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#3 From Janice @ the FDIC
Barry,
I do not have details of what is remaining, but I do know that there is additional litigation at a minimum.
Thank you,
Janice
On: 29 November 2017 14:27, "Barry" <barry.co> wrote:
Janice with the Dutsche Bank JPM litigation settled what is left?
Regards,
Barry
#2 FROM JANICE @ FDIC
Hi Barry. This is not accurate. Although we work diligently to resolve receiverships as soon as possible, there is no statutory obligation to terminate receiverships within 10 years of closing.
Thank you,
Janice
On: 29 November 2017 14:26, "Barry" <barry@.co> wrote:
Thank you Janice ! and happy holidays to you as well . But does not the regulations governing the FDIC state that the receivership must be closed by 10 years from 9/25/08 ? That would be 9/25/2018.
Regards,
Barry
FROM JANICE @FDIC
Hello Barry and thank you for your email. Happy Holidays!
Although we work hard to resolve receivership as soon as possible following closing, please know that the Washington Mutual failed bank receivership cannot be terminated until all impediments to receivership termination are resolved.
I hope that this is responsive to your inquiry.
Thank you,
Janice
On: 29 November 2017 13:27, "Barry" <barry@..co> wrote:
Hi Janice & Debra
I have a question I am sure you can answer without treading on any legal issues.
When is the drop dead date that the receivership of Wamu must be completed? Is it 9/25/2018 that all things must be wrapped up and completed?
Thank you kindly and I hope this message finds you well!
Best regards,
Barry
Hence Why cuaip markerss.
Get closer 10 months or less! We will see alot happen before then as Volcanos always give tells before they blow or go dormant.
Where am I going to go when the volcano blows!
Well of course to airmans corner.
Volcano regards
B
Yes Finance034,
Commons are owners of the WMI as well. Please remember WMB is what was seized not WMI. Give me some of that little fish!
Little fish regards,
Lodas,
You as a trader are far more advanced than myself. I would ask as we get closer if I could chat with you on the calls issue. Somewhat familiar with the process however may need to ask a few questions if possible. I will brush up here in the intern.
If possible regards,
B
HAT TIP TO YOU LG!
In your heart resides The Good of Life,The growing,The Unremitting,Perenial,Unbroken! .
You can tell a lot about someone through their writings.:) So we do our very best to resist and repell the the Entropy that claws at humankind like iniquitous wretched spirits; tearing at the body of humanities good.
Keep up the GOOD fight! I think we can when!;)
Warm Thanksgiving regards,
B
Happy Thanksgiving to All!
To the great Longs!
The contributors!
The Common!
The Preferred
The K
The bonds
The faithful
The Believers
The Hated
The Haters
The Short
The Vile.
Happy Thanksgiving! Many things I am forever thankful for .... my God, Family, and Country and I am even thankful for this saga!
It has taught me much, pushed me, and introduced me to some wonderful humans. I am thankful I have been tested and still survive in this journey.
A special Happy Thanksgiving to those here whom by their our caring and kindness have taken the time and effort to educate, share, and risk their hard earned D.D. and findings! You all know in your heart who you are....THANK YOU!
Big Love
B
Aaron,
Yes that was the release of the update as we have seen. She strongly reminded me that WMI was not seized and that I need to query that. Currently I have asked a few questions that have required an FOIA that I am in the process.
Regards,
B
THE 100 MOST POWERFUL PEOPLE
www.worth.com/power-100-2017/
David Bonderman/TPG "IF" memory serves me correct did he not receive a WHOLOTA Phantom shares upon the Event? I believe he did. I THINK it was in the preliminary filings in October.
What struck me as odd TPG/Bonderman only showed up with these 30 60 days after the "EVENT" SEPT 25 2008. It would make sense from a reporting position.
What is phantom stock ?
Phantom stock is a contractual agreement between a corporation and recipients of phantom shares that bestow upon the grantee the right to a cash payment at a designated time or in association with a designated event in the future, which payment is to be in an amount tied to the market value of an equivalent number of shares of the corporation's stock
I am sure he released!
