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Summing up the incoming info bits and pieces over the last few days, though it appears that a distribution this month is possible given the dual tracking nature of these BKs, both Rosen and the FDIC rep have said that current litigation is in the way of distributions, imo. Unfortunately, the litigation schedule goes out at least a year from now. This is why I hope Walrath has a "cut the crap" tool to use. The dual tracking nature makes this confusing because the same words have different meanings depending on which estate is being discussed. Rosen and the FDIC rep are talking about both or one, and which one, of the BKs?
I already know it is on them to find out.(ABS cert, Cash & assets).
Did anybody see anything positive for escrows in Rosen's repsonse to Johnny?
To be granted a second 3 year extension a PLR from the IRS is required, stating that this extension would not affect the LT's Federal Income Tax status and is necessary to complete the recovery and liquidation of the Liquidating Trust Assets
nobody knows zeke, do you think we'll ever find out?
With specific reference to the Flow Chart presented in Post# 498405........
1) Could you explain the significance of the fluid Conditional Exchange between the Cayman Pref Securities-Trust Securities and WMI.
2) How and would this be of any benefit to WMI?
Again & DAILY, What is A & M getting 2 MILLION a year to service?? Waiting for your reply!!
GREAT QUESTIONS!!
ron......... exciting times!! Thanks for all your DD
Thanks Ron for standing up I needed that. I have a ?? a cold
CBA09, is there a time limit for disclosure of what's in safe harbor? Does FDIC have any fudiciary duty to disclose final accounting of all asets in safe harbor? If so, is there a time limit?
Thanks in advance, LP
Ask yourself these questions....
(1) Were there Trusts with Billions in assets set up by WAMU that the FDIC could not legally seize and sell to JPM? (see Post# 498405)
(2) Are these Trusts still operating and producing returns on their assets?
(3) Based on available Prospectuses/Agreements, did WAMU retain or were required to retain interests in these Trusts?
(4) What happened to these interests and the Billions in assets supporting these Trusts?
While no one can be sure of how much there actually is, the case has been made, IMO, that there is indeed a high possibility of ""substantial"" returns to our Markers.
Like I said expect the unexpected. Good luck to you
Have never expected anything for escrows
There may be some money left in the LT - but I do not believe there is money elsewhere
As always I will gladly be wrong and get some money
Good for you can't wait to see the end of this. And then the run-on WMIH! Owning as many shares as you do escrows! Good for you I owned way too many uQ's to come close to doing that. Good luck to you
Thank you all AZ, Johnny, Ron, Hotmeat and every one.
All of you are sharing lot of hardworked due diligence with us.
Words cannot express for all the things you are doing for us.
God Bless you all.
FDIC Claims Against the WMB Receivership;
The only open Claims I know of are the Employee Claimants claims. These claims hinge around Change in Control "CIC".
Change in Control is remedied with "the Final Payment" for "WMB and it's assets" because CIC and ownership happens when "the Final Payment" for "WMB and it's assets" is completed.
Therfore when the FDIC makes "the Final Payment" for "WMB and it's assets" the CIC can be settled. Employee Claimants can file a CIC Summary Judgement for THJMFW to sign and close the issue.
The GSA that the FDIC is party to is a Settlement, and is governed by "Six Year Rule", or the "Contractual Statute of Limitation".
Hence: Only two more business days. 12-11-2017.
I hear you. I'm trying to get as many WMIH as I have escrow markers. Almost there!!
You sure about that or is it your opinion? You're right not a penny maybe dollars or shares!!! Just my opinion again....... the only thing I expect now is curveballs, we'll hit one of them. Expect the unexpected.
I'm tapped have to live with what I've got that's fine by me. Released and got stock!
yup
prediction coming true
we will hit 500,000 posts before we see a penny for escrow
There still is 2 separate Bk's.wmih. is in charge of the last of the corps. Dissolving this month.1031 exchange has to be used for something by the end of the month.
Thanks - we will see how all this unfold, it has been a long wait to see the light end of this saga. I only bought WAMU shares prior to seizures because I worked right across where it employed 2500 people in 2008. Shares were so cheap and I didn't think a massive company like this would disappear. But yes that branch of 2500 folks disappear in 2009 or so and everything else.. And rest we all know the high low high drama..
LOL I get what your saying and with out even giving us sugar.
Thanks AZ.
I wonder if this is what they meant by “new platform” in a prior communication .
I'm hoping it stays down until I get my bonus check in March
. . .
Bond, and the consummation is on going. As they continue to pay claims.
CONSUMMATION. The completion of a thing; as the consummation of marriage; (q.v.) the consummation of a contract, and the like.
2. A contract is said to be consummated, when everything to be done in relation to it, has been accomplished. It is frequently of great importance to know when a contract has been consummated, in order to ascertain the rights of the parties, particularly in the contract of sale. Vide Delivery, where the subject is more fully examined. It is also sometimes of consequence to ascertain where the consummation of the contract took place, in order to decide by what law it is to be governed.
