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~ WMIH-Corp, IS’ / WILL BE’ The “Tell” ~
If ?, you / or anyone’ has been focused on the WMI-LT ?, ... “Snap Out Of It” ... If ?, the wording in their recently filed requested extension ?, doesn’t begin to ring a few “reality” bells ? ... well’ then, I just don’t know ...
... We’ ... will all know at the very same exact time, ... when, ... the “Embedded Derivative Function” ... designed pps’ controlling mechanism, ... Is No Longer Necessary’ ...
WMIH-Corp, is not able to go’, anywhere financially relevant, ... Without ALSO’ Addressing US’ ... and Yes, ... I believe things will become financially positive, and will begin to be realized prior to 2017’s end, ... since I believe that WMIH-Corp, has already “tapped” into some of the “Liquidation Preference” “Cash”, available from the Performing Trusts, ... “tapped into”, back in the third quarter 2017’ ...
If I am correct ?, ... then as prospectus designated, ... a reveal of the shareholders of record, and an aligned divi’ must be paid ... again, always in arrears ...
Watch the newco’, ... WMIH-CORP, and your release issued ... “tracking markers” ...
AZ
Ahhh back down. Thats the WMIH we know and love.
Have a great day all
Quote..."It has been over 5 1/2 years since the LT has been functional and to date, they have secured relatively ""UNSUBSTANTIAL"" returns from the IRS since compared to previous amounts."
Happy now??? It seems you have totally missed my point........
2008-2011 - $6 Billion in Tax Refunds received
2012-2017 - $52 Million in Tax refunds (only $5.3M remaining which is on appeal and could result in $0.00 being received)
Quote..."Taking into account the refunds previously received, and the market value estimate discussed below, the balance of $5.3 million represents management’s estimate of the Trust’s share of the net tax refunds remaining"
$6B in <3 years compared to $47M in >5 years.....it's being dragged out, not a hard concept!!!
A+M have been paid in excess of $2M per year since the effective date. The remaining Tax Returns are valued at $5.3M, possibly $0 if they lose on appeal. I find your assertion that they are being paid $500K per quarter for this already litigated matter laughable.
Almost every trade has gone off at the ask only to be followed by a drop in the pps
statute of limitations for reference
CBA09 You,AZ,&Ron are on it like donkey kong!
From FDIC
(A) IN GENERAL.--Notwithstanding any provision of any contract, the applicable statute of limitations with regard to any action brought by the Corporation as conservator or receiver shall be--
(i) in the case of any contract claim, the longer of--
(I) the 6-year period beginning on the date the claim accrues; or
(II) the period applicable under State law; and
(ii) in the case of any tort claim (other than a claim which is subject to section 21A(b)(14) of the Federal Home Loan Bank Act), the longer of--
(I) the 3-year period beginning on the date the claim accrues; or
(II) the period applicable under State law.
(B) DETERMINATION OF THE DATE ON WHICH A CLAIM ACCRUES.--For purposes of subparagraph (A), the date on which the statute of limitations begins to run on any claim described in such subparagraph shall be the later of--
(i) the date of the appointment of the Corporation as conservator or receiver; or
(ii) the date on which the cause of action accrues
https://www.fdic.gov/regulations/laws/rules/1000-1220.html
Good Morning Sir,
What is your guesstimate as far as a time line on any actual payouts
for escrows? Are you in the "by end of 2017" camp as far as an actual distribution ( cash or other ) or is this a deadline for notifying escrow holders that " something" is 'coming soon to a marker you hold'?
Nice read AZ!Great job and thank you.
AzCowboy.....Big Hat, LOTS AND LOTS of cattle.
Nice Job regards,
B
~ PIERS Class 16 ? Not Until Year 2019' at Minimum ? ~
So, Any PIERS Holders ? ... Well ? might as well sit back and' settle in for the long hall' ...
Those Interest Bearing Notes ?' were paid off as announced on 10/03/2017' ... (early)
and' ... according to the WMI-LT ? ... well ? they' (AZ's favorite propaganda machine) ... well ? as stated in the extension request ? the WMI-LT is going to need to continue to fool' around to a minimum of until 2019' ...
according to the LT's latest request for an additional extension ? ... I seriously doubt the LT' will have enough of any actual relevant amount of' - left over's - to pay the last light bill' ...
... Nope' ... NO Tracking Markers' (Estate owning established' markers' ? which will soon become' quite important)
... Nope' ... NO Transitional newco' Shares'
... Nope' ... NO Control over the attorneys chewing through the remaining, "lawyer chow" ...
... And as I said many years ago' ... the PIERS Class 16' (the last creditor class ?) ... at the end', as revealed, maybe sometime at the earliest in 2019' ... will be left impaired' ...
for the last creditor' ? the PIERS Class 16's ? ... considering the future end having already been revealed in the request for an extension ? ... the earliest for any final reconciliation won't be until 2019' ... and probably longer, if there's any LT designated' money left'
And For ALL of the Rest of Us' ? ... Well, as stated in the request' ... "The WMI-LT will maintain its status as a, ... "Grantor's Trust" ... Yeah, No Kidding', You betcha' it will ... That is the ... "Pass-Through" ... mechanism that I have been posting about' ...
AZ
bk
in brief - what is the ceiling on the possible tax refund value ?
About 20 million?
Yes
And such is fully anticipated
Ref: Is there a time limit for disclosure of what's in safe harbor?
Does FDIC have any fiduciary duty to disclose final accounting of all assets in safe harbor? If so, is there a time limit?
