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April fools day so late 28th April!
why would WAMU be awarded any money from LIBOR settlements, if any.... WAMU does not exist anymore, and at the time they were making money off elevated interest premiums on loans they wrote, and sold to other agencies to make MBS....the FDIC lost money by over insuring liabilities on banks balance sheets with out collecting higher premiums they charge banks for protecting depositors savings....WAMU, and WMI was not in the business of making credit default swaps, and all the rest of those exotic derivative contracts....any money from LIBOR settlements will be kept by the FDIC....the ones that were harmed were the borrowers who made higher payments on loans, which were inflated with bogus interest rates.... ....Lodas
Theres plenty in the news now to take any attention off the mega settlement to come. Perfect timing. Plus the protection order will keep the whole thing quiet. If this happens the way it looks, there will be virtually no announcement of settlement. Dimon will like that.
We will just wake up to extra funds in our accounts.
It will blow my mind if we get paid anything.
JHD
Any day now. May be waiting for the war to heat up.
Libor update.
So we know the Fdic has requested and been granted case protection. That means getting updates and settlement info will be difficult.
I think the judge granted the request due to the enormity of the case. It will be the largest in Fdic history. Why? Wamu, that's why.
I have a feeling as do others that we may see something happening any day now or the first half of May.
The secretive nature of protection makes me worry a bit, but its certainly understandable why the Fdic requested it.
Will the settlement be 400b? Doubtful.
But 100-200b is possible considering the banks made trillions.
Then the judge decides how the Fdic must divide the settlement. My guess is Wamu gets 50%.
AIMO
yo ron?......WAMU and Lehman do not exist anymore....!!!.......whatever happened in 2008 does not mean they will be paid back for losses sustained in dealing with counter parties... AIG was bailed out by TARP, and most banks losses in writing these instruments was absorbed by the Federal Government to clean up their books so that they could start lending again.....by the way, you stated in the WMI Feb MOR that the balance sheet shows a 20.7 billion dollar shareholders retained earnings...you are lying, by stating a false fact.... the entry shows a (20.7 billion dollar loss) in shareholders Retained earnings.... can you explain why WMI was given some 5.89 billions in NOLS as part of the GSA agreement?... why would the IRS give a bankrupt company , filing a chapter 11 reorganization a NOL Tax credit for possible future earnings when they emerge from chapter 11?.....could it be that WMI abandoned the 20.7 billion in RE for the 5.89 billion in NOLS?....yea, keep me on ignore so that you dont have to answer.... also, by the way, I am still waiting for the link to the 309 billion dollar RICO award to WMI in that well documented D.C. duel track court case....did you forget, ?.... I didn't..... Lodas
Bob, I agree that just the fact that they will lend is a feeling the value is there. Their objective to keep it sticky.
Please Read This Post Regarding CDS.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174266097
This is significant for the entire ABS Market generators like WaMu, Lehman’s and F&F.
The CDS insurance contracts need to pay for the ABS losses.
Asset Backed Securities;
MBS.
RMBS.
Others (credit cards).
Ron
I think we break 80.00
coop is 79.08 dollars per share in after hours trading as shown on TD America...... wowzzza!!!!!! Lodas
Its 28 days after April fool, so that does not work either.
But the first week of May could be a setup for some good news.
GLTA
LOL Well folks still dreaming
Weeeee push me higher LOL
Agreed.
Lend? LEND?
NEITHER A BORROWER OR A LENDER BE.
Last time I borrowed money was over 25 yrs ago to buy a house, paid it off in 10 yrs
I DON'T NEED THEIR STINKING MONEY
""Using documents, the banks may lend us money""
Payments trust me after great study IMO if you dare
6/1
7/22
10/4
10/22
Amount
130 Billion
2.5 B
9 B
141. Total
Using documents, the banks may lend us money
The 28th April is Sunday. Who will offer good deal ?
I received detail information it's April 28th will get good deal
common and preferred shares were cancelled and extinguished, and all rights unto the prospectus are null and void!!!!!!.... didn't you read that when you signed your release, or did you rely on AZC, and ron, and boris to get your information?....the money train derailed 12 years ago while you were drinking koolaid.....Lodas
Thanks. Could you hint on how ‘good’ please ?
