Washington Mutual Mortgage Reinsurance, Inc. - stock holders won in this major bankruptcy case.
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I couldn't or wouldn't believe it for way too long.
Deep. Meaningful and hopeful.
FDIC gets no respect! They ensure bank's deposits but don't get the deserved thanks.
Insight: criminal behavior.
"Happy 4th to all those not pleading the 5th about the 6th!"
I asked OpenAi the same exact question: (not as interesting)
"Based on the information available, there is no direct information suggesting a relationship between WMI Holdings Corp, Paladin Acquisitions Corp, and Wand Merger Corp. It is possible that they may have some business connections or shared interests, but without specific details, it is difficult to determine the nature of their relationship. It is recommended to conduct further research or consult with relevant sources to gather more information."
Interesting
You: "And as I have said before; We have only released JPM in good faith. The Release comes with payment."
I need an attorney to review this particular aspect of our dilemma.
My question to an attorney: Reviewing the release I signed, is there a way to get JPM Chase to be reminded of these releases and comment on future performance?
I want a highly informed JPM contact that has the release in front of them. I want to find out if they are aware of this release and if they expect any action on this release. Getting a comment out of a representative at JPMorgan Chase seems a long shot but worth the effort.
I asked OpenAI the exact same question. Answer:
"I'm sorry, but as a text-based assistant, I don't have access to real-time information or the ability to browse the internet. However, as of my last available information (2023), WMI Holdings Co is not listed as a Delaware Statutory Trust. Please consult an official source or conduct further research for the most up-to-date information on WMI Holdings Co's legal structure."
The sheer size of the booty speaks volumes about the future possibilities, good and bad, for all key players, imo. SUCH BIG MONEY.
What would this board be without you?
I'm watching closely. Kraken gave me $100 Bitcoin a year ago, maybe 2.... and now it's...better.
Digitized everything is in our future. See the VR market and match that with What is going to happen when more people around the world understand trustless transactions! OMG. They don't even know they want it yet. ONLY 20% of Americans hold crypto. Worldwide, much more room to grow.
This whole emerging market, whether you like it or not, is a direct result of the resentment that has come about by the WAMus, Lehmans and the Bear Stearns take over B.S..
Ok, so I won't pay off my PayPal loan until they throw me a bone.
Right? I guess the more mature investors learn somehow to take all this and stride because it is what it is. I object your honor.
Read the link -
FINANCIAL SERVICES LITIGATION MAY 24, 2023
No, We Are Still Not Done With Indemnification Claims Arising from 2000s Residential Mortgages
Philip R. Stein & Enza G. Boderone
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Photo illustration illustrating the housing crisis of 2008 If you thought we were finally done with indemnification litigation focused on residential mortgages originated before the financial crisis of 2007-2008, think again. Over the past year, the Federal Deposit Insurance Corporation (FDIC) as receiver for Washington Mutual Bank has filed six lawsuits against individual mortgage companies and mortgage brokers in the U.S. Court for the Central District of California. The suits are about loans those companies brokered to Washington Mutual Bank and/or its subsidiaries, including Long Beach Mortgage Company (collectively, WaMu). The FDIC-R (FDIC as Receiver) claims that the brokered loans contained “inaccurate or incomplete loan applications or other documentation,” resulting in losses to the FDIC-R. The FDIC-R has threatened many more lawsuits, against entities to which it sent demand letters months or years ago.
These loans were part of a larger group of loans underwritten, approved and funded by WaMu, which it ultimately sold into residential mortgage-backed securitized trusts for which Deutsche Bank National Trust Company served as trustee (Trustee). On September 25, 2008, the Office for Thrift Supervision shut down WaMu and appointed the FDIC as receiver. Three months later, the Trustee filed a proof of claim against the FDIC as receiver, alleging a multitude of breaches of representations and warranties as well as servicing violations by WaMu. Because the FDIC failed to respond to the proof of claim, the Trustee filed a lawsuit seeking indemnification from WaMu, and JPMorgan Chase (JPMC), which purchased certain of WaMu’s assets and liabilities.
The parties ultimately entered into a settlement agreement on August 19, 2016, which was subsequently approved by a California Superior Court. On September 8, 2017, the FDIC-R issued a $3,006,929,660 Receivership Certificate in settlement of Trustee’s claims.
The loans sued upon to date are a miniscule fraction of the 556,000 loans as to which the FDIC, the Trustee, and JPMC settled claims in 2016. The FDIC-R threatens to file new lawsuits against additional brokers that performed no underwriting of any of these loans, as well as some mortgage originators.
The six pending cases are all still in the very early stages. They’re assigned to different Judges on the federal Central District of California bench. No major motions, such as motions to dismiss or motions for summary judgment, have yet been filed by any of the defendants. We expect that the FDIC-R will file additional suits within the next four months, because its position is that the statute of limitations on these claims will not expire until on or about September 8, 2023. Having represented several mortgage companies, brokers and regional banks in cases of this type for well over a decade, we believe that most of them generally have strong legal and factual defenses available to them to combat such claims. Being aware of the potential grounds for such defenses is imperative in dealing with these suits, which often seek many millions of dollars in alleged damages, interest and fees."