Comment:
We are talking Off-Balance Sheet Assets - FDIC has not seized MBS in SPE's/ Trusts assets. They have no control or standing with such assets. The pooling & service agreements govern the disposition of all "Retained Assets" respectively within each Trust. Here - "WMI" in its sole capacity as Parent will the final recipient. That is why those in the know wanted "IT ALL" for themselves.
Off-Balance Sheet Assets are those sold and the only requirement of WMB was to reflect the following:
As of each Balance Sheet Date. - Monthly
1) Remaining Principal Balance of those sold assets as Off-Balance Sheet.
2) Risk Obligations such as Recourse Liability.
3) Trigger Events that might accelerated / increase obligations.
4) Description of Trigger events, etc.
Also in 8-k of the Risk Section such estimated obligations would be disclosed.
The tax refunds received to date and...
...the amounts still pending resolution.
...@ 20% to the WMILT for federal purposes (there are and have been other state tax matters).
...have been significant, the amount receivable is significant (if successful).
...and when "grossed up" for the 80% JPM portion, massive.
...a simple reference to the recent QSR and last 10K are explanatory.
http://www.wmitrust.com/wmitrust/document/8817600171031000000000001
http://www.wmitrust.com/wmitrust/document/8817600170419000000000001
...as such, the assertion in RED does not appear to be accurate.
...that's what A&M has been 'working on probably ~ as per their actual engagement letters?
Dude, the reason for the 645 MM you can read in the GLOBIC Report. Not very detailed explained, lawyers language as usual. GLTA
And when Rosen and the gang eat all the cash no distribution at all:you missed the most important piece and the piece why Rosen is dalying and objecting a lot of time in the employee claims that was denied by FDIC.
As I said before:the final payment was done in september 2017.Isn't it strange we didn't get a nice explanation what those 645 million was for??
It has been claimed in the past, that a major portion of the LT's recovery for our markers will come from Tax-Returns filed with the IRS........
The Debtors filed for and received almost $6 BILLION in Tax Returns from the IRS in about 2-3 years starting in September,2008.
It has been over 5 1/2 years since the LT has been functional and to date, they have been unable to secure a single Return from the IRS since.
History and track records wrong again is just the entrenched default now, they only have to be right once and maybe someday they will be..still waiting...till then always tommorrow never today
what about if their claims are based on compensation/benefits provided via stock? it seems they would be treated differently than retail shareholders. anyone know?
how can you once again in the present be wrong about two days that haven't even dawned yet?
yeah I know I was here. I believe someone already explained to you that he was billing for his staff. besides that has 0 to do with what's is or is not gonna happen in the coming days, it just doesn't. maybe, just maybe your rich friends don't effectively and efficiently handle their finances. if you're truly rich and always NEED more money, that just means you're greedy to a fault or don't take care of what you have. just sayin'.
It might be "High Time" for the powerful, rich hedge funds that have a stake in this to, somehow, assert themselves. This ordeal has gone on long enough.
Thank you Bo!
very informative report! I hope that now also the very last one understands who we are dealing with and to understand what we own!!
GLTA
Gary screwing been going for 9 years....how long does it take to soak in?
We are HF’s also. Do you really believe that they are going to be screwed? lol, you’re too funny
BBAN, Time to give that Congressman a call. Even if he's not still in office, he might be able to get a clue as to what the actual hold up is.
Exactly and once disallowed and Piers are paid using those earmarked funds, there are no more excuses for wrapping this bankruptcy up.
All of the major litigious impediments have already been resolved. (DB Settlement, DC Action etc)
There is approximately $65M set aside for payment of the employee claims should they become an allowed claim. At present, they are classified as a disputed claim. Should they become disallowed, the money would be available to payoff the PIERS.
Tuff times don't last, tuff people do!!
Idk they don't seem concerned and still projecting large events between now and eoy, my guess is they are wrong again as usual
The Bankruptcy is one thing.
The FDIC Receivership is another.
The WMILT is another thing.
They are all connected but on separate timelines, kinda.
There are some wonderful posters here that have done "tons" of DD that must be pretty frustrated with the talk of a 3 year extension.
I never imagined that I would say this but I wish withcatz would come on here and tell us the truth about what's really going on here!
That really sucks!
F&R psffst
Just common makekers and wmih shares from GSA
Yeah and early this year didn't we hear something about begining the process of winding down? Yeah sure winding down turns out be years yet to go? What a @&$$#@ joke!
How much is the total for the employee claims, any one have this figure documented?
DUH it has been shown here SEVERAL TIMES by SEVERAL that This chit can go on for as long as 20 yrs!!!!!!!!!!!!!!!!! WTHU
JB, realistically, it's hard to argue that. So frustrating after the seizure (ripping away shareholder's investments) and now the grueling wait for anything meaningful to come out of the, supposedly,"fair and reasonable" releases.
Now, another possible 3-year extension. Very, very sad situation for many that had a good faith investment in a great company that had a very good chance to survive before getting the shaft.
For some reason I thought I had read something long ago that it couldn't be extended again. I was obviously wrong
For as long as they are out there still I can't see anything moving forward for the markers, no,end in sight
Haven't I said more than once that the 2018 dead line didn't mean anything if they wanted to extend another 3 years they could and would.....I'll take the high fives.
Absoltuely. This is total BS. Employee claims are typically settled year one in a bankruptcy.
The Employee Claims are being most obviously used by both the FDIC and the LT as a delaying tactic.
The FDIC has been unwavering on this topic, stating that there will be no "Golden Parachute Payments".
The money for employees claim is already in escrow, it's there if it is approved.
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?
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Moderators Large Green xoom GO4AWILDRIDE stoxjock ron_66271 |
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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