I received detail information it's April 28th will get good deal
Going to be some good buys out there for someone.
Huh? along with ‘em there'll be 17T in earning reports next week ,
I received detail information it's April 28th will get good deal
Good morning people, COOP-OTIS seems to be doing what it has in the past right before earning, which is due next Weds, along with ‘em there'll be 17T in earning reports next week , it’s going to be a very interest week for sure
GoGooooooCOOP GLTA
TGIF Babeeeeeeee 😉Have a great weekend people -Ts
BEEN saying the COMMERCIAL PAPER is the next TSUNAMI to hit US and FOLKS IMHO IT WILL BE HUGE with MULTIPLE BIG BANK FAILURES ASSOCIATED WITH IT
Thank you sometimeswrong
The zombie office timebomb: Commercial real estate foreclosures jumped 117% in March - as experts warn it could trigger the next banking crisis
Commercial real estate foreclosures are ramping up across the US as soaring interest rates and the slow return of workers to office spaces begin to take their toll.
There were 625 commercial real estate foreclosures in March - up 6 percent on the month prior and 117 percent from the same time in 2023, according to latest figures from real estate data provider ATTOM.
Some areas are facing a bigger crisis than others - with 187 properties facing a foreclosure filing in California last month, which was the highest of any state. Although this was an 8 percent dip from the previous month, it was a huge 405 percent jump from last year.
Small and regional banks are the biggest source of credit for the commercial real estate market, holding about 80 percent of the sector's outstanding debt.
Around $929 billion in commercial real estate loans is due to mature this year, according to the Mortgage Bankers Association, raising concerns this trouble spot could trigger a banking crisis.
Expand article logo Continue reading
https://www.msn.com/en-us/money/realestate/the-zombie-office-timebomb-commercial-real-estate-foreclosures-jumped-117-in-march-as-experts-warn-it-could-trigger-the-next-banking-crisis/ar-AA1nfQNE?
nranger
"" Yet I miss those days when we gained $1+; which is the way it should be IMO""
GOODDDDDDDDDDDDDDDDDDDD STOCKS do not move a $ a day each and every day
👉👉👉Only 3 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
Great post RON!!!
The market has been down about 1500 points the last week and today it only went up a measly 20 points. Yet barchart.com drops COOP from 100% buy to 80%. And COOP held up pretty well during that stretch. One of their experts actually has a SELL on COOP.
I don't think we're being held in some range. In this miserable market I think our small gains added up to 25 cents over this stretch. Yet I miss those days when we gained $1+; which is the way it should be IMO.
By May 1st….we will what happens next…
AI is Wrong.
We all know the February MOR of $20.78 Billion.
DOCUMENTED!!
Ron
Q: Its showing Retained Earnings as (2000000000) on Washington Mutual, Inc and as 2000000000 on WMI Liquidating Trust/DCR on the Effective Date.What does it mean?
Here's what those figures likely represent and why they differ between Washington Mutual, Inc. and the WMI Liquidating Trust/DCR:
Washington Mutual, Inc. Retained Earnings: ( -$2,000,000,000 )
Retained Earnings: This account represents the accumulated profits (or losses) of a company over its lifetime, minus any dividends paid out.
Negative Figure: The large negative retained earnings figure on Washington Mutual, Inc.'s balance sheet indicates that the company has suffered significant accumulated losses. This is common for companies that have gone bankrupt. Losses often exceed any previous profits.
WMI Liquidating Trust/DCR Retained Earnings: $2,000,000,000
Not Traditional Retained Earnings: The retained earnings figure within the Liquidating Trust doesn't function in the same way as in a regular operating company.
Placeholder: This figure likely represents the expected amount to be available for residual distribution to claimants and shareholders after all of the company's assets are sold and higher-priority debts are paid.
Effective Date: The term "Effective Date" likely refers to the date the bankruptcy plan was confirmed and the WMI Liquidating Trust was established.
Why the Difference?
The substantial difference between these retained earnings figures illustrates the fundamental shift in purpose following bankruptcy:
Washington Mutual, Inc.: The negative retained earnings reflect the net losses the company incurred during its operation leading up to bankruptcy.
WMI Liquidating Trust/DCR: The positive figure in the Liquidating Trust essentially represents a "best-case" estimate for potential residual funds after the liquidation of assets and settlement of debts. This is not guaranteed profit but rather an estimate of potential funds available for some form of distribution.