The reclusive David is and was not involved because he liked sitting around getting it rubbed in his face...I believed since he was largely tied to common he knew from inside the Circle of Power that it would all get sorted out it was gonna just take awhile.
Regards,
B
Missed that sense of humor and honest transparency It'S BACK!
Kind words..Jinsong ...thank you!
I have been a prince a pauper, a big oak with deep roots and a troubadour on the road with only a song and the clothes on my back. I have always found that our journey in this life is full of much good ,and I for one I choose the light, the good and the decency of many of those souls I get to share my journey with. So yes the words we speak and the language we live in is always been some of the good bits!
Nice to have you back. Lets get this party started in these coming months, or lets turn the key and let this diabolical saga crackle in its ashes of carbon and glass.
kind word regards,
B
JinSong
Well Son of a Gun Jinsong. I just came back to the Wamu world myself. Az, Large, Ron, Hotmeat and some old and new crew are killing the discussions over here. They have been crushing it. From my own D.D. I had to come back and get my popcorn and seat because sure feels like the previews are over and the main reel is getting loaded.
Could be almost a year yet but I tend to think with the, Nols and some of the upcoming dates someone is about to pull a trigger. I have been leaning towards AZ's D.D. however there is a lot of good hard research that has been done. Good to see you back! Jin is BACK !
Jinsong Regards,
B
In Note 2: Significant Accounting Policies, P8 of the current WMIH 10Q:
"All significant intercompany transactions and balances have been eliminated in preparing the condensed consolidated financial statements."
What are 'Consolidated Financial Statements'
Consolidated financial statements are the combined financial statements of a parent company and its subsidiaries. Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they let you gauge the overall health of an entire group of companies as opposed to one company's standalone position.
BREAKING DOWN 'Consolidated Financial Statements'
Consolidated financial statements report the aggregate of separate legal entities. A parent company can operate as a separate corporation apart from its subsidiary companies. Each of these entities reports its own financial statements and operates its own business. However, because the subsidiaries are considered to form one economic entity, investors, regulators, and customers find consolidated financial statements more beneficial to gauge the overall position of the entity.
Consolidated Statement of Income
The consolidated financial statements only report income and expense activity from outside of the economic entity. Any revenue earned by the parent that is an expense of a subsidiary is omitted from the financial statements. This is because the net change in the financial statements is $0. The revenue generated from one legal entity is offset by the expenses in another legal entity. To avoid overinflating revenues, all internal revenues are omitted.
Consolidated Balance Sheet
Certain account receivable balances and account payable balances are eliminated from the consolidated balance sheet. These eliminated amounts relate to the amounts owed to or from parent or subsidiary entities. Similar to the income statement, this is to simply reduce the balances reported as the net effect is $0. All cash, receivables, and other assets are reported on the consolidated as well as all liabilities owed to external parties.
Reporting Requirements
Consolidated financial statements must be prepared using the same accounting methods across the parent and subsidiary entities. If relevant, the parent and subsidiaries must all be accounted for using generally accepted accounting principles (GAAP) if the consolidated financial statements are to be in accordance with GAAP. All subsidiary equity accounts such as common stock or retained earnings must be eliminated. A non-controlling interest account may be used if the subsidiary is not wholly owned. When preparing the consolidated financial statements, the subsidiary’s balance sheet accounts are readjusted to the current fair market value of the financial assets.
Ownership Calculation Methods
There are three ways to calculate the ownership interest between companies. Only companies that are owned are included in the consolidated financial statements. Ownership is based upon the total amount of stock owned. If a company owns less than 20% of another company's stock, it may use the cost method of financial reporting. If a company owns more than 20% but less than 50%, the company uses the equity method. Under both of these methods, consolidated financial statements are not permitted.
Regards,
B
Well..My logic follows they said it does not apply remember what they are resolving. They are not resolving the assets of WMI the are resolving WMFSb and WMB not the Hold Co.
Thats how the FDIC explained it and I understand it through my research and the help of select others.
Regards,
B
Thank you........ Key Words
12 CFR § 360.6(d) has no bearing on remaining WAMU receivership liquidation and resolution efforts
Fdic
Regards,
B
Garyhalvo,
I tend to agree with your scenario/hypothesis. Due to the of a good portion of the Certs note expiration it only would make sense.
