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It's not the case..
Just more uneducated fantasy nonsense.
Fact is, since the 2008 housing market crash, the loans written have changed in a major way. They stopped writing total shit, and increased the quality tremendously.
You're 100% correct, that would be a horrible way to do business. Thankfully, that's not the reality here.
CONSERVE AND PROTECT ASSETS FOR THE BENEFICIARIES - ANALYZE THIS
In 2010 or 2011 Mr. Folse in the court about $30 Billion or more flowing back to estates down the road.
-------------------------------------------------------------------------------------------------------
And frankly,
4 Your Honor, it would imprudent for the estate to do so relying
5 on the speculative ability to go out and recover up to thirty
6 billion dollars or more in money paid out to someone at
7 somewhere down the road.
In 2012 EC FAQ mentioned about sources of distributions and WMILT
------------------------------------------------------------------
Equity Committee explained potential sources of recovery and what is LT clearly in 2012 by releasing this FAQ and LT agreement also covered about Trustee's limitations on the ASSETS.
https://www.sbroker.de/pdf/Washington-Mutual-Chapter11.pdf
In 2012 LT Agreement was executed with what Trustee can't touch
---------------------------------------------------------------
6.3 Limitations on Liquidating Trustee.
(a) The Liquidating Trustee shall, on behalf of the Liquidating Trust, hold the Liquidating Trust out as a trust in the process of liquidation and not as an investment company. The Liquidating Trustee shall be restricted to the liquidation of the Liquidating Trust Assets on behalf, and for the benefit, of the Liquidating Trust Beneficiaries and the distribution and application of Liquidating Trust Assets for the purposes set forth in, and the conservation and protection of the Liquidating Trust Assets and the administration thereof in accordance with, the provisions of this Trust Agreement, the Plan and the Confirmation Order.
https://www.sec.gov/Archives/edgar/data/933136/000090951812000099/mm03-1212_8ke101.htm
Page 22
IN 2019/2020 FINAL CLOSURE OF CH11
https://www.sec.gov/Archives/edgar/data/1545078/000119312519294873/d834622dex991.htm page 21
Beyond this, the Bankruptcy Court and WMILT have merely waited for the final reconciliation of remaining claims and monetization of assets.
2020 after creditor claims were paid off.
-------------------------------------------
WMILT restated and amended LT agreement was executed in Jan 2020 and Trustee was relieved after class 18 is satisfied.In Jan 2020, WMILT appointed Mr.Smith and Ms.Logan as administrators of WMI Liquidating Trust.WMILT restated and amended LT agreement was made between certain parties who are unknown yet.In DEC 2021 they cancelled WMILT.Meanwhile who knows what they did with the whole Enchilada?.May be one hot ticker with some good dividend pay is my wish.
Our Value for Legacy TBD
"THE EXCHANGE OFFER (AS DEFINED BELOW) WILL EXPIRE AT 5:00 P.M., NEW YORK CITY TIME, ON MAY 8, 2024 (SUCH TIME AND DATE, AS THE SAME MAY BE EXTENDED OR EARLY TERMINATED, THE “EXPIRATION DEADLINE”). HOLDERS OF OLD NOTES (THE “NOTEHOLDERS”) WHO WISH TO PARTICIPATE IN THE EXCHANGE OFFER MUST VALIDLY TENDER (AND NOT VALIDLY WITHDRAW) THEIR OLD NOTES AT OR PRIOR TO THE EXPIRATION DEADLINE. NOTEHOLDERS MAY VALIDLY WITHDRAW TENDERS OF THEIR OLD NOTES AT ANY TIME PRIOR TO THE EXPIRATION DEADLINE, BUT NOT THEREAFTER.
