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You know we got to start with the kids and try to straighten them out before they get older cuz once we get older we're really hard to change. And this sucks you know deadlocking between political parties at the FDIC Royal b*******.
Split T
You don't pay taxes when you get your property back that was stolen in the first place, IT IS JUST BEING REPLACED
No room for sexual harassment or any forms of discrimination in the workplace. This is an important government agency and if we cant trust the management to follow basic human dignity rules and practices...how could we ever trust them to perform their job of protecting the public, enforcing actions in a timely manner, and in general to do the right thing.
Doing the right thing when someone is looking means nothing. Doing it when nobody is watching is where it matters.
SHARES imho DO NOT REQUIRE a W-9 , a W-9 is for cash one recieves
This is why DA BOYZ will issue new P's K's U's, as they are NOT TAXABLE until you sell they, NOW ANY INTEREST would be taxable again the need for a W-9
In the meantime we are the ones getting screwed!! Busyness as usual!
FDIC news this morning:
FDIC chair in the hot seat
By Emily Peck
A harsh grilling awaits FDIC chair Martin Gruenberg on Capitol Hill next week when lawmakers are expected to question him over a bombshell investigation that found a longstanding toxic culture at the agency.
Why it matters: Gruenberg's fate hangs in the balance — along with the prospects for the Biden administration's financial regulatory agenda.
Catch up fast: Out this week, the report details an agency that's been rife with sexual harassment for years, and where employees fear retaliation for speaking up.
The report notes that issues predate Gruenberg, who became chair in 2022 and served in the role from 2012 -2018. However, it devotes about nine pages to Gruenberg's reputation for losing his temper in the workplace.
The situation raises uncomfortable questions for the White House and Democrats, typically folks who want leaders held responsible for workplace cultures that allow for sexual harassment and discrimination.
The big picture: If Gruenberg steps down, it would leave the FDIC board deadlocked — two Democrats and two Republicans. That would make it difficult for the agency to move forward on any controversial rulemaking.
"A 2-2 vote would stall and probably doom politically sensitive banking policy," per a note from Renaissance Macro Research.
Zoom in: Atop the doom list is the administration's proposal to beef up capital requirements for banks, already facing pushback from the industry and even some Democrats (it's expected to be revised), and a recent interagency proposal to curb bank executives' pay.
If Gruenberg leaves, the White House won't choose an acting chair. The role would automatically go to Travis Hill, the vice chairman of the FDIC board and a Republican.
His departure would change the balance of power between the three banking regulators — the FDIC, the OCC and the Fed — and imperil interagency rulemaking.
The White House would scramble to find a new leader who could be confirmed by the Senate before the election.
Between the lines: The report doesn't explicitly call for his ouster but the implicit message is there.
Where he stands: Republicans are calling for Gruenberg's head and a broader leadership change.
Top Democrats on finance committees, including Sen. Sherrod Brown (Ohio), Sen. Elizabeth Warren (Mass.) and Rep. Maxine Waters (California) are all backing Gruenberg, Punchbowl News reported on Wednesday.
Others including Rep. Bill Foster (D-Ill.), who sits on the House Financial Services Committee, are backing away.
Meanwhile: Advocates for financial reform question the independence of the investigation itself, asking why the FDIC's former chair, Republican Jelena McWilliams, who served from 2018 to 2021, didn't come up for more criticism.
They point to a 2020 investigation from the FDIC's Office of the Inspector General that highlighted sexual harassment issues and appears to have been largely ignored inside the agency.
The bottom line: Ultimately, Gruenberg's fate is in President Biden's hands.
A lot is riding on how Gruenberg does on Capitol Hill next week when banking regulators go before House and Senate committees for regularly scheduled oversight hearings.
"A disastrous performance next week could make it harder for Democrats to defend his staying in the role," the RenMac note says.
Short-interest slightly DECREASED by ~60k to 1.59M
https://www.nasdaq.com/market-activity/stocks/coop/short-interest
Split, the hedgies will be in the same tax situation so we will somehow find out how they will approach it.
Some payouts will be taxable but some wont. Lets hope this happens in 2024 before they increase cap gains to 45%.
No problem, and you know what else, they wouldn't send out w-9s if they didn't have any expectations for needing it. Even back then there were expectations, which remain, necessitating they have my W-9. Duh.
Hey split, we could do that, but odds would be against us. Always remember this, there are always going to be two things in life that we can’t get away from, death and taxes.
