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serafino1, The high volume in COOP shares is easy to explain, there are people "insiders" that know what is going to happen before year end and plan on profiting from this knowledge. The way the Market works is, Fleece the unknowing. I believe it is possible for a distribution of shares and cash to Holders of Escrow along with a surge in reported assets from the Off Balance Sheet of COOP. One action will not happen without the other...Period.
"Good day, two or three days ago, I had posted a question here, the question was, if the current high volume share sales, if it has a direct to do with possible distributions of shares for escrow holders.
I only had one answer on this, an answer from JWW, which I thank him for, he told me, that I was wrong.
I propose the question again, what do you think about it?
Best regards, around me only sea"
StillHoping, Yes, I agree with you on Xome.
COOP's Management reminds me of the Three monkeys...See no Evil, Speak no Evil and See no Evil!
The three Monkeys have been with us since 2008. The only good monkey I know is, Rally Monkey!
"If there is another 8k, it will likely have something to do with Xome. Nothing to do with escrows of which COOP management hasn’t heard of."
I would think a detailed 8-K is in order. I'd like to see some dollar signs!
I was actually hoping that during the 3rd Quarter the BOD was buying back shares as it was obvious some one was accumulating shares. Turned out that Vanguard Picked up over 2 million shares along with one other entity that amassed over 1 Million shares. I see Vanguard's buy as positive as they attempt to produce value for their shareholders and have been substantial long term holders. I do however have concerns as they and BlackRock may be a large source of the Shorts. BlackRock manipulates much of the market in general and if they ever bail on COOP it will be to our detriment. As insiders they have bought and they have dumped on occasion. Wish I had actual insight as to their motives when they have sold...Obvious if you sell high and buy back low you have a lot more information than we do. They are joined at the hip and IMO Kevin Barker has been doing there "bidding" with his off the Wall analysis and low balling in the past. BlackRock and Vanguard IMO have been privy to the Assets of old WAMU for years now and wouldn't be their largest investors if they didn't Know what we really have and where we are going. Way to much power over us!
JWW, That's great news, but it makes one wonder how many Shares they actually plucked themselves over the past few days for the benefit of actual long suffering shareholders?
Bban, That's true,unless they are putting it to you...Like the FDIC taking over WAMU on a Thursday. Why the rush?
"Split T
Like everything in the legal and high finance world, NOTHING HAPPENS FAST"
Nightdaytrader, It's very interesting that this took place on May 26, 2021 and the "SOURCE" Indicated in June a payout of 2.5 Face Value. It's interesting that we are Just now talking about it prior to the End of year and WMI/WMIH/Coop having to come clean on Off Balance Assets. Looks like a "down to the wire" moment to me.
Split T
EVIDENCE OF TRANSFER
Wilmington Trust Company, not individually but solely as trustee of the Trust (as defined below), its successors and assigns (collectively, “Assignor”), has hereby absolutely and unconditionally sold, conveyed, transferred, and assigned to Nationstar Mortgage LLC, its successors and assigns (collectively, “Assignee”), its claims relating to Structured Asset Securities Corporation, Mortgage Pass Through Certificates Series 2005-11H (the “Trust”) as set forth in claim number 710315 (whether against Lehman Brothers Holdings Inc., Structured Asset Securities Corporation or otherwise) (the “Claims”) in the bankruptcy proceedings in the United States Bankruptcy Court for the Southern District of New York, Case No. 08-13555 (SCC), or any other court with jurisdiction over such proceedings (but solely to the extent of the portion of the Claims relating to the Trust).
Assignor hereby waives any notice or hearing requirements imposed by Rule 3001 of the Federal Rules of Bankruptcy Procedure, and stipulates that an order may be entered recognizing the assignment of the Claims as an unconditional assignment and Assignee as the valid owner of the Claims.
IN WITNESS WHEREOF, the undersigned have duly executed this Evidence of Transfer of Claims by their duly-authorized representatives this 26th day of May, 2021.
(Signatures on following page)
Woodie, pretty sure IEX spells COOP BOD!
SP, I'm thankful for many things ,but I'm especially thankful for my Faith that keeps me going and allows me to endure the hardships of life while waiting on the promised land. Happy Thanksgiving to you and all the other great posters who endure this journey along with me.