We, JPMorgan Chase Financial Company LLC, are offering to exchange any and all outstanding Alerian MLP Index ETNs due May 24, 2024 (CUSIP: 46625H365) issued by JPMorgan Chase & Co. (the “Old Notes”) for Alerian MLP Index ETNs due January 28, 2044 (CUSIP: 48133Q309) issued by JPMorgan Chase Financial Company LLC (the “New Notes”) (the “Exchange Offer”) based on the Exchange Ratio (as defined below), upon the terms and subject to the conditions set forth in this prospectus. All payments of principal, interest and other amounts payable on the New Notes will be fully and unconditionally guaranteed by JPMorgan Chase & Co. The exchange ratio per $19.03661 principal amount of Old Notes validly tendered in the Exchange Offer (and not validly withdrawn) prior to the Expiration Deadline and accepted for exchange (the “Exchange Ratio”) will be equal to one New Note, which will be delivered on the Settlement Date (as defined herein), unless the Exchange Offer is extended or terminated. The New Notes were first issued on January 30, 2024 pursuant to the registration statement on Form S-3 (Registration Nos. 333-270004 and 333-270004-01) of JPMorgan Chase & Co. and JPMorgan Chase Financial Company LLC. Upon completion of the Exchange Offer, we will issue additional New Notes to the tendering Noteholders and consolidate such additional New Notes to form a single class with the New Notes then outstanding.
The Old Notes are listed on NYSE Arca, Inc. (“NYSE Arca”) under the ticker symbol “AMJ.” The New Notes are listed on NYSE Arca under the ticker symbol “AMJB.”
https://www.sec.gov/Archives/edgar/data/1665650/000095010324005291/dp209785_424b3.htm
COOP could start paying a DIVIDEND after these earnings, or they could increase the CAPACITY of their current STOCK REPURCHASE PROGRAM in my opinion
Distressed loans in what sense? To me a distressed loan would have a high probability of default. Are you suggesting that COOP’s business model is to hope a borrower defaults on their mortgage so that COOP can foreclose on their property as JPM has done. If that is so, in my opinion, it’s a terrible way to do business. I certainly hope that that’s not the case.
I just want to be correct when the game clock actually reaches 00:00
So far you are correct and the apparent manipulation is quite obvious.
JHD
I personally feel we will be locked in at 75 or very close until be see a share issuance or at least that is my WAG
PTs have gone from $10 to $95 over the last five years, and the pps has followed.
Yes sir I totally agree.
JHD
JHD
IMHO COOP WILL BE THEE MARKET for distressed loans to be serviced by and JPM will no longer be
I believe in time we will blow thru those estimates. COOP is the juggernaut of mortgage servicing and as
things turn they will own a big majority of the market.
JHD
Thank you UP! Gonna take a bit more time it seems with the current price and where it has been sitting but they will open this wide open and when they, do we will blow thru some of these share price estimates...Can't Wait!
I'm very happy I picked up a load more in the $9 range when it fell..
JHD
I’m not saying that the share price of COOP won’t rise, however, how much confidence should we have in these predictions? What is the track record of these analysts that are making these predictions? Remember how corrupt the ratings agencies (S&P and Moody’s) were reported to be years ago! That was a contributing factor that led us to where we are today
That $95 PT, sure is puuuurddy!!!
Nice to see one jump from the $80s into the $90s!
Go $COOP!
UPDATED $COOP price targets==>Compass Point:$95, Piper Sandler:$88, DEUTSCHE BANK:$88, UBS:$86, KBW:$86, Barclays:$85, Wedbush:$85
Nice find!
Thanks for sharing.
Mr. Cooper Group Inc. Raised to $95 at Compass Point https://www.streetinsider.com/dr/news.php?id=23063908
I dont have a subscription .
JHD
COOP absolutely UNDERVALUED====>fair PPS is at least $200
Check COOP's current P/E ratio: https://finance.yahoo.com/quote/COOP/key-statistics?p=COOP
COOP's trailing P/E is only: 10.40
COOP's forward P/E is only: 9.03
The P/E ratios in this list (data is as of January 2024)
Financial Svcs. (Non-bank & Insurance) covering 172 companies is the correct row:
http://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/pedata.html
👉👉👉Only 7 BUSINESS DAYS until COOP Q1 earnings on April 24 (pre-market)
See: https://www.businesswire.com/news/home/20240404446961/en/Mr.-Cooper-Group-Inc.-to-Discuss-First-Quarter-2024-Financial-Results-on-April-24-2024
Hi David. I got your note.
Nothing is certain until we see it in our accts.
I think we are closer to escrow payments now than we've ever been.