I also believe that's a lot easier than pulling out possibly billions to pay former shareholders of a "public perceived" bankrupt Bank. As far as the perception, "which I think is very important here for may reasons; keeping the "story Line" straight and keeping the former actions of gov's over reach, camouflaged.
Div regards,
B
Lodas
I been listening with keen ears for many years and you have explained the mechanisms of this "different of trades", extremely well!
Bravo Lodas,
Trader regards,
B
WHERE IS YOUR LINK? WHO IS YOUR SOURCE? And sure what is the effective date for your post and pre-seizure shares? I have heard some good ones, but this takes the cake! Why did I even respond? That's a whopper!
Cake regards,
B
DMDmd2020
Good post! The sheer size of Wamu's MBS is incredible. Now sure we will not end with all, however I believe that there is more than enough food to go around for Escrows to have a sizeable portion.
Nice Dig Regards,
B
No TIME PREDICTIONS. I do believe it would be wise for all not to try to predict the close of this fiasco.
From the very beginning this whole grand Fiasco it has been conducted on the hush, covered up, and a plot of dis-information to the masses.
I do not even think the court case was legit in many ways. The THMW was less than competent! Dual tracking along with a few other people and events have saved us from a empty plate.
I think this is a fine example of when the chefs are done then we will eat. I am counting on a decent dinner but who knows maybe we will end up with a shite sandwich.
I am going to just keep buying the lows and love my escrows. Till then whats another year? Who Knows...just keep the faith.
Faith regards,
B
Gary that was a good video Really Good!
For those who learn like pictorials and such here is one I did maybe you saw it already....I liked it 10 years ago. I like wamu Truth a whole lot its better in many ways.
The Heist
Thanks regards,
B
Man Lucky that's a balls out prognostication...I agree the price decline is indicative of a shaking the loose fruit and not that of a bail. If it were going to hell in a hand basket it would be violent and you could not get out fast enough. I would not put it past them to shake it real hard close to the end , enough to cause a full on panic by some!
Thats when I get to use some dried powder and a few choice large bore rounds.
I truly will not try to guess the timing, but I do respect your intellect and knowledge with regard to this journey? Ahey up !
Prognosticating regards,
B
Thank you for the kind words intuitive3..I did that back in 2010 and i still think it features most of the hangmen and hangwoman!
Heist regards,
B
Yes Sir AZCOWBOY IS ALWAYS LETHAL.
Nice to have a articulate, accurate and
well read gentleman as AZ around!
Az Regards,
B
THE Pictorial VIDEO STILL gets me jazzed!
Rrrrh regards,
B
A video of the Wamu the start of it all..So long ago
The Heist
FOIA,
Lining up a heavy counsel to help. With a little luck if we can get the FOIA right with some proper political pressure from a senator I might just have a shot...Takes time and may not be necessary, however either way already working on the initial stages.
If any qualified, board members, counsels or cpa's would like to chime in on a few Lines of inquiry to be precisely targeted please feel free. The key is very, very specific.
Regards,
B
Yes It is rough for some to take the share price slide mentally. Believe me they want all to throw the towel in!
I personally think they will take this stock down hard just before the announcement that will be forth coming.
Anyone who has traded actively must surely realize this is a pretty orchestrated event. Shake that tree and the apples will fall. I for one see it as a positive! The end end either way gets closer.
What makes anyone think this was NOT gonna not happen? Hell these pros are gonna make money on the way down and on the coiled slingshot on the way up.
Wmih New Co shares are not my main focus, however I will add each leg down and keep loading up the faster the drop the more I will load.
Get ready we are approaching the vomit comet stage!
G-Force regards,
B
VWAP Explained
What is the 'Volume Weighted Average Price - VWAP'
The volume weighted average price (VWAP) is a trading benchmark used especially in pension plans. VWAP is calculated by adding up the dollars traded for every transaction (price multiplied by number of shares traded) and then dividing by the total shares traded for the day.
Volume Weighted Average Price (VWAP)
The theory is that if the price of a buy trade is lower than the VWAP, it is a good trade. The opposite is true if the price is higher than the VWAP.