Olti100, Altini, The Army and Marines are two separate Branches/Entities and are not related. In each Branch the men that serve under them are Patriots and are proud of the Branch they Serve under, be it the Army, Navy, Coastguard, Air Force or Marines. They each have their place in the defense of America. When they die and are buried they are honored by their comrades in arms with a 21 gun salute.
Olti100, Altini, Mike Willingham honorably served in the U.S. Army, He was not in the U.S. Marine Corp. Facts matter to both branches of the Service.
Split T...A Proud Marine
COOP Latest After Hours Trades
Select time range to see more trades:
After Hours Time (ET) After Hours Price After Hours Share Volume
16:31:18 $42.25 100
16:30:55 $43.3 100
16:30:24 $42.25 100
16:30:19 $43.3 100
16:03:41 $42.0873 400
16:02:33 $42.09 3,363
16:02:32 $42.09 54
16:02:26 $42.09 1,845
16:02:05 $42.09 54
16:01:41 $42.09 20,160
16:01:20 $42.09 244
16:01:05 $42.09 818
16:00:09 $42.09 2,720
16:00:01 $42.09 83
16:00:01 $42.09 10
Yep, Someone cashed out and the BOD cashed in IMO.
Latest After hour Shares traded on BP....83,745
nhtrader, It is quite interesting that the after hours PPS is $41.67 which is only $0.11 shy of the Tangible Book Value Per Share (TBVPS) of COOP at the end of the 3rd Quarter was $41.56.
IMO, if any transaction is to take place involving old and cold it will be based on the (TBVPS) not Book Value.
I'm still looking for an 8K, we have a couple of days left if an event took place that is unannounced.
patiently I watch the paint dry.
jhdf51, The Tangible Book Value Per Share (TBVPS) of COOP at the end of the 3rd Quarter was $41.56.
IMO, if any transaction is to take place involving old and cold it will be based on the (TBVPS) not Book Value.
I suggest we are now there and this is Friday which is prime for an 8K. Watch the volume and PPS today, especially after hours. IMO an 8K is imminent in the next 7 days. Have a great weekend.
Split T
Great point ND9!
"AZCowboy, thanks for that explanation. However, does it make sense to you? How could somebody (e.g., WMIH, COOP, etc) use the money from our preferred sub, money that should go to shareholders, use it for something else, and not pay it back? The rich owners of the preferred stock (i.e., Hedge Funds, Underwriters, etc) wouldn't let that happen... Unless we preferred holders were to be paid back in stock or some other way... I don't care if they pay us in cash or preferred stock.. as long as we get paid...
However, back to my question... You seem to be implying that us preferred shareholders are going to get screwed, because they used the money from preferred sub and did not replace it.. So how do you answer my question? Do you really believe, as Boris said, the Hedge Funds and Underwriters are stupid, and would allow this?"
Austin, IMO COOP must report their off balance assets in the upcoming 10-K finally. At that point their exposure will start making sense I believe. This has been a long haul for Escrow Holders and the end is near one way or another. Keep the Faith!
Split T
If the PPS of COOP keeps tanking today then I expect it may continue till at least the 19th if there is to be a forward split!
S.P., *My take on COOP today, $43.50 at close and an 8-K after hours. Just in time to close a deal before Year End.
* We have been range bound and its getting tighter as the week ends.
The 19th is the Friday before Thanksgiving and the 26th is the Friday After Thanksgiving. Banks will be open on Friday the 27th. That would leave just over 30 days to the End of year for a deal to CLOSE.
Of course an announcement/8K could be made before DEC. 31,2021 and an actual event may take place in the first Quarter. There may be still be some accounting tricks that could cause Escrow to get wet after the first with tax advantages for year 2021. IMO they will show the Off balance in the 10-K and it will be published just before the March closing of the WMILT. A filing in DE is needed before this event takes place.
MadBadger, well said! I came to that conclusion 3 years ago.
"Olti/Alti, I think it’s time to let Willy go. Lol Bashing him continually is not going to get us paid any sooner, if at all. Remember, for him to be part of the Equity Committee and attending the round table meetings, he had to sign a Non Disclosure Agreement. So I can’t be mad at him for not wanting to be sued for breaching the NDA. Especially for some ungrateful strangers. Tell me would you jeopardize your livelihood and all of what you worked for just to please a stranger that in a quick breath will have no problem stabbing you in the back? No, you wouldn’t because before anyone else it’s you self preservation. Also, it’s no secret that Rosen reads what’s on this board, he mentioned it a few times in open court. With that being said, maybe Willy is here also.