The first shoe to drop is in Judge Buckwald chambers. Let's hope she sees the grave injustice of our case and the corruption that has wiped us out these 16 yrs. Many of us have since died , gotten sick or divorced, filed for bk, etc. 40,000 Wamu employees lost their jobs and life savings.
So yes, the Fdic sued for 400b.
We shall see what the settlement is because no way will this go on to trial. Let's hope God guides the judge and all involved into a just resolution.
This next week could be big for us. But who knows in this crazy world!
Huh? What is this then?
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174231863" rel="nofollow" target="_blank" >https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174231863[/tag]
Granted, this could be only a part of the LIBOR Lawsuit/litigation, BUT given how Teeny, Puny this 'Settlement Amount' is, I am afraid you are in for a big disappointment and So are all WaMu 'Escrow-holders' building up their Hopes on the 'LIBOR Settlement'. We've had the chance to hold MW & Brian Kosturos by the Scruff of their Collars and demand 'Where is our Money', prior to 'ratifying' any of the GSA with our 'Release' Signatures, But we instead 'listened' to their Paid Shills 'urging' us to 'Sign off our Releases' as otherwise, we will 'be LEFT OUT of the Settlement "F&R Promised" monies and with Greed & Hubris, we signed off our "Releases" and gave the Keys to the Henhouse to the Wily and Cunning Wolves and we are now suffering due to our decision...
UWs may know better about this, that's why they tried so hard to get into class 19.
LG, the 1 for 12 r/s for COOP affected all COOP holders, both legacy UQ, legacy PQ , legacy KQ etc
My PQ which were converted to COOP were affected by the COOP reverse split.
Which preferreds are we taking about ?
If you meant the 1 for 12 r/s was less of an impact than the forward split the preferred’s experienced (19.8 for 1) in 2012 as part of the reorg, then I understand the impact was 0 as they would cancel the impact.
Ok, seems good method for any future real offering. This can become real when money is available. Let's think about LIBOR.
All cactus has to say what XXXX is and watch the board’s reaction..in addition… he has be claiming soon since 2015…..does that mean another 20 years…
You are so right Pick...He has been saying soon for many years and nothing. He has never been right about nothing. I personally think he knows nothing but he loves how some of the people put him on a pedestal. His character is definitely flawed. It's really sad. Hey I use to be one of the people that believed whatever he wrote on this board but he has but nothing he has stated has come true. It's a scam.
so why are hedge funds, SNH, Bonderman, Tepper , Savitz, and the UW's been quiet for the past 11 years since the chapter 11 was closed, IF THEY BELIEVED THAT A PAYOFF WAS CERTAIN,AND THEY HAD LEGAL RIGHTS TO WMI'S ASSETS!!!!!!!!!!!!....no financial institution that is legally owed money is going to wait over 11 years without collecting, or at the least a forward contract that the obligation will be honored at some future time...the fact of the matter is that they read the documents when WMI said classes 19, and 22 were impaired...why were they impaired from future recovery?...because they were unsecured debt, and reclassified as common equity, and treated as such...again, no one with a legal right to money will wait 11 years for it, without filing a lawsuit to get it... so far, no such lawsuit has been filed by anyone expecting a recovery, because there is no money to recover... Lodas
I certainly hope that you’re right!
Roger that PICK.. but I think we have a better chance seeing Bigfoot.
AIMHO, STRIKE
All cactus has to say what XXXX is and watch the board’s reaction..in addition… he has be claiming soon since 2015…..does that mean another 20 years…
Bang. Those who give shall reap the benefits. Those with greed will pay a price for that.
If we get the kind of money I think we will there will be plenty to go around. Help our vets, disabled, animal rescues,
elderly. So much need out there.
We can still have nice things and a good home. Yep. There will be plenty to go around. Visualize. Think abundance.
The following posts show AZC suggests his XXXX he is always referring to is JPMC but it does not matter whether that or WMI or similar. The XXXX simply does NOT matter for our point of conversation but rather the alignment of a Grandfather or similar or yet to be announced name via a potential merger with WMI.
What it does prove is AZC is more aligned with some of us than NOT but cannot bring himself to admit this fact.
