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299B assets in book value has also showed on FDIC's records.
Amazing
Thanks very much.
AZ,
So, if any assets are returned, to where are they going directly? LT or WMIH? Appreciated your opinion?
Around 14B from my memory.
What is the purpose to set up WMI Holding LLC? Thanks for your comments.
It is the reason that WaMu's assets are excluded with FDIC as a receivers.
Very, very interesting.
If Sullivan accepts the delay, IMHO, hardly separate him with JPM/LB.
May be Cotton could send him an emergent email because the date (8Jan 31/16) is too crucial to do it.
Under the normal circumstances, I don't mind.
It seems that the game is over. ??
I may be wrong. I think WMB was the operators for all MBS prior to bk. After WMB was taken over by JPM, WaMu Assets Acceptance Corp , which hold all MBS, had to go under JPM as a subsidiary. Otherwise, there was no one took any daily operations corresponding the actual assets. If JPM got rid of the off balance MBS last year, WAAC could go somewhere. Bloomberg might not update the status yet.
Hopefully, you get an answer from LG.
You're right.
Insiders call bar instead cylinder.
GTAT makes crystal bars technically speaking.
Follow ex GTAT founders, disregard his credibilities associated with GTAT. But, that's not I meant next winners.
1000% agreed. Too many crystal bar makers ( i.e. GTAT )are available in China. No more equipments are needed. Also, more advanced technologies are available, which are superior to GTAT. Who is going to be the next winner, ??????
Do you know why WaMu Asset Acceptance Co. operates as a subsidiary of JPM Holding Co. Thanks for your posting.
Now it's tied up everything together. My slight doubts are gone due to your excellent DD. Everyone is happy here escrow and current holders. Thanks.
I may be wrong from my memories.
Do you remember LIBR said that returning $4B to WMI would cause JPM bankrupt. That's the most ridiculous things I heard from a judge.
Later, she ruled the return of $4B to debtors. Whatever JPM did that means washed off all the crime and guilty done by JPM. It made JPM liked doing a big favor for WMI by using our money.
I think the money paid off senior secured creditors.
Most likely, IMHO, JPM may absorb the costs once judge Collyer decides DB's case. That is something I am worried about. One way or another, escrows may get nothing.
SO SAD....
Because FDIC wish to use $2.7B to recoup her lost.
Yes, that's the reason.
That is the reason of book value gets involved. JPM believed that all MBS gets before the bankruptcy is much under the book value. What DB, as a trustee, got lost has nothing to do with JPM. But FDIC believe you have to pay everything regardless.
So Judge Collyer decided the cut-off points. FDIC is going to lose everything possibly to pay bond holders as well.
BBANBOB
From the true meaning of "premium", JWW is right because that's the normal operation per FDIC. However, from the study of deals between citi / Wachovia / WF, I realized that FDIC used the same terms -- premium, but FDIC did not mean it, and from JPM's understanding as well.
Citi wished to follow the same token to acquire Wachovia for $2.1B. Why WF would like to offer $15B instead, not $2.2B...., ????
I wish I could be wrong due to still holding a bunch of escrows.
You only could turn around it before the deal's done. Like WF turned the proposed deals between citi / Wachovia.
Now, it is a done deal.
That's right. The fight between FDIC / DB+JPM has nothing to do with WMI (old wmih).
$1.88B for everything ( I.e. All assets and liabilities )
But, WaMU acceptance corp is owned by or under the corp charts of WMB, not WMI.
I believe the same. While FDIC had brokered the similar deals between citi and Wachovia, citi would just have paid $2.1B for all the assets and liabilities. Although the deals did not go through due to WF, but , at that time of financial crisis, it was not surprised FDIC would do so.
In other words, FDIC adopted a difference ways to sell WaMU all for only $1.9B instead of initial down payment as some mentioned here. It is sad, isn't it?
So, what is your estimation of how much would return to LT?
TIA
I knew wells got Wachovia. But, the initial deal was so much like ours. FDIC mentioned that's an unique deal because at that time at that crisis. FDIC just followed the the same token as JPM / WMB. It's not surprised.
It's sad. WMIH goes no where. Buffett spent 33B. WMIH has 600m plus less than 1B market value of NOL. M&A just another version of escrow.
Having read the deal between citi and Wachovia brokered by FDIC, I believed that JPM got all WMBs at $1.9B. JPM did not get other WMI's subsidiaries.
Now, it matters that how much left those MBS mingled between WMI and WMB. IMHO.
I think those dirty HFs loaned $200 millions to wmih as the operation funds.
I wish you're right. The only concern is that our case was very similar to the case between FDIC and citi.
FDIC brokered the deal between citi and Wachovia for $2.1B. But, Wells Fargo offered $15B to get Wachovia. Because the deal did not go through between FDIC and citi, now you could see more detailed issues regarding the deals. I believe that citi's offered ($2.1B) for entire Wachovia bank, not the initial payment. The deals itself did not include Wachovia Holding's other subsidiaries, such as securities and investments. Due to the financial crisis, especially was caused by the MBS, those deals ( i.e. JPM / WM, CITI / Wachovia) were very odds, not by the book.
Of course, I think escrow holders are golden. And hope WMI could separate herself and WMB in terms of assets.
Thanks
Normally, LT is pretty fast. When I had questions regarding "H", LT responded in one day.
I don't know anything about deals of Wells Fargo and Wachovia. I had a quick glance because FDIC brokered this deal between citi and Wachovia was very closed to ours in terms of time, bidding amount, and financial crisis.
I may be wrong. FDIC requested citi to absorb total 42B loss ( 30B initially, plus 4B after 3 years) from all portfolio loans, and FDIC backed up 130B from MBS? (Not 100% sure).
Any similarity there comparing to ours?
TKS
That is true, but again, why is doing that for protecting something?
By the way, NOL is worth less than 1B market price. Kkr/citi's investment is closed to it.
I understand this point. However, why wmi pledged MBS to REMIC trust in 2005. Wmi got to have a smart reason.
If you were WMI, how did you see all your investments over 100 years gone. If I gave it to a trust, should I expect a return.
Second, hiring two experts for high risk assets probably for 38b trouble MBS. Why kkr/citi spent 600m only for a shell of WMIH? Got to be more than 2.5% management fee, which is the administrative expenses. What is their ROI....... Share prices.
Boarddork, I am not familiar with REMIC trust. Wmi pledged All MBS to her. Is she the legitimate claimant if $ reaches LT?