One more thing, what happened to World Gardener? She too was on the Equity Committee. Can she share any information with the rest of us? Just look at it in that point of view. I’m not trying to start an argument with you Alti just looking at it from a different perspective. He was forced to keep his mouth shut and divulging inside non-public information would make it illegal. Look at how they shut down Atty. Aya Griffin and they let her off easy with a $1000. Fine as a warning but if she goes against the agreements, I would imagine that it will be more severe than just a small fine, maybe they’ll go after her licensing. Remember this is the Government and also the Government: DBA/Banking Institutions, that’s who we are going up against and they will do whatever they need to do even rewrite laws. Hence, FDIC can now take the Holding Company and it’s Assets into receivership as well."
BigBang, How so? After all, JPM bought WAMU's $300 Billion in assets for just $1.9 Billion Dollars! NOT! I'm smelling money in my accounts!
"How can 1.3 billion buy something BIG? In my opinion, that’s an insignificant amount of money in the overall scheme of things."
MadBadger, Mined nuggets can be quite valuable when properly assayed!
That was quite the hidden Gem! Kudos to all!
"You’re welcome, but the credit goes to Ron and AZ, they provided the nuggets, I just mined it for you. Lol"
Royal Dude, COOP did file an 8K in the wee hours this morning. Thanks for the heads up.
https://ih.advfn.com/stock-market/NASDAQ/mr-cooper-COOP/stock-news/86432395/current-report-filing-8-k
"
I find June 30th 2021 and October 31st 2021 closing as interesting dates. Please study to what may be happening today?
"For purposes of the ownership levels described herein, we have assumed an amount of principal and interest of the PIK Notes as if the Closing Date will be October 31, 2021, but for all other purposes have assumed the Closing Date will be June 30, 2021."
https://www.sec.gov/Archives/edgar/data/0001809987/000119312521286856/d188983d424b3.htm?fbclid=IwAR12g2ElS9PSnOSC2ZbuNUeymLQ0jnxS88lkHZWe0XaDbbwv4IVCrRICbPU#rom188983_3
Royal Dude, did COOP reveal what $ amount they sold the Reverse Mortgages for?
"is not the money partially announced today in COOP in the 10Q today
Coop
PG 35
"In the third quarter of 2021, our forward MSR portfolio continued to grow due to strong execution across all channels, primarily correspondent, direct-to-consumer, and acquisitions. We expect to see continued portfolio growth in the remainder of 2021 as the bulk market is starting to present us with more sizable opportunities. We closed on $21.6 billion in acquisitions this quarter, and anticipate closing on $32 billion in acquisitions subsequent to the third quarter of 2021. We have continued to benefit from early-buyout gains in 2021, which have driven strong operating income for our servicing segment, as we helped customers exit forbearance. We expect another quarter of solid early-buyout revenues in the fourth quarter of 2021, although down from third quarter of 2021, after which revenues will begin to taper off because we will be nearing the end of the inventory as loans in forbearance status continue to decrease. Based on the current interest rate environment, we expect prepayment speeds and amortization to remain elevated in the fourth quarter of 2021. On July 1, 2021, we entered into a definitive agreement for the sale of our reverse servicing portfolio, operating under the Champion Mortgage brand. The sale is expected to close in the fourth quarter of 2021. Refer to Note 2, Discontinued Operations, for further details.
https://www.sec.gov/Archives/edgar/data/0000933136/000093313621000074/nsm-20210930.htm
pg 73
"
Since we have a Ginnie Mae single-family servicing portfolio that exceeds $75 billion in UPB, we are also required to obtain an external primary servicer rating and issuer credit ratings from two different rating agencies and receive a minimum rating of a B or its equivalent. We are permitted to satisfy minimum liquidity requirements using a combination of AAA rated government securities that are marked to market in addition to cash and certain cash equivalents."
Please study doc"
Ah, the sequenced EIN: 91-1653725 DNA matches!