Re: AZCowboy post# 724521
Thursday, March 14, 2024 11:10:35 AM
Post# of 724530 Go
So you are suggesting 2 separate subservicers. Nationnstar servicing old Wmih mbs and other assets and Coop a subserviver of everything new? Both of which are owned by Wmih, with the parent company of xxxx? That could explain, i think, where our distributions might be released from.
AZCowboy
Re: johnlconfer post# 724516
Thursday, March 14, 2024 10:47:54 AM
Post# of 724530 Go
~ John, (Yes, answering John) ... So, now with COOP as an acquired loan servicing sub grouping (in 2018), the FDIC can and will be able to complete the seized WMB's sale to JPMC. WMI's producing sub's were intertwined with producing Trusts embedded within WMB. (the WMB Bonds, reveal the process) ... ~
early on in the Chpt 11 (Oct 2008), M Goldstein and B Rosen filed to include the WMI' (separate) producing subs into the WMI Holding Company's BK (Filed as Docket # xxxx) ... Judge Walrath "denied" that motion, and specified that those Subs would continue to function, separated from the WMI Holding Company's Chapter 11 filing and eventual reorganization in 2012' ...
... I believe that M Willingham and his financial backer, Venerable, also saw this happening back in 2008' at the same time that ol' cactus did ! ! ... (he' approached Joyce to be able to represent equity') ... now due to the Judges actions, the subs have continued to function throughout' ... pre and post WMI's BK ... now with the acquired sub grouping NationStar as the servicer, reporting as a corporate registrant only' ... NationStar Mortgage LLC being reported by an SEC allowed registrant for the entire corporate structure is hilarious LOL ...
the Preferred Managing Sub, cash in and cash out ... also PROVES this' as its SEC trackable pre and post BK submissions ... as a sub of WMI and then of WMIH ...
the specifically settled GSA was between WMI and the FDIC only', (JPM was allowed to be an intervenor only', but never needed to take any action) ... is the rest of the proof is revealed in Docket # xxxx as well as docket # xxxx ...
just sayin'
AZ
AZCowboy
Re: clintonj post# 724522
Thursday, March 14, 2024 11:21:13 AM
Post# of 724530 Go
~ Keep Up The Good Work, You Make Me Proud of You ! ! ~
the Proof and the original Chapter 11 Docket Filings, have now all come together within an elaborate initiated process' ...
the continuing of the WMB Bonds to function, ... The continuation of the WMI / WMIH Preferred Managing Sub, ... the Separated Capital Trust', etc ... and the need for the Reorganized Washington Mutual Holding Company, to eventually "Acquire" a loan servicing mechanism ... obviously now, NationStar and its Sub group "Acquired" back in 2018' ...
Have A Great Day
just sayin'
AZ
AZCowboy - YOUR VISION THAT CLASS 22 OWNS THE FORMER WaMu ESTATE & 75/25 OWNERSHIP IS LAUGHABLE
1) You also agree by your history of posts that the (OC) Ownership Change did not happen and/or does not matter
2) You further believe the Preferred and Common Prospectuses were not canceled and these carry on forward never being affected by the Delaware BK Court
3) You also believe the 75/25 ownership does not apply to Safe Harbor assets as class 22 owns all of this except for possibly two to four par coming for Preferred
4) So, let’s say I potentially agree with your posit then this means you have to agree to the following as one cannot cherry-pick whether the BK Courts affected the ownership rights of Safe Harbor assets or not
5) We know that in Oct of 2018, there was a Reverse Split applied at a 1-12 ratio to the common shares and the Preferred was NOT AFFECTED by the RS
6) So, using an example of 12,000 shares, then for every 12K shares you would now have 1,000 shares, and for every 12,000 Preferred shares you would still have 12,000 Preferred shares, so an ABSOLUTE TREMENDOUS difference in value for whatever comes back
7) Then of course for the kicker if that was not enough, since the former Prospectuses were not affected then that means Preferred still carries an OPTION TO EXCHANGE INTO COMMON SHARES at a very GENEROUS RATIO and sorry one cannot cherry-pick to make one’s case. Further, if the Prospectuses were not cancelled then Preferred is only entitled to $1,000.00 par Face Value….HmmmHmmm
8) So, again, do I need to explain why the PREFERRED are so much more well, PREFERRED
9) If you cannot comprehend the aforementioned, then maybe you can understand that the Reverse Split ONLY applied to common shares and not PREFERRED letting them maintain even much more, so well, THEIR PREFERRED STATUS HAS A HUGE PRIORITY by a 12-1 margin
…
Unfortunately, what you’re suggesting, is not human nature. Money greed is the name of the game!
