summer, JPMORGAN took care of the rest of the $ last summer with the 1st Republic. I can't believe I am feeling sorry for you, not
yoiu are not a shareholder anymore, because your prior values i WAMU, and WMI were abandoned as a result of the GSA negotiations which resulted in WMI being able to exit chapter 11 with 6.5 billions and 5.89 billion in NOLS, in settlement for the 20 billion dollar claim against the FDIC.. WMI was able to negotiate over 12 billion dollars in recovery of the 20 billion dollars they tried to sue the FDIC for, but failed, as the case was thrown out of court for lack of substantiation, and proof...all dividends to preferred were deemed null and void because the claims were backed by UNSECURED LOANS......Long Beach Mortgage was writing gobs of HELOCS on rising equity home values that went sour during the financial crisis when many homeowners went bankrupt.... my tenant who rents one of my apartments went to Las Vegas in 2010 and bought 5 homes... the banks were giving them away at 50,000 dollars a piece... they had been listed at a value of 350,000 dollars before the 2008 financial crisis!!!!!!!!... so he got 5 , 350,000 dollars homes for 250 ,000 dollars.... he was renting them out for more than what the loan on them was worth... today he is a millionaire....timing is everything...someones loss, is your gain in financial matters..... nothing is coming back from the chapter 11 now closed......common sense, use them, they work!!!!!....11 years of nothing speaks volumes... Lodas
You are misrepresenting the derivatives as a tool that covered all losses, like you misrepresented so much. Hence, the reason you lost, and the reason wamu shit on itself. They took advantage of the situation, and wrote an insane amount of pure junk.
You won't ever see another dime here.
Maybe another 15 years of failure will open your eyes.
The Community Reinvestment Act…
required the banks to make loans to unqualified applicants.
Thanks JC and BO.
Banks like WaMu recognize the risk and helped create the ABS/RMBS market.
Now the Banks like WaMu loan risk portfolio is even lower because now the losses are covered by the insurance policies of the Derivative insurance contracts.
Therefore;
No losses to the loan holders (ABS/RMBS).
Ron
I’m here because I believe I will be paid. If I didn’t believe - I wouldn’t be here
I am here because I own a lot of COOP stock. I also signed releases. Just because I have to see documentation and real proof, you now question me?
The real question is WHY are you here??
To help us believers to see the light that nothing is coming back to escrows! A futile goal!
Your own personal opinion doesn't mean anything
Now that is a good question. I was wondering exactly the same thing. And why do they need to be destroyed? Shouldn’t those boxes be retained until the FDIC closes the receivership?
They weren't even sacrificed "unfairly"...
Washington Mutual was one of the absolute worst offenders of writing EXTREMELY bad loans. The No Income No Doc kings. I could write loans for a person's pet using wamu.. Sparky could legit own 4-5 homes.
18 years ago, I worked both as a loan officer, during the boom, then switched to Recovery during the bust.
I both wrote WAMU loans, and also worked recovery on them.
They were soooooo bad.... Hundreds of billions of pure shit. They dug their own grave. The run was valid.
Sheep in denial, are just that.... Sheep in denial.
But you really don't get it Bob. Just because we were unfairly sacrificed in 2008 and many on here are angry. That does not mean that anything more will be ever be coming back to us. Sorry for me, and everyone. Your own personal opinion doesn't mean anything WITHOUT documentation!!! If Billions were coming back, everyone would hear, read, and talk about it. Nothing is going on.............
Ban Bob Forever!!!!!!!!
C’mon man they are trying to pump themselves up….so what they have been wrong for years….what is one more year……cactus still getting his imaginary distribution….frim his imaginary friends….Doreen…so funny it is only one sided…
Let's also reflect on the fact that what you've always said....for 15 years...
Has never been correct.
Lazy, and sloppy foolish fantasyland nonsense.
More research, less babbling. Much needed.
I get it
I've always said WAMU was sacrificed to save JPMC and the worlds economy OK BUT NOW YA OWE US SOMETHING FOR THAT.
BUT YA OWE USSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS
But the question is DOUBLE WHAT DR "A: 86 bill or the 299 outside the pie chart or the 635 bill we had in loans in force at the time, which when paid out would have been about 2 times that amount
Double Works For ME.
We released JPM for “Willful Misconduct” for a reason.
Ron
JWW
CARE TO SPLAIN THIS or just ignore it
""I still have a problem with the company suggesting this has an intrinsic value of a billion $$$ but, it seems to be missing from their books""
JUST A KOWINKIDINK RIGHTTTTTTTTTTTTTTTTTTTTTTTTTTTT
anyone wonder what is in allllllllllllllllllllllllllllllllllllllllllll those other boxes
HHHHHHHHHHHHHHHHHMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM
JWW
"" like a sale or spin-off,""
BY WHOM
I still have a problem with the company suggesting this has an intrinsic value of a billion $$$ but, it seems to be missing from their books
SIGNIFICANT PPS MOVE for COOP coming soon IMO! Successful monetization of XOME, like a sale or spin-off, or any other great NEWS! BTW the could already have reached their $1 TRILLION UPB goal in MSRs by now.
955
IMHO the 41.6 is the closest we will get to RICO !!!!
NOW imho there will be financial considerations given imho for the 41.6 but seriously doubt they will be any where near treble damages
"Please share your reason for slowed posting behavior."
Although I am not one you were most likely referring to, maybe it's because everything HAS been said for 16 years?