Important Considerations:
The actual amount distributed to beneficial holders of the WMI Liquidating Trust may be significantly less than the initial retained earnings figure. This depends on how much the assets sell for and the resolution of any disputed claims.
Remember, the WMI Liquidating trust is a grantor trust, meaning any distributions will likely be considered taxable income for the recipients.
Thanks to AI for unbiased answer.
Yes Plan 6 vs. Plan 7.
“THIS SUGGESTS THERE WERE TWO KIND OF LTIs ONE TYPE CLAIMS & ANOTHER TYPE EQUITY.”
AAOC Plan 6 LT came under the control of the Equity Community.
The EC carved out sufficient funds from the Plan 6 LT to pay the Creditors and presented Plan 7 to the Court, proving that equity would satisfy all creditors.
What lives in the Plan 6 LT?
• 363 Sales assets described in the Equity Community Presentation of which $20.78 Billion is known as the Retained Earnings.
• WMB receivership claim.
• WMIIC ABS assets.
• Other WMI assets;
1031 Exchange,
Citation,
H. S. Home Loan,
Exhibit H.
510(b).
Ron
And oh how many people have said, “settlement soon”, or something to that effect.
Until it is, it is not.
Better to focus on what is.
JHD
Like I said….may 1st we shall see…in comparison to cactus soon…it will another 10 years or never…
4.5 Interest on Liquidating Trust Interests. As set forth in the Plan, interest shall not accrue and be paid on the Liquidating Trust Interests themselves but only with respect to and to the extent provided in the Plan with respect to an Allowed Claim (“Interest”). Interest may, as an incremental adjustment on the maximum amount the Liquidating Trust distributes in respect of a Liquidating Trust Interest, accrue up to and including the date of final payment in full of the Allowed Claim related to the Liquidating Trust Interest as provided in the Plan.
THIS SUGGESTS THERE WERE TWO KIND OF LTIs ONE TYPE CLAIMS & ANOTHER TYPE EQUITY.
Right back where they want it to stay.
Wow boarddork great synopsis. We are close to knowing all the answers. Once Libor is done it willbe a huge pandoras box opening.
As hold2 says, could be days. Not weeks.
3.3 Continuance of Liquidating Trust for Winding Up. After the dissolution of the Liquidating Trust and solely for the purpose of liquidating and winding up the affairs of the Liquidating Trust, the Liquidating Trustee shall continue to act as such until its duties have been fully performed. Upon distribution of all the Liquidating Trust Assets, the Liquidating Trustee shall retain the books, records and files that shall have been delivered to or created by the Liquidating Trustee. At the Liquidating Trustee’s discretion, all of such records and documents may be destroyed at any time following the date that is six (6) years after the final distribution of the Liquidating Trust Assets, subject to any joint prosecution and common interests agreement(s) to which the Liquidating Trustee may be party.
LIQUIDATING TRUST BENEFICIARIES - FORMER EQUITY
2.2 Rights of Liquidating Trust Beneficiaries. Each Liquidating Trust Beneficiary shall be entitled to participate in the rights and benefits due to a Liquidating Trust Beneficiary hereunder according to the terms of its Liquidating Trust Interest. The interest of a Liquidating Trust Beneficiary is hereby declared and shall be in all respects personal property. Except as expressly provided hereunder, a Liquidating Trust Beneficiary shall have no title to, right to, possession of, management of or control of the Liquidating Trust or the Liquidating Trust Assets or to any right to call for a partition or division of such assets or to require an accounting. No surviving spouse, heir or devisee of any deceased Liquidating Trust Beneficiary shall have any right of dower, homestead or inheritance, or of partition, or any other right, statutory or otherwise, in the Liquidating Trust Assets, but the whole title to the Liquidating Trust Assets shall be vested in the Liquidating Trustee and the sole interest of the Liquidating Trust Beneficiaries shall be the rights and benefits given to such person under this Trust Agreement and the Plan.