during the annals of financial matters... " never in history has so few, expected so much, with so little facts"... to borrow a quote from Sir Winston Churchill......Denial of the facts, as presented to you over 11 years ago, is a beast that consumes and devours the soul....Wake up!!!!!!...there will be no more monetary disbursements from, WMIH, LIBOR, FDIC, or additional payments for WAMU by JPMC....there never was any Safe Harbor assets....Rosen said so, WMI, said so, and WMIH said so...the only Trusts WMIIC had were 7 reinsurance Trusts under control of WMMRC, which were liquidated, and the funds were placed in the WMIL-T for disbursement to Creditors...subsequently, WMIIC was also liquidated ... read the Forensic accounting of WMIH assets in 2013, a year after the chapter 11 closed....WMIH 2013 10-K..........all speculations about off book assets are spurious folly, and day dreaming... read the documents, get a life.... Lodas
87b over 16 yrs is 100b.
So many avenues for payment once Libor settles.
Help those in need....you dont need a diamond rolex.
And dont forget the animals.
Collectively we can affect great change when we have money.
Good karma.
LP
\""
The $87B value is there""{" think what that alone could be afte 15 yrs they can NOT just let money sit
Payment Beginning June 1, 2024
Dont forget?????????????????????
American Funds Washington Mutual Investors Fund Class R-1 RWMAX
American FundsLarge Blend
Change fund Symbol lookup
RWMAX
Prospectus
Set AlertAdd to watch list
$59.30 0.92 (1.53%)YTD Return
+8.91%
As of March 31, 2024Net Assets
$181B
As of April 12, 2024 12:00am ET
Summary
Performance
Ratings & Risk
Portfolio
Fees & Management
Mutual Fund Brief | Print All Tabs
Growth of $10,000 As of 03/31/2024
YTD | 1 Year | 3 Year | 5 Year
Comparison: RWMAX S&P 500
Gross Expense Ratio
1.36%**
Net Expense Ratio
1.36%**
Total Assets
$181B
SEC 30 Day Yield
0.69%
Distribution Yield (TTM)
0.83%
Fund Inception
05/29/2002
Historical Quotes
About this Mutual Fund
The investment seeks to produce income and to provide an opportunity for growth of principal consistent with sound common stock investing.The fund invests primarily in common stocks of established companies that are listed on, or meet the financial listing requirements of, the New York Stock Exchange and have a strong record of earnings and dividends. Its advisor strives to maintain a fully invested, diversified portfolio, consisting primarily of high-quality common stocks.
The chart above represents the growth of a hypothetical investment of $10,000. The total return is not adjusted to reflect sales charges or taxes, however it does show actual ongoing fund expenses and assumes the reinvestment of dividends and capital gains. If the returns were adjusted to include sales charges, the quoted performance would be lower.
Trailing Total Returns As of 03/31/2024
Total S&P 500 TR Large Blend
1-Month +3.35% +3.22% +3.30%
3-Month +8.91% +10.56% +9.95%
Year-to-date +8.91% +10.56% +9.95%
1-Year +25.54% +29.88% +27.24%
3-Year +10.64% +11.49% +9.88%
5-Year +12.14% +15.05% +13.65%
10-Year +10.49% +12.96% +11.45%
Since Inception +7.94% +11.03% --
Inception Date: May 29, 2002
Performance Details
Total return reflects performance without adjusting for sales charges or the effects of taxation, but is adjusted to reflect all actual ongoing fund expenses and assumes reinvestment of dividends and capital gains. If adjusted, sales charges would reduce the performance quoted.
The performance quoted represents past performance, is no guarantee of future results and may not provide an adequate basis for evaluating the performance of the product over varying market conditions or economic cycles. Current performance may be lower or higher than the performance data quoted. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.