"Biz, WMIH, COOP, and WMI ALL have the same tax UD number. Look very closely at the highlighted filings including the tax ID number, legal name such as WMI/WMIH/WMI Holding and so forth"
May 2, 2008
WASHINGTON MUTUAL, INC.
EIN: 91-1653725 Active/Current
http://www.snl.com/Cache/IRCache/c2d115e11-c5b9-9a28-43ae-105722621b7e.html
January 12, 2012
Section 5: EX-99.4 (EXHIBIT 25.1 - FORM T-1)
WASHINGTON MUTUAL, INC.
EIN: 91-1653725 Active/Current
https://www.snl.com/Cache/IRCache/cf3f7912f-5e05-eeea-6d81-0ab19e14a2d5.html
March 19, 2012
WMI HOLDINGS CORP.
EIN: 91-1653725 Active/Current
https://www.sec.gov/Archives/edgar/data/933136/000090951812000116/mm03-1812_8a12g.htm
Fiscal year ended December 31, 2017
WMIH Corp.
EIN: 91-1653725 Active/Current
https://www.sec.gov/Archives/edgar/data/933136/000156459018004269/wmih-10k_20171231.htm
FILED AS OF DATE: January 8, 2018
COMPANY CONFORMED NAME: WMIH CORP.
IRS NUMBER: 91-1653725 Active/Current
FORMER CONFORMED NAME: WMI HOLDINGS CORP.
DATE OF NAME CHANGE: 2012 03 20
FORMER COMPANY:
FORMER CONFORMED NAME: WASHINGTON MUTUAL, INC
DATE OF NAME CHANGE: 2006 10 17
FORMER COMPANY:
FORMER CONFORMED NAME: WASHINGTON MUTUAL INC
DATE OF NAME CHANGE: 1994 11 23
https://www.sec.gov/Archives/edgar/data/933136/000119312518233673/0001193125-18-233673.txt
February 12, 2018
WMIH Corp.
EIN: 91-1653725 Active/Current
AGREEMENT AND PLAN OF MERGER among NATIONSTAR MORTGAGE HOLDINGS INC.,WMIH CORP.,
And WAND MERGER CORPORATION Dated as of February 12, 2018
https://content.edgar-online.com/ExternalLink/EDGAR/0001193125-18-045940.html?hash=e431640d6567aec1c5fee10e7978f7b9b038cff1f4073e88311e0f5881984618&dest=D539539DEX21_HTM#D539539DEX21_HTM
June 30, 2018
WMIH Corp.
EIN: 91-1653725 Active/Current
https://fintel.io/doc/sec-wmih-wmih-10q-2018-july-27-17948
WMIH Corp. (WMIH) is a corporation duly organized and existing under the laws of the State of Delaware. On May 11, 2015, WMIH merged with its parent corporation, WMI Holdings Corp., a Washington corporation
(“WMIHC”), with WMIH as the surviving corporation in the merger (the “Merger”). The Merger occurred as part of the reincorporation of WMIHC from the State of Washington to the State of Delaware effective May 11, 2015
(the “Reincorporation Date”).
September 14, 2018
WMIH CORP. LAST DOCUMENT USING WMIH CORP AS NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER
EIN: 91-1653725 Active/Current
SCHEDULE 14A 29 Pages
https://d18rn0p25nwr6d.cloudfront.net/CIK-0000933136/5d19ed93-cf11-4303-8685-a4678cbf3063.pdf
October 10, 2018 (October 9, 2018)
Mr. Cooper Group Inc. FIRST DOCUMENT USING MR.COOPER GROUP INC. AS NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER
EIN: 91-1653725 Active/Current
WMIH Corp. (Former Name or Former Address, if Changed Since Last Report) 51 Pages
https://d18rn0p25nwr6d.cloudfront.net/CIK-0000933136/068bb841-d79b-41a5-b069-563a2a31900a.pdf
October 10, 2018 (October 9, 2018)
Mr. Cooper Group Inc.
EIN: 91-1653725 Active/Current
WMIH Corp. (Former Name or Former Address, if Changed Since Last Report) 4 Pages
https://www.sec.gov/Archives/edgar/data/933136/000115752318002024/a51880658.htm
FISCAL YEAR ENDED DECEMBER 31, 2019
Mr. Cooper Group Inc.