Thanks again.
Tim, who are you, really?
It's good to be like an elephant sometimes...and remember.
It means that we all learned, in a personal way, that we can't trust our "free market" as it is. Fortunately, we aren't letting it crash but we are stringing our small investors out, very mercilessly.
And, we know there is legal leverage in the works.
No free lunch! That's a favorite Wall Street saying, isn't it?
Huge benefit to basic living.
Shade is another thing soon to be in greater demand.
Arrests should be planned for the king pins because our economic situation hasn't necessarily improved. Their rationalization was that they had to do the big theft to contain and maintain. Wait, what? Did it work? For me? I want my $ back! IT GOT WORSE FOR HOME OWNERS AND RENTERS! BANKS! OMG.
WAMU and WMI were not broke or broken until the b.s. run.
Henry David Thoreau - "Man's ability to rationalize is unlimited."
Many thinkers have noticed and mentioned this.
Confronting Mr. Dimon, Mr. Kosturos, Ms. Bair with missed opportunities to be simply just may require several centuries of evolution, but it'll happen cuz everybody, yes, everyone is involved!
Don't think too much about it. Have "faith" in the inevitable leveling of all ego tripping.
In the meantime, I'll always be watching, listening, and following the Washington Mutual bankruptcies as the penultimate financial step toward capitalism's demise. Had Bair actually been brilliant, she would have seen her opportunity to say something constructive! Imagine that; greedy leaders often self-destruct, taking many loyal people with them. They know they are guilty. They do. And they are also wrong about our future. It can't be based on this level of b.s.. Their lies bring us all down, not up, not forward, but down.
There's not one element of this ongoing tragedy that may comfort a free man.
Not good for breathing at any concentration.... sorry for interrupting.
Ok. Mr. Cooper Group has my money!
There are at least 2 versions of Mr. Cooper business names.
Bugging out of here into another account, like Reddit.
Well I better get on it.
This is a nice dialog
Fred I fully appreciate your insight and your well organized thoughts here.
Based on what I've read here today my mind tells me we don't know enough about what did happen and we don't really know enough about what's going to happen and I do think we should keep our nose to the trail though hope is pretty well shot.
For out review of the challenges we face as individual investors -
https://ritholtz.com/2013/03/jpm-wamu/
Happy Memorial Day weekend.
Posting as a general review of our challenges - https://ritholtz.com/2013/03/jpm-wamu/
Please use " when posting previously published or written words. I don't know if you wrote that or not.
Do you have any suggestions on how to file a complaint at that FINRA website?
After this much time, it might as well be. But reconciliation remains a possibility, forced or voluntarily. I'm not a fool. Those who do such thongs are. Those who allow and expect the same are further harming our chance for justice.
Here's the up-and-coming lender-think from younger men -
I'm fine with this translation of apparent facts. Apparently, the money squirreled away by Killinger drove JPM nuts. The squirrels around here are still digging nuts up from years ago, too, literally. Idk.
Oooo....the last paragraph at this link sounds a positive note on future payouts.
It's amazing how much I've missed! Thanks, Royal. I hope.
"WAMU" was the bank, taken but not paid for.
"WMI" was the non-bank holding company named as it filed bankruptcy.
https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/wamu-settlement.html
(NOTE that everything published here by FDIC authors is not correct. e.g. "...the next day...". I heard the filing was filed in the same hour! There are a few other debatable details either stayed or omitted, imo. Also, note FDIC speaks of a single bankruptcy, not two.)
Today, we are confused further by new, similar names being used for obsification purposes.
The Employee Identification Number helps, and currently, the original EIN for our holding company is the same as...ok. Which name is it now?
However, none of this will have any effect on distributions, but many of us still want to understand completely what is going on.
After so many years, I'd like to say I can accurately tell someone what happened.
So, no matter the amount involved, the entire process is unresolved. Only upon final resolution of the FDIC Receivership, likely coordinated with all other loose ends, we shall know the amount at hand for us. I hear there's hundreds of billions of MBS stashed away by WMI.
State housing credit...working on it.
Refigure materials receipts.
Sonogram order it up
$ from Laura. DONE
Put at least 2 hours in at Moxie's.
Call 211.
Run Python in code studio on E:
Saturday - CO tax amendment, use 211 if needed.
Juice
Pea strings
WMI Holdings, Inc.
Cool. On page 31, the parties to this investor rights agreement are named on page 31.
"Stockholder" is KKR.
WMI Holdings, Corp. is issuer.
So again, how does the above corporate name relate to
WMIH, Inc.?
What other WM business names have been used in related to these cases?
Am I a Shareholder with KKR, as described in this document?