Top 10 Holdings As of 12/31/2023
Company YTD Return
(as of 04/12/2024) % of Assets
Broadcom Inc +20.41% 7.31%
Microsoft Corp +12.20% 6.51%
UnitedHealth Group Inc -16.58% 3.25%
Comcast Corp Class A -10.22% 2.40%
Marsh & McLennan Companies Inc +4.54% 2.38%
Eli Lilly and Co +28.94% 2.35%
The Home Depot Inc -1.06% 1.85%
Philip Morris International Inc -5.56% 1.77%
Northrop Grumman Corp -2.57% 1.60%
JPMorgan Chase & Co +7.46% 1.56%
* represents an International company or one without a recognizable symbol.
xoom, and hold2wm said very soon as well. There were several docs posted this weekend re Libor. So I'd say we are very close, maybe this week. Wonder when the due date will be for payment. If the judge finds in our favor which is most likely, I say she gives them till June 1 to complete payments. So, the brokers will offer us loans for those who need money sooner.
I may be totally wrong.
But I doubt it.
I want everyone to know that this may be a headfake for the Big $$$$$. We need the FDIC to complete and terminate the receivership for the rest of the settlement to flow. So also look at my old post to see last sumer the degree JPM/1st republic was blended to JPM to show the reciepts of value due to us as legacy. IMO
4012.DECLARATION of Elaine Pang in Support re: (880 in 1:11-cv-02613-NRB) MOTION to Approve Preliminary Approval of Settlement with Credit Suisse AG, Lloyds Bank plc, Bank of Scotland plc, NatWest Markets plc, Portigon AG, Westdeutsche Immobilienbank AG, Royal Bank of Canada, RBC Capital Markets, LLC, Coperatieve Rabobank. Document filed by 303030 Trading LLC, 303030 Trading, LLC, Atlantic Trading USA, LLC, FTC Futures Fund PCC Ltd, FTC Futures Fund SICAV, Gary Francis, Gary Francis, Nathaniel Haynes, Metzler Investment GmbH. Filed In Associated Cases: 1:11-md-02262-NRB, 1:11-cv-02613-NRB.1. Exhibit A - Curriculum Vitae2. Exhibit B - Profile of A.B. Data's Background and Capabilities3. Exhibit C - Postcard Notice4. Exhibit D - Summary Notice5. Exhibit E - Long Form Notice6. Exhibit F - Proof of Claim Form7. Exhibit G - Plan of Distribution8. Exhibit H - Redline of Long Form Notice9. Exhibit I - Redline of Summary Notice10. Exhibit J - Redline of Proof of Claim Form11. Exhibit K - Redline of Plan of Distribution
JPMorgan Chase acquires substantial majority of assets and assumes certain liabilities of First Republic Bank
– May 01, 2023New York
JPMorgan Chase to protect all deposits -- insured and uninsured -- bringing its financial strength, capabilities and capital to the U.S. banking system and First Republic
No systemic risk exception required; a competitive bid process minimized costs to the Deposit Insurance Fund
New York, May 1, 2023 – JPMorgan Chase (NYSE: JPM) today announced it has acquired the substantial majority of assets and assumed the deposits and certain other liabilities of First Republic Bank from the Federal Deposit Insurance Corporation (FDIC). In carrying out this transaction, JPMorgan Chase is supporting the U.S. financial system through its significant strength and execution capabilities. As part of the purchase, JPMorgan Chase is assuming all deposits – insured and uninsured.
“Our government invited us and others to step up, and we did,” said Jamie Dimon, Chairman and CEO of JPMorgan Chase. “Our financial strength, capabilities and business model allowed us to develop a bid to execute the transaction in a way to minimize costs to the Deposit Insurance Fund.”
Dimon added, “This acquisition modestly benefits our company overall, it is accretive to shareholders, it helps further advance our wealth strategy, and it is complementary to our existing franchise.”
Key transaction elements following the FDIC’s competitive bidding process include:
Acquisition of the substantial majority of First Republic Bank’s assets, including approximately $173 billion of loans and approximately $30 billion of securities
Assumption of approximately $92 billion of deposits, including $30 billion of large bank deposits, which will be repaid post-close or eliminated in consolidation
FDIC will provide loss share agreements covering acquired single-family residential mortgage loans and commercial loans, as well as $50 billion of five-year, fixed-rate term financing
JPMorgan Chase is not assuming First Republic’s corporate debt or preferred stock
First Republic branches will open on Monday, May 1, as normal, and clients will continue to receive uninterrupted service, including digital and mobile banking capabilities.