EIN: 91-1653725 Active/Current
https://www.sec.gov/Archives/edgar/data/933136/000093313620000005/mrcooper1231201910-k.htm
FISCAL YEAR ENDED DECEMBER 31, 2020
Mr. Cooper Group Inc.
I.R.S. IDENTIFICATION NUMBER: 91-1653725 Active/Current
https://www.sec.gov/Archives/edgar/data/933136/000093313621000005/coop-20201231.htm#i305b832f46274d4895d48ffa77d825ef_7
July 6, 2021 (July 1, 2021)
Mr. Cooper Group Inc.
EIN: 91-1653725 Active/Current
COOP's PPS is up today. Reason, Rising Treasury yields take wind out of stock market amid ‘recalibration’...
https://www.marketwatch.com/story/rising-treasury-yields-take-wind-out-of-stock-market-amid-recalibration-of-federal-reserves-policy-outlook-11632759834?mod=the-tell
The Tell
Rising Treasury yields take wind out of stock market amid ‘recalibration’ of Federal Reserve’s policy outlook
Published: Sept. 27, 2021 at 12:23 p.m. ET
By Vivien Lou Chen
A selloff in U.S. government debt, inspired by the Federal Reserve’s policy update last week, finally took a toll on stocks.
The S&P 500 SPX, -0.39% and Nasdaq Composite COMP, -0.86% indexes fell Monday, each headed toward their worst monthly returns since last October, while the more cyclically tilted Dow Jones Industrial Average DJIA, 0.26% gained ground. Meanwhile, Treasury yields rose across the board, with the 10-year yield TMUBMUSD10Y, 1.477% trading at the highest level since June and briefly breaching 1.5%.
Rising yields tend to usually be a sign of improving economic optimism, as investors sell off government debt and shift into a more risk-on mentality. Occasionally, however, market-based rates can rise for the wrong reasons and hurt equities — such as when inflation expectations move up or the prospects of higher borrowing costs dent optimism.
In this case, traders seem to be factoring in tightening monetary policy this year and next from the Fed, even as policy makers lowered their growth expectations for 2021 and held their inflation outlook somewhat steady from 2022-2024.
Until Monday, stock investors had brushed off the impact of tightening monetary policy down the road — choosing to focus instead on the lack of specific details about the timing or pace of tapering.
Short-term Treasury yields began jumping last Wednesday, after Fed officials indicated that the tapering of $120 billion in monthly bond purchases “may soon be warranted” and penciled in one rate hike for 2022 — the first increase since 2018. A day after the Fed’s update, the 10-year and 30-year rates also spiked and have each climbed by roughly 15 basis points or more since policy makers clarified their plans.
“We’re seeing a short-term recalibration of the Fed’s policy outlook now that there’s clarity on tapering,” said Tom Garretson, senior portfolio strategist at RBC Wealth Management in Minneapolis.
“The market will be focused on the debt-ceiling issue for the next couple of weeks and after that we can see a return to higher yields for the right reasons,” he said, in a phone interview. “We think equities can work in that environment. Growth is still expected to pick up and higher yields for the right reasons will correlate with higher stocks for the right reasons.”
For the month, the S&P 500 is down by around 1.7%, while the Nasdaq is lower by more than 2%. The Dow is down roughly 1%.
On Monday, tech shares were leading the way lower, down 1.5%, among the S&P 500’s 11 sectors. Meanwhile, sectors that tend to do well in a rising rate environment, including energy and financials, pushed higher: The energy sector jumped more than 3%, also aided by a continued rally in oil prices.
“There are few corners of the market more vulnerable to higher bond yields than tech and long duration assets — energy and financials are the best hedges to a rising yield environment,” Chris Weston, head of research at Pepperstone, wrote in a note.
Toward the end of the year, traders will begin to shift their focus to the likely peak level for the fed-funds rate target in this cycle, said RBC Wealth Management’s Garretson. “We think 2% is the ceiling and the key number to watch for the 10-year by next year,” he said, adding that the widely watched rate will likely struggle to get to 1.75% this year.
Nightdaytrader, Thanks for the reminder of the following, the current PPS of COOP is $40.45
$40.45/12 = $3.37...29.85215422 (WAMUQ's into $3.37 (1WMIH)=$0.112889
My Average costs of WAMUQ was $0.092 for a gain of $0.020889 or 20.88% for 12 years.....Pretty sad!
