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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)."
Our greatest week is here. The beginning of the end. June 1st show me the cash. Our Brokers need to lend us money. Truth or dare?
"
Item?8.01.
Other Events.
On March 21, 2024, JPMorgan Chase & Co. issued a press release announcing that on April 30, 2024 it will redeem all of the 1,000,000 outstanding depositary shares, each representing a one-tenth interest in a share of JPMorgan Chase & Co.’s Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series U (the “Series U Preferred Stock”), and on May 1, 2024 it will redeem all of the 1,500,000 outstanding depositary shares, each representing a one-tenth interest in a share of JPMorgan Chase & Co.’s Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series Q (the “Series Q Preferred Stock”), all of the 1,500,000 outstanding depositary shares, each representing a one-tenth interest in a share of JPMorgan Chase & Co.’s Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series R (the “Series R Preferred Stock”), and all of the 2,000,000 outstanding depositary shares, each representing a one-tenth interest in a share of JPMorgan Chase & Co.’s Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series S (the “Series S Preferred Stock”), in each case pursuant to the optional redemption provisions in the documents governing such depositary shares and the Series U Preferred Stock, the Series Q Preferred Stock, the Series R Preferred Stock and the Series S Preferred Stock.
A copy of the press release referenced above is attached hereto as Exhibit 99.
Item?9.01.
Financial Statements and Exhibits.
(d) Exhibits
99 JPMorgan Chase & Co. press release dated March 21, 2024.
https://www.sec.gov/Archives/edgar/data/19617/000119312524073915/d807652d8k.htm
~ John, the Truth "Is" as I've posted', ... I USED Coop, ... like any other tool made available to correct' ... I hit it hard, and rode it UP from the single digits, 2018 and forward, to recover ALL of my WaMu expenditures' and original WaMu financial participations' ... So, the COOP' shares that I've kept, and all of my Released Participations in the WMI Holding Company's Reorg, ... as well as my Direct Ownership of WMB Bonds "DIRECT Purchased" after the Reorg and Prior to the "Globic" Settlement Completion, ... Are Now without negative or any lost' ... Costs' ... ~
... as far as "COOP"s continuation as a tradeable public company ? ... As Simply an SEC Allowed "registrant", merely being used in lieu of a MUCH LARGER CORPORATE PICTURE, ... as Well as it's own descriptives as an SEC Filed ... 2018 Acquired Loan Servicing Mechanism ? ... is NOT Impressive To Me' as a straight up money driven investor ... So, sorry old friend, but currently, this ol' cactus could not care less about COOP, and all of it's POOP reporting ...
... Big Dog Is Coming ... and this Cowboy "Released" to OWN the P,s (Bonds) ... K's, ( ? ) ... and the wamuq's (Common Share Corporate Ownership) ... Yes, Ownership of the Original Holding Companys "equity classes" ... now, its become the ... "The Big Dog" ... (XXXX) ...
I'm, sure regarding the WMB Bonds. the released P's as well as ownership of the released wamuq' common shares ... Watch Boris' regarding the FDIC's Completion ... He's On It
I Like The possibility's aligned with COOP's repurchase of the necessary 36 million shares' ... A Big, Big, Thanks to JB92106 and DarkB4Dawn ... for their numbers reviews' ...
Have A Nice Day ! !
just sayin'
AZ
~ Ones' Original Release to Participate, and PROOF of the Individual Classes of Ownership, of the WMI Holding Company, were submitted along with a W-9 to Ones Individual Brokerage or Bank ~
... my friend' was in charge of the wmi-lts "checkbook" and issued ALL distributions issued and approved by the wmi-lt ... ALL OF IT' ... the wmi-lt is DONE
... Now, the TRUE Corporate Structure will take the Lead' ...
this has never been simply about ONE operational sub ... acquired in 2018'
WMI's Released P's "Bonds" ... are specific to the original WMI Sub, ... the Preferred Managing Sub
WMI's Released Original Common Shares, uq's, ... are the Original Owners of the WMI Holding Company' itself ... and That Has NOT Changed' ...
just sayin'
AZ
~ COOP's Future ?, is to be recognized, or should be recognized, within its true 10-K limitations as a 2018' acquired servicing mechanism Sub Grouping .... This Cowboy, ol' Cactus, ALWAYS Used The Term "Tracking Markers" ... the wmi-lt's use of the same' counting mechanism for its own Court Ordered completion process, is' NOW DONE', "COMPLETED" ... as was reported to me by an involved friend, ... the wmi-lt Was important only to the level of the completion of the WMI Holding Company's Reorganization and its Liquidation Trust ... the wmi-lt ~
NOTHING, associated with the NOW COMPLETED wmi-lt is relevant ... NOTHING ... the wmi-lt is DONE' ... none of the continuously referred to as its 8k's, its pr's, the 75/25 ratio's, retained earnings ? ... etc. etc. ... are currently applicable to any forward movements, coming soon' now ... NONE OF IT" ...
"Tracking Markers" for a submitted release to participate in the WMI Holding Company's Reorganization, (7) ... ARE SPECIFIC TO ONES CHOICE OF OWNERSHIP ? ... And' ... HAVE NOT BEEN REMOVED' ...
just sayin'
AZ
👉👉👉"...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
Boris, That is good Advice....All of our shares were in Street name for the most part with the exception of our Pre holder buddies and for sure the Brokerage firms have your personal information and will attempt to track you down even if you have closed your account. If they cant locate you they will place your funds with your State Treasuer. My original broker was Scottrade and the copies of all my releases and IRS forms that I signed when I released were passed on to TDA and then to Charles Schwab as they have a fiduciary duty to maintain those records.
FWIW.....That is the least of my worries as a Senior VP of Schwab was assigned to our accounts and has been in contact with us for the past four months out of the clear blue. The Brokers will know months ahead of us when an event is to take place. In the past few years several posters have said that the Brokers would romance those that had worthwhile amounts of Escrow shares, I received an email three weeks ago from a close friend that an account executive with Schwab had contacted him.and he is receiving like attention. Neither one of us do significant trading but we do have one thing in common, Escrow shares and our original COOP shares which we have both added to over the past 2 years.
Good luck to all that have held steadfast and remember WMI only placed enough assets in the Reorganization to pay off the bond holders and related expenses. Those that say otherwise are only telling half truths and are not your friends. I personally expect to see significant gains in 2024. Best pf luck to all of you that had Escrow shares and had sense enough to sign releases.
Split t
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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