As a result of this transaction, JPMorgan Chase expects to:
Recognize an upfront, one-time, post-tax gain of approximately $2.6 billion, which does not reflect the approximately $2.0 billion dollars of post-tax restructuring costs anticipated over the next 18 months
Remain very well-capitalized with a CET1 ratio consistent with its 1Q 24 target of 13.5% and maintain healthy liquidity buffers
The transaction is expected to be modestly EPS accretive and generate more than $500 million of incremental net income per year, not including the approximately $2.6 billion one-time post-tax gain or approximately $2.0 billion of post-tax restructuring costs expected over the course of 2023 and 2024.
The acquired First Republic businesses will be overseen by JPMorgan Chase’s Consumer and Community Banking (CCB) Co-CEOs, Marianne Lake and Jennifer Piepszak.
“First Republic has built a strong reputation for serving clients with integrity and exceptional service,” said Lake and Piepszak. “We look forward to welcoming First Republic employees. As always, we are committed to treating employees with respect, care and transparency.”
JPMorgan Chase will:
post an investor presentation with additional deal details on its Investor Relations website at approximately 7:00 a.m. ET on Monday, May 1
host a media call at 8:00 a.m. ET and an analyst and investor call at 8:30 a.m. ET featuring Jamie Dimon, and CFO, Jeremy Barnum, on Monday, May 1
As noted above, JPMorgan Chase will host a conference call for analysts and investors on Monday, May 1, at 8:30 a.m. (ET) to discuss the transaction. The general public can access the call by dialing (888) 324-3618 in the U.S. and Canada, or (312) 470-7119 for international callers; using passcode 1364784#. Please dial in 15 minutes prior to the start of the call. The live audio webcast and presentation slides will be available on the Firm’s website, www.jpmorganchase.com, under Investor Relations.
About JPMorgan Chase
JPMorgan Chase & Co. (NYSE: JPM) is a leading financial services firm based in the United States of America (“U.S.”), with operations worldwide. JPMorgan Chase had $3.7 trillion in assets and $303 billion in stockholders’ equity as of March 31, 2023. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers in the U.S., and many of the world’s most prominent corporate, institutional and government clients globally. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of JPMorgan Chase & Co.’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Factors that could cause JPMorgan Chase & Co.’s actual results to differ materially from those described in the forward-looking statements can be found in JPMorgan Chase & Co.’s Annual Report on Form 10-K for the year ended December 31, 2022, which has been filed with the Securities and Exchange Commission and is available on JPMorgan Chase & Co.’s website (https://jpmorganchaseco.gcs-web.com/financial-information/sec-filings), and on the Securities and Exchange Commission’s website (www.sec.gov). JPMorgan Chase & Co. does not undertake to update any forward-looking statements.
Investor Contact:
Mikael Grubb
212-270-2479
Media Contact:
Joseph Evangelisti
212-270-7438
1.They moved deadline from 14th to 4th (by 10 days, AFTER WASTING years on this)
2.So they were expecting something before the 14th
3.JD publishes shareholder letter on ‘eclipse day’
4. Parties settling like falling pins
5. Based on the above, news in the next few days.
6. Bop using the word ‘shortly’ and AZ sating ‘soon’.
GLTA including naysayers.
FWIW
I'd be happpy if they returned $30B but I would restore my faith in our justice system if we see $87B+.
LP. Thats why Dimon mentioned that 30b he "found".
He was preparing the shareholders that he'd be returning that, plus interest. And much more.
Look people, dont think for a second that the hedge funds arent on top of this. And Dimon knows that. We Will get paid. Getting closer by the day.