2.3 Evidence of Liquidating Trust Interest. Ownership of a Liquidating Trust Interest in the Liquidating Trust will be evidenced by the recording of such ownership in an electronic book-entry system (the “Book Entry System”) maintained either by the Liquidating Trust or an agent of the Liquidating Trust. A Liquidating Trust Beneficiary shall be deemed the “holder of record” (hereinafter “holder”) of such Liquidating Trust Beneficiary’s Liquidating Trust Interest(s) for purposes of all applicable United States federal and state laws, rules and regulations. The Liquidating Trustee shall, upon the written request of a holder of a Liquidating Trust Interest, provide reasonably adequate documentary evidence of such holder’s Liquidating Trust Interest, as indicated in the Book Entry System. The expense of providing such documentation shall be borne by the requesting holder.
Gorilla XXXX only paid for 1 pound of cheese after getting almost 300 pounds of cheese, free.
Later Gorilla XXXX realized eating 300 pounds of free cheese could cause lactose intolerance and took 15 years to consume it and pay for it.
There is baby 'xxxx' and big gorilla 'XXXX'. WMIH is the child corporation 'xxxx'. WMIH is not the Parent 'XXXX'. The actual Parent corporation of WMIH is the BIG 'XXXX' who's identity has become clear from the relationship those 'now paying dividends' have from the WMB bonds, which could only be possible if, a certain so-and-so is 'XXXX'
WMIH, the child corporation 'xxxx' owns COOP, among some other legacy subsidiaries of WMI...like a certain 'Preferred Managing Sub' for Ps that still pumps out income. And oddly enough, WMIH ('xxxx') only SEC reports and trades as if COOP was it's sole business - WMIH only uses Nationstar's former shell to represent the whole of itself 'xxxx' and report as its sole operations. Which is laughable... The other legacy WMI subs such as that certain 'Preferred Managing Sub' still operate almost invisible, thanks to SEC regs regarding FDIC receivership and securities. The Preferred Managing Sub's income is still SEC trackable to this day,,, income is made and reported to the SEC, but where it is actually 'held' is the question...as WMIH isn't forced to report that portion of its income...yet....
The conclusion of any LIBOR settlements impact, against the FDIC's WMB receivership's tentacles wrapped around our tangled legacy WMI interests, will force the acknowledgement and public accounting of these former 'safe harbor' subs. How exactly it is done....I await with restless anticipation, for the final act.
There is baby 'xxxx' and big gorilla 'XXXX'. WMIH is the child corporation 'xxxx'. WMIH is not the Parent 'XXXX'. The actual Parent corporation of WMIH is the BIG 'XXXX' who's identity has become clear from the relationship those 'now paying dividends' have from the WMB bonds, which could only be possible if, a certain so-and-so is 'XXXX'
WMIH, the child corporation 'xxxx' owns COOP, among some other legacy subsidiaries of WMI...like a certain 'Preferred Managing Sub' for Ps that still pumps out income. And oddly enough, WMIH ('xxxx') only SEC reports and trades as if COOP was it's sole business - WMIH only uses Nationstar's former shell to represent the whole of itself 'xxxx' and report as its sole operations. Which is laughable... The other legacy WMI subs such as that certain 'Preferred Managing Sub' still operate almost invisible, thanks to SEC regs regarding FDIC receivership and securities. The Preferred Managing Sub's income is still SEC trackable to this day,,, income is made and reported to the SEC, but where it is actually 'held' is the question...as WMIH isn't forced to report that portion of its income...yet....
The conclusion of any LIBOR settlements impact, against the FDIC's WMB receivership's tentacles wrapped around our tangled legacy WMI interests, will force the acknowledgement and public accounting of these former 'safe harbor' subs. How exactly it is done....I await with restless anticipation, for the final act.
Libor may be happening but is WMI getting any of the Libor beyond a billion…..or even in the millions….
You were pretty pissed off when no one took your advice in buying in the single digits……too many posts where you were angry that no one taking your advice and some took your advice on selling at 50.00 while others are still holding…..
banks were not harmed by LIBOR manipulation... the FDIC was harmed by over insuring the banks liabilities that were inflated by the banks who were collecting more interest on loans, without compensating the FDIC with the premiums that they pay to insure their liabilities.... you wont get a dime from settlements... besides WAMU does not exist anymore... it was placed in receivership 15 years ago....Lodas
"FDIC can hide it and we will never know."
SO, the 20 banks that the FDIC is filing on behalf of, WON'T ask any questions???
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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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