3. It has been established as a rule, that when a contract is made by persons absent from each other, it is considered as consummated in, and is governed by the law of, the country where the final assent is given. If, therefore, Paul in New Orleans, order goods from Peter in London, the contract is governed by the laws of the latter place. 8 M. R. 135; Plowd. 843. Vide Conflict of Laws;, Inception; Lex Loci Contractus; Lex Fori; Offer.
Escrow is my opinion, that's why we have the markers to know who gets what %.
bond-007, it's the "Distributions continue to be made" part of the statement that I'm trying to grasp.
Distributions to whom?
Ref: Could there be a filing soon where FDIC asking for extension just like WMILT? Is that possible? I think it is..
Comment:
As for extension-
FDIC-R is not bound by time limitations in bringing resolution to a failed bank or thrift. Thus no need to file.
As for claims-
Yes, FDIC is bound by the same statue of limitations, within six years.
What I get from it: Trust terms stay the same, no IRS penalty, motion to extend time filed, will be granted if no opposition, on going litigation to settle trust, three more years if extension is granted or until claims are settled before distribution.
Thanks Johnny, I'm as shocked as I'm sure others are that Rosen even replied to you, but good job!
I can't help but laugh at how you were sweet-talking him though. I can imagine that dufus reading your email, and chest puffing up in pride.
Who sensed a future escrows distribution inference from Mr. Rosen's "Distributions continue to be made"?
That is what I was hoping for, but couldn't tell by the remark.
Hello AZCowboy, Ron, CBA09, Large Green and so on
Thank you for your tireless work and deep insight into the complex process.
A question about the statement
"The Judge originally Ordered the Result’ ... The eventual result was then achieved and submitted on 12/12/2011’ ... All the Judge did’ was tweak and approve, ... “The Settlement” ... the contractual agreements time line started at the submission of the same, ... 12/11/2011’ "
In which document was this specified? GS?
Does this new statue change anything for the 6 year regulation?
Delaware Extends Statute of Limitations For Contract Claims to 20 Years
http://www.environmental-law.net/2014/08/...tract-claims-to-20-years/
Thank you guys in advance and keep on the informationflow
Greetings
Justnormal
Hi Johnny, BIG STAR for you today-poster of the day! Thanks!
What? We are up again today? Hmmmmmmmmmmmm
AZC, keep it up pal everyone here appreciates your time and effort. You, Large, Ron, Bob, Johnny I could keep going you guys are awesome thank you
Could there be a filing soon where FDIC asking for extension just like WMILT? Is that possible? I think it is..
CBA09, thanks to you also for the information. This is a never-ending education. Thanks again to you and all so many, to help educate the people that really want to learn and understand this even if it is just bit by bit. Thanks again gg4
Can't wait General!!
Ref: Therefore, the FDIC must make "the Final Payment" to WMI/WMILT on or before December 12th MAX for "WMB and it's assets", or WMI/WMILT will file litigation to re-open the Case due to the Six Year Litigation Rule. GSA/DS agreement date is Dec 12th.
Comment: There is a six year rule that applies to recovery of a claim. WMI/WMILT most likely will file to seek recovery for those assets not belonging to WMB and in error transferred to JPM. Also, this rule applies to the FDIC.
As far as the FDIC must make "the Final Payment" on or before 12th December I do not believe so. Here is why - FDIC is not limited by time constants in winding down the affairs of a failed institution. Resolution, has all to do about any existing claims or ongoing litigation.
FDIC has immense powers.
The court cannot and will not interfere with the FDIC in it's capacity of closing out / termination procedures.
FDIC is on the hook and liable for the "NON WMB assets transferred to JPM. The monetary damages must be resolved and this I believe has a lot to do with the extension.
Johnny, Thank you so much for taking time out of your busy day to bring some more information to this board, invaluable in my eyes. Thanks again the tip of the Hat goes to you, AZ, LG and too many others to list that have helped this board understand and keep on top of every moment that has passed. Thanks again gg4
PIERS first after claims are reconciled, then the fun starts!
Judge never refused something Rosen asked her and litigation???You didn't know there still are some cases going on???I'm glad you asked but every normal person knows she was gonna allow it.
What distributions are Mr. Rosen referring to? "Distributions continue to be made"
Yeah you knew that it was gonna extended past March 18th and you also new there was on going litigation confirmed by him and the FDIC and what else did you know?...please.
Please Regards,
B
He said nothing we didn't know already except payout for what is left in LT is gonna be smaller than we expected b4 and probably zero as he is gonna milk another 3 years and probably 6 years from here.That was also the reason Piers were not paid off completely although they had enough cash to do so.But Rosen wants the money for himself first.I would like to know what he is gonna milk the LT for answering that mail from today.
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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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