Nothing but Blue Sky! lol Of Course, those that have stock IN PLAY are going to Taaaallllkkkk it up.
Where is the 4th confirming analyst (Barclay) that MAY
hit the mid-range of the other analysts. Your way out in your prediction at this time. Please Reel it in!
COOP's Target price is of course interesting, but one must ask why there is such a price gap between analysts. When I see Barclays==>$38, Keefe, Bruyette & Woods==>$38, and the other two at $50 and now $48, one has to wonder if they are evaluating the same Corporation. When one see Barclays new assessment after their very recent interview of the CEO and the CO-CFO's a level playing field will then be assumed. But until then, Pipers, Kevin Barker, new figure can be attributed to what their two largest stockholders, BlackRock and Vangard suggest to him.
One should not be naive about whats the score really is.
With the high volume in after hours trading we've seen over the past two weeks something is in play, that's for sure. Are the shorts finally covering or doubling down.
With the high volume in after hours trading we've seen over the past two weeks something is in play, that's for sure. Are the shorts finally covering or doubling down?
That's correct MadBadger, History does repeat itself when conditions are just right.
COOP's volume and PPS is because of these changing conditions. I just read about BlackRock being used by the Treasury to facilitate Billions in Commercial Multifamily MBS/ABS from Fannie Mae and Freddie to the Market. Heck that sounds like the $30 Billion that Jamie Dimon found in the rubble that belongs to WAMU. Hmmmmmmmmmm
COOPS PPS wont fluctuate much thru Thursday is my guess. Afterwards and in to the close on the 3 Quarter, now that's another story.
Boarddork, this is a brilliant summation and should be read by all that have not seen or read it before, including me. This brings much into perspective and should comfort all that actually Have a beneficial interest in all flavors of WMI/ COOP. The future value of COOP is much more than is on the surface at this time. It's like a diamond in the rough that has now been sent to a diamond cutter to maximize it's value. GO COOP!
Qualification of real estate assets in Safe Harbor and Legal Isolation, held Off Balance Sheet and kept Bankruptcy Remote - used for securitization collateral ("$240B Held in Portfolio"), requires one thing. A "True Sale". (CBA09 has also explained this well).
Without a true sale, there is no security to sell, there is no collateral to protect the investors who purchased certs, there is no participation interest for the parent to receive income from, WMI would've never been able to claim Bankruptcy (from all the assets 'not in safe harbor'), all $240B in mortgage assets held in portfolio + 10 years of cert participation income, would've either been declared in the FDIC receivership or the WMI bankruptcy.............AND They Were NOT in either.
Why?
Because a proper "True Sale" occurred, like it does in Trillions of mortgage securitizations all over this nation by every other bank, to protect investor and their own SELF $interests from any future disaster events like receivership and bankruptcy. It's how WMI, (to coin one of my court objection phrases) hid the sausage...legally. WMI 'true sold' security cert participation interests, TO ITSELF, from its lenders and thru intermediary depositing subs, for its sole benefit. Crazy smart, and par for the course.
Since a true sale occurred in the past structuring of each securitization, with WMI/WMIIC as beneficiary, Safe Harbor and Legal Isolation, 1000% was triggered by FDIC receivership and WMI bankruptcy, as designed by law to protect the underwriting pool of 'held in portfolio' collateral, and investors interests (WMIIC).
One requirement for qualification of a "True Sale", is 3rd party management by a Trustee like Deutche Bank - who is responsible for put-back claims, managing servicers or sub-servicers, collecting and distributing participation income to cert holders, etc. The triggering of Safe Harbor and Legal Isolation FLASH-FREEZES time and money, off balance sheet legally. Its like an inheritance you didn't know about, collecting massive income every year, for over 10 years. Not able to be paid out to you until the estate is completely settled by the estate trustee - all bills paid, any parties of interest notified/claims made/litigated/paid or settled.......then and only then, can an entity like the FDIC acting as an ultimate trustee, as the ultimate backstop and responsible party; then and only then can you as the ultimate beneficiary receive what was designated and intended long ago.
WMI planned for its total devastation. WMI, left a 'cache' hidden in the weeds, for us as legacy WMI to pick up later after the dust settled.