Boris , If and when we get a large payout that has Taxes taken out many of us could hire a Litigating Tax Attorney Group to argue our case if needed since we would all pretty much be in the same boat . We can cross that bridge when we come to it as no one know what will actually take place first...to many potential sources of income.
If its a settlement, no taxes.
Of course we will get 28% withheld and we would have to argue our case with the IRS. Good luck with that!
At the very least it should be considered LTCG.
We all know there were at least $20 B assets were contested by FDIC and JPM which they gave up due to GSA. And we all know equity TAB members were there since 2012 thru 2020. WHY?. Does any one think sr. creditors entertain equity members with no stake in it?. LOL.And one more open secret is LT agreement was restated and amended and kept in dark, WHY?.All creditor claims were done, why keep the new agreement under dark?. Any business agreements with JPM?. Possible, IMO.
THOSE SENIOR CREDITORS THREW US OUT 7 TIMES.
Thank you for your input. Very much appreciated garyhalvo!
Yes on cash, because if we get shares that would be on your tax returns if you sell.
W-9 was required for tax liability, not really for what we received already, that would have to come from your brokerage.
The W-9 would be used for any payments coming directly from the source that is paying a settlement.
I always believed that the W-9 was just compiling a list of investors to let JD know who’s on it, because he told all of his employees that they had to get rid of their shares.
Don’t forget, JD had said that there are going to be 100’s of families added to his list of millionaires.
WMI LT maintained 3 disputed ownership funds,WMILT itslef, Disputed Claims Reserve(DCR) and Disputed Equity Escrow(DEE).
DCR received certain Plan Contribution Assets based on GSA and those assets were allocated among equity classes and WMILT had to report the ownership of the assets ,taxes needed to be withhold(in some cases), for those reasons WMILT needed W-9 information from equity classes too. That DCR had its own EIN.I don't see COOP file any forms related to DCR like DEE.
W9 investor personal information is required during preparation for distribution in order to comply with the IRS guidelines for this type of transaction. If I recall correctly, the release documents came with the W9 form.
After hour... Options are indicating $85+ on the 17th IMO.
May 17 1.80 0.95 1.95 2.15 7 44 82.50
May 17 0.60 0.35 0.55 0.70 134 376 85.00
"Price is heading up More IMO.
May17 Options are moving right along and indicate $84-$85 next week.
May 17, 2024
May 17 5.30 0.40 6.10 6.50 5 496 77.50
May 17 3.91 1.44 3.80 4.00 19 355 80.00"
May 17 1.80 0.95 1.80 1.95 7 44 82.50
May 17 0.55 0.30 0.50 0.60 114 376 85.00
May 17 0.05 -- 0.05 0.20 -- -- 87.50
Thank you DarkB4Dawn,
Does the W-9 imply cash distribution only? and I'm mistakenly believing shares require a W-9?
I appreciate your response!
Form W-9 (or an acceptable substitute) is used by persons required to file information returns with the IRS to get the payee's (or other person's) correct name and TIN. For individuals, the TIN is generally a social security number (SSN).
In the event that a payment is made to a person using one it identifies that person and their possible obligation to pay tax's on the hypothetical distribution (if any).
Can someone remind me the significance and weight of the W-9. I remember a few arguments on this board giving me an impression that its one more pebble on the Scale and Balance of proof we are in the money. Just curious to as to how a
W-9 gives one hope or means more than just a tax requirement.
Looking for the meat and potatoes of this W-9 opinion other than the obvious "were paid" explanation.
I completed a W-9 when agreeing to plan 7 because it was a guarantee payout to shareholders. Once March 12, 2012 hit I received my promised shares for this Event hence a W-9 was required for tax liability. And so forth 2015 or 16 when we received a second share distribution.
Other than this what is the significance and argument made by pro escrow believers that a W-9 is more proof we are "IN THE MONEY"
I've seen the back and forth but never truly understood the idea why a W-9 is proof.
Can anyone shed some light?
tia
Uncle Sodas, do you have any ‘official document’ that states what the ‘official closing price’ of COOP will be tomorrow at 4:00 pm eastern ?
You don’t. But yet you trade ?
Point being, all you need is some common sense and you could skip the ‘official documents’
Defaulting on debt is something that we consumers do... banks won't default on what they owe me. But they'll definitely not be timely in their payments or settlements.
After spending 15 or 16 years observing the banking industry through the court processes, and otherwise, I'm pleased to provide this link to those who are interested in summarizing the issues with a few solutions in the following video:
Agree BD. How could you walk into a Ferrari showroom and say I only need the tires and the steering and you keep the rest .