FDIC on behalf of 20 failed banks and Freddie Mac suing 16 big banks over 400 billions on libor manipulation between 2007 to 2023. The latest news is that taking depositions ended today. FDIC asked judge no more deposition is needed. It seems they have enough evidence and witnesses to get billions of dollars from 16 big banks . several bankers have gone to jail in UK. It is perceived that big banks will settle rather than going to court. It has been said between 100-200 billion will be the amount of settlement. How much of that will go to Freddie and I believe some money will go to FNMA because of libor manipulations Freddie and FNMA lost billions of dollars.
There's a fascinating posting culture on this board, probably typical of other finance boards, but still mysterious.
The current situation we find ourselves in is such:
-A strong percentage of regular posters believe payment re escrow markers is very imminent.
-While this has happened a couple times a year for the last 15 years, reading the latest posts I would classify the mood this time as "very sure", probably in the top 5 of roughly 30 such instances in terms of the general posting crowd's surety of payout.
-As such one would expect non-stop posting from all different members about all different aspects of what is to come or what may be, after all there is sometimes non-stop posting about much less exciting developments.
-Yet, mysteriously, a bit of a quite has developed. If you calculate how many posts per hour at various different times or events, right now is surprisingly slow if you consider many posters are imminently expecting an event, and as a psych person I find that fascinating. So whats the reason? I see three possibilities:
1. Everyone is so sure of payout there's not much more to say, but just sit and wait for it to manifest.
2. Subconsciously there is reasonable trepidation that this is another disappointing false alarm and everyone is holding their breath.
3. A combination of 1 and 2.
As I am less a contributor, and more an observer of behavior of the posters here, I'd love to hear from you all, those who often post 30 times a day, every day, but now are less active. Please share your reason for slowed posting behavior.
TIA
Vodka
Settle’s the Final Valuation for WMB and it’s Assets for JPM to pay.
Plus 41.6 “Willful Misconduct”.
Good morning people, Glad to see the COOP-OTIS is going up today as of this post 😉
GoGoooooCOOP
Have a great dat -GLTA-Ts
What a novel concept!
Hope you're right. We're certainly overdue. Hopefully LIBOR is not just another slap on the wrist. Time to bring an end to Eric Holder days of time out.
interest on your preferred was declared null and void 11 years ago... sink back in the foxhole and take a nap.... Lodas
Hello guys, just wanted to raise my helmet on a stick from dug-out position 8242, eroded shirt colors, but still fully operational. I want to get Jamies axx served on a sliver plate with full face value plus 16 years of missing interest payments.
Solar Eclipse on April 8th would fit to depositions and an obscure merger...
👉👉👉"...our STRATEGIC FOCUS is now SQUARELY on RETURN ON EQUITY..."
...said the COOP BOD at the last earnings call
See: https://investorshub.advfn.com/boards/read_msg.aspx?message_id=173821650
F&R along with an eclipse ! Are the stars lining up?
Great News, Thanks for sharing...At Least I like the Fact that the Judge has denied any extensions and ordered that tomorrow is the last Date by which Discovery has to be completed...Hopefully, WaMu escrow-holders get some of the "F&R' promised, from whatever FDIC recovers in this LIBOR litigation...
I'm naming my next child Naomi. LOL
This is The closest we've been to.payment in 16 years.
Lets see what the coming weeks bring! Wow. Incredible developments.
Nothing is 100% so dont get too excited but this looks big.
Thanks, Ron. April 4th, Depositions are done, and better yet, no more delays.
And The Court’s Response to the FDIC.
4001 04/03/2024
ENDORSED LETTER addressed to Counsel from NAOMI REICE BUCHWALD UNITED STATES DISTRICT JUDGE dated 4/3/2024 re: The Court is in receipt of the Direct Action and OTC Plaintiffs' letter of April 2, 2024. ENDORSEMENT: Dear Counsel: The Court is in receipt of the Direct Action and OTC Plaintiffs' letter of April 2, 2024. See ECF No. 4000. Of course, the Court has no interest in interfering with counsels' continuing cooperative efforts as reflected in the existing scheduling order and its prior iteration. However, regardless of counsels' efforts inter se, the Court considers fact discovery closed as of April 4, 2024. Further, as the Court has repeatedly made crystal clear, there cannot and will not be any further adjournments of the class certification, summary judgment, and Daubert motions. Very truly yours, NAOMI REICE BUCHWALD, UNITED STATES DISTRICT JUDGE. (Signed by Judge Naomi Reice Buchwald on 4/3/2024)
https://www.docketbird.com/court-cases/In-re-Libor-Based-Financial-Instruments-Antitrust-Litigation/nysd-1:2011-md-02262
OTC is code word for Derivatives.
She is NOT messing around!
Ron
Ron, love it! No more delays!
She knows theyve jerked around the shareholders for 16 yrs. Enough is enough. Gavel drop! Settlement time.
GLTA
The OTC Defendant’s (JPM and Friends),
Need to settle and pay for their Derivative insurance obligation’s.
This settles WaMu, Lehman’s and F&F, a few others.
Settle’s the Final Valuation for WMB and it’s Assets for JPM to pay.
Plus 41.6 “Willful Misconduct”.
Ron
Goodie, thanks. Great news. Next week we rock.
Looks like Fdic wants this wrapped up.
Wow.
Ron_66271, thanks… sounds like they might be negotiating a settlement and were asking her for more time.. but she said no.. did I get that right?
Nd9
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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
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