JPM makes over $90B in net profit a year....and they have been doing it for over 15.5 years....That's about $1.5T (trillion, like $1500B) in profits they have collected since Wamu robbery. You guys dont think there are a few billions in interest collected for old Wamu in remote bankruptcy? I guess the question comes down to if FDIC is totally corrupt and robbed Wamu of its remote bankruptcy assets ..aka interests from a $300B+ loan portfolio at time of robbery at about $9B annual interest...ok, maybe escrow doesnt get it all but there has to be a few billion collected for escrow over the last 15.5 years...otherwise the hedgefunds would not have agreed to the settlement. I would say $30+B hidden away is not an unreasonable ask (F&R) when JPM made over $1500B over the same 15.5 years.
If you think about it...Dr. A's estimate of $87B residual value of Wamu remote bk assets is not an unreasonable estimate over a 15.5 years when JPM made about $1500B over the same period.
The $87B value is there...the question is whether FDIC illegally took remote bk assets and gifted them to JPM. JPM own filing said they didnt buy any of Wamu loan portfolio. only bought the bank...so who owns the $87B? Did the hedgefunds steal it from retail? This is unlikely as it would require too many players in the conspiracy and someone would have leaked it.
The only possibility is it was either robbed by the FDIC for JPM or old Wamu equity is entitled to it once FDIC-R closes the receivership.
Could this be our Libor week?
Lots of items cleared up in court last week. Our case is last on the docket. Judge saved the best for last. Will it be 10b 100b or 400b? That is the question.
the simple fact is THAT YOU ARE NOT GETTING JACK S**T AFTER THE CHAPTER 11 CLOSED 11 YEARS AGO!!!!!!!!!.....did you see on the official documents , supplied to the SEC, the court, and all who signed releases that chapter 19, and 22 "ARE IMPAIRED FROM FURTHER RECOVERY??????????????.......where do you see documents that compel WMIH to MAKE YOU WHOLE AGAIN??????.....by what sanction imposed BY YOU COMPELS WMI, OR WMIH TO MAKE YOU WHOLE??????......read the documents supplied by the restructured company for your source of information, and not your gut, or common sense... they have failed you miserably all these years and lead you to DENIAL OF THE FACTS...whatever recovery WMI intended to give you, YOU GOT FROM THE CHAPTER 11 CLOSING...and THATS ALL....I will remind you that "TITLE TO ALL ASSETS BELONG TO THE REORGANIZED DEBTOR, FDIC, AND JPM!!!,,, it is all in the documents, but you did not read them, but relied on common sense for your failure... Lodas
TOO ALL
The """"Common Share Holders"""" own the Debtor’s estate.Funny how the agenda CHANGED the VERBIAGE once the 8K came out spelling out PREFERRED EQUITY and COMMON EQUITY sharing any distribution 75/25 The second the company said PREFERRED WAS NOW EQUITY, the spew was changed to COMMON EQUITY (COMMON SHARE HOLDERS)
"""Class 19 doesn’t get Class 22’s properly."""
I think you might have this BASS ACKWARDs Class 22 is playing in a sand box they never should have been in until Class 19 was paid in full The Judges own words go back and negotiate and bring me a PLAN WHERE ALL PARTICIPATE in case there isn't enough to go around..................................
Riddle me this
Why has every ACTION in this case that is a negative been a negative towards and ONLY put on CLASS 22 ????????????????
1 Class 22 was RV' 1/12 which means any returning assets they now GET 1 12th of what the would have of the pie that is left
2 Class 22 ALSO LOSES 2.5% of any returning funds coming back that ""THEY ALONE"" will owe to the reorg'd company COMING STRAIGHT OUT OF THEIR 25% matrix position
NOW let's LOOK at What Class 19 has lost (REALLY ALL ARE GAINS)in the plan in comparison.
1. They LOST THEIR CAPPED POSITION the APR rule and FYI that took almost 2 yrs to get it taken off.
2. THEY LOST OUT (GAINED) ON NOT BEING RV'D 1/12 ( HAD the unissued PREFERDS been RV's all here DO UNDERSTAND there would not have been enough to reissue the 7.5 needed to make THEM WHOLE AGAIN there is method to their madness
Now just looking at those 2 examples above can anyone really sit here and say that CLASS 19 negotiated themselves SUBORDINATE to COMMONs. when ever single NEGATIVE ACTION that has taken place ,HAS IN FACT BEEN INCURRED BY CLASS 22 and not one negative aspect or loss to CLASS 19
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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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