What we've had for too long of a time, is a classic triangulated gunfight between the FDIC, legacy WMI/WMIIC in Bankruptcy and claims holding up termination, JPM and the PAA, and ALL Trustees like DB. Everyone is pointing a gun at every one else for over 10 friggin years, causing one heck of a delay. The FDIC wants to make sure it really "cost them nothing". Legacy WMI wants out of BK and what is theirs known to be hiding in plain sight, off balance sheet. DB wanted what it was owed for hanging onto FROZEN and ICED safe harbored mortgage security collateral, without reimbursement for over 10 years.
Everyone wanted something......and everyone had a rope to untie for themselves, yet all are tangled in one giant knot together...........and when everyone is pulling on the rope at the same time, the knot is impossible to untie. Every participant in this fight, needed 'encouragement' to release a little tension, so the knots can be unwound. Sometimes, like now, the FDIC is the only one pulling too tight, as we all have 'released' and relaxed our grip on the rope..... legacy WMI in BK releases, JPM and PAA claims settled in probate and DOJ settlement agreements, DB trustee and putback claims settled in probate, the WMB bondholders here and in Europe (as AZ as so graciously explained) .... The good news at this point in time, is nearly the whole circle of interests is not tugging on the rope causing tension on the knot like it was a couple months back!!
All that's left now is for the FDIC to reconcile the receivership of WMB (and the WMI safe harbor vacuumed up at the same time, which was a line for the FDIC to tap IF it was going to cost them something), dot i's and cross t's, total up accounts and claims = "cost them nothing"...........and then and only then IMO will the FDIC release their grip on the rope, so our knot can be untied quickly, and we cast off.
For legacy WMI who released, and any smaller leftovers for WMIH to exploit....we are ALL waiting on the FDIC to reconcile, and finally remove the safe harbor/legal isolation yoke. To remove the 'yoke' prematurely, is a litigation morass.
DarkB4Dawn, Thanks so much, looking at possibilities with a couple of friends from GA that are exploring the situation. I'm not from GA. but I will help them. Still need to explore other states.
Thanks Stocksss, I only know of one member that resides in Georgia, are there others that live in GA that really want answers? If so speak up please. Seems there are ways to get answers. I will check out the Trust Statutes in my state and see where that might lead.
Let's not forget that a member of this board and a member of the BP board attended Probate hearing and CA and it was indicated by the Court and went unchallenged that they were beneficiary's as well as all other Escrow Holders of all the Trusts that Deutsche Bank was the Trustee.
IMO WE HAVE QUITE A BIT OF AMMUNITION.
Stockssss, are you aware of other State Trust Statutes that mirror Georgia's laws? What about your State?
https://www.nclc.org/images/pdf/unreported/National_Collegiate_Student_Loan_Trust_v_Clayborn.pdf
"...also there are states that don’t recognize DST trustees as above being individually sued... Georgia is one state... the ruling is set forth as a Precedent."
Or covering COOP Shorts or Options. I expect the same price to tomorrow as the Options Expire. Then up and away...this monthly option crap is getting real old. Might be a fight at EOD tomorrow. lol
I suspect that Mr. COOPER and Blackrock may be doing some snag fishing at this point.
Dmceng4, It sure make sense to see action before the 15th of Dec. IMO. No one in their right mind would drag it out intentionally not knowing whats in store for us reguarding the Fed. and State Tax rates....
my.pennys, Yes it is a sad day for many of us. Thank you for your Service to our great Country and I wish you a Happy Birthday and hope you enjoy many more. BTW, Your statements ring very true to me too. enough Said!
Heck, I'm the one that should be thanking you for all that you and others have contributed over the years.
It's hard to believe that I set up a Coverdale Account for my grandchild in 2009 and it has been untouched since then. She graduated from H.S. in 2015 and College in 2020. She will be able to use it on her master's and live like a Queen at some point hopefully. I'm thankful that other funds were available for her education and she has no School debt. It has been a sore subject for many years and I'm sure others encountered the same situation. It will become a tax issue in the future as there's a penalty for non Educational use. Sigh!
But it does tell us it's a "Statutory Trust".
"Thanks for taking the initiative to find out but it doesnt tell us why its still open or whether the closure process is just not completed yet."