Term sheets (think GSA) could've preserved first right of refusal purchase rights by JPM after any TARP statute of limitation expired..if BBob statement is even actually true. Could explain why this has taken so friggin long. In other words, both statement could be right. A person could say it was prohibited, and could also say JPM bought lock.stock.barrel...because they haven't closed the transaction yet. Like buying a house under contract (the GSA), where an escrow account is then opened with a closing date, the closing date gets extended multiple times - however both buyer and seller agreed to grant multiple extensions to closing date as needed (thx to coffee committee, the fdic receiver and corp, etc.)
loda why did you omit wmilt from title to assets?Whats your intention/motive?
Bban says it’s prohibited.
AZ says it’s all lock stock and barrel.
Pick one and be happy
https://www.weil.com/people/stuart-goldring significant portion of the company’s assets
Washington Mutual in its chapter 11 reorganization, including the tri-party settlement with JPMorgan Chase Bank and FDIC resulting from the seizure and subsequent sale of Washington Mutual Bank.
Washington Mutual Liquidating Trust, established pursuant to Washington Mutual’s chapter 11 plan, to liquidate and distribute a significant portion of the company’s assets, including up to $500 million of potential federal and state tax refunds.
loda 1. Title to Assets
Except as provided in Confirmation Order, on the Effective Date, title to all assets and
properties encompassed by the Seventh Amended Plan shall vest in the Reorganized Debtors,
Reorganized WMI, the Liquidating Trust, the JPMC Entities or the FDIC Receiver, as the case may be,
free and clear of all Liens and in accordance with sections 363 and 1141 of the Bankruptcy Code, and the
Confirmation Order shall be a judicial determination of discharge of the liabilities of the Debtors and the
Debtors in Possession except as provided in the Seventh Amended Plan.
No problem, Disbursing Agent has W-9 info.
LATEST COOP short-interest TODAY after 4:00 p.m. ET
https://www.nasdaq.com/market-activity/stocks/coop/short-interest
Price is heading up More IMO.
May17 Options are moving right along and indicate $84-$85 next week.
May 17, 2024
May 17 5.30 0.40 6.10 6.50 5 496 77.50
May 17 3.91 1.44 3.80 4.00 19 355 80.00
May 17 1.80 0.95 1.80 1.95 7 44 82.50
May 17 0.55 0.30 0.50 0.60 114 376 85.00
May 17 0.05 -- 0.05 0.20 -- -- 87.50
Share buybacks good.. dilution not so.
JHD
goodietime, I appreciate you sharing your Spread Sheet with the Forum.
As a holder of Dime Shares I might add that they were included and are exactly equal to the WAMUQ Shares.
Cancel culture……when challenged…..
Now you are cactus Champion!!!! Awesome….
I believe, I could be wrong, that JPM is prohibited from buying the remaining assets belonging to our beloved WMI. At least that is what I remember but, then, much time has gone by.
Tried this sheet but doesn’t calculate.
here is a simple observation....... "if you cannot explain something that you believe to yourself, and others with facts, then it is just fantasy.........AZ Cowboy, with his opinions, without factual evidence, is trying to convince this board that WMI, exited chapter 11, with billions of assets hidden behind a company called "XXXX", which is non reporting, and allowed by the SEC to disseminate corporate material to people WMIH sold stock to in a public offering, without disclosing the true net worth of the companies holdings.... said another way:.. XXXX emerged from chapter 11 , and hid assets from the bankruptcy court, and exited as WMIH, then acquired NS, and it is using "coop", as a registrant to report earnings to the public, with support from the SEC, all the while, XXXX is allowed to remain hidden from the public with billions upon billions in unreported assets not disclosed to the bankruptcy court.... AZCowboy, further goes on to state, in his opinion, that XXXX will "soon emerge" from the background, and make restitution to former Wamu equity and preferred holders their former holdings, along with dividends that were suspended for 11 years!!!... of course, this is in contradiction to what the amended POR 7 states, but it does not matter to AZCowboy.... he says he can explain it very plainly with more time, and less documentation.... so, AZ, where are the documents for these assertions that you continually make in opposition to the official documents... either you are fabricating stuff, or WMIH is lying.. which is it?...... Lodas
Use the ignore feature. Let them talk to themselves.
Right on cue! AZ post a narrative and the twins appear, just like clockwork! Pick & Lodas, with their rebuttals toward AZ and his narratives. I noticed something a little different today, so obvious, the same ole by both .... and also ?!?!?! & !!!!.... 🤪 no doubt, this will be deleted!
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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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