BREAKING DOWN 'Volume Weighted Average Price - VWAP'
Volume-weighted average price (VWAP) is a ratio generally used by institutional investors and mutual funds to make buys and sells so as not to disturb the market prices with large orders. It is the average share price of a stock weighted against its trading volume within a particular time frame, generally one day.
VWAP Explained
Large institutional investors or investment houses that use VWAP base their calculations off every tick of data during a trading day. In essence every closed transaction is recorded. However, most charting websites and individual investors may prefer to use one-minute or five-minute trading prices in order to cut down on the sheer volume of data required to keep track of VWAP in a day. For a five-minute VWAP calculation you would take the low, plus the high, plus the closing price within the five-minute period and divide the total by three. This gives you a time-weighted average price (TWAP) that is fairly accurate, and you can multiply this number by the volume traded in the same period to achieve a weighted price.
Why Use VWAP
Large institutional buyers and mutual funds use the VWAP ratio to be able to move into stocks in a way that will not disturb the natural market dynamics of a stock price. If these buyers were to move into a stock position all at once, it would unnaturally elevate the stock price. Yet buying purchasing shares under the intraday VWAP moving average, these buyers can move into a stock over the course of a day or two without too much price disruption.
However, there are other uses for the VWAP, and one such strategy is to purchase a stock for individual investors just as the VWAP pierces the intraday VWAP moving average, as this can indicate a momentum shift in the share price. It is also used in algorithmic trading and allows brokers to guarantee the execution of a trade near a certain price volume for clients.
VWAP Issues
VWAP is cumulative indicator and as such the number of data points increases throughout the day. This increasing dataset, over longer periods of time, such as four, six or eight hours in a day can cause lag between the VWAP moving average and the actual VWAP. As such, most investors never use a VWAP longer than one day.
Read more: Volume Weighted Average Price - VWAP http://www.investopedia.com/terms/v/vwap.asp#ixzz4v7YF5HUc
Follow us: Investopedia on Facebook
BBANBOB,
And yes to your point the lack of a 3.1a is not within the realm of comprehension. In the end I do believe the big money who got stiffed with us has helped this whole saga from being a real short story.
Agreed regards,
B
So when does the burn't smell begin. I will say this if you are short this trade I will give you this ! YOU GOT SOME REAL COURAGE.
Lets see how the week transpires for both trades long and short.
Long and short regards,
B
Very interesting points. There is assets beyond a shadow of a doubt shielded snd once again were cerrtified under abratration after Por 6. The amount of the shielded estate is something we will not know for sure as to the exact the time and or vehicle and mechanism.
Even a run of the mill bk attorney understands as to the how and WHY our lrfal team including A&M shield assets of the debtor from the court; legally.
So as we all see the peripheral and obvious, the true accounting of assets without a full accounting in black in white it is truly difficult to know for sure the true $ Amount.
One thing is for sure,that is all entities deemed Equity are not invested so heavy over so many years waiting on the chance they get a crumb at the feast.
If it were just lowly share holders involved and none of the massive billion dollar players (deemed) Equity then I would agree show is Over!!
I find the mere fact a full accounting of all assets and liabilities may never be known due to the fact a Schrivers error occurred as the trap door for the FDIC OTS Treasury Jpmc and the henchman to save our fincial system from collapse due to Jpmc's collapsing bank becuase their exposure to the Trilateral Repo market.. As all things would be fought out in court and as long as equity could keep its seat at the table some restitution had to be paid .
As last week I made my final call to the FDIC and spoke to my contact whom previously where polite and somewhat accommodating, the final conversation was much more direct and curt as reaction to my pointed list of questions. In the end the call was completed by saying I would need to file a F. O.I.A . to see what more could be provided. WHY so secret? FOIA's are the only mechanism outside of those who are privy to THE SHELTERED true accounting of what went where and whom gained or loss and its related mechanism.
Your post CBA09 is very good and well posed. Your background as a c.p.a.is even more qualifying for the legitimacy of your thoughts! Bravo
C.P.A .
Regards
B
AZ COWBOY & his D. D.
For all those whom attack, criticize, and undermine his educational posts you do so with agenda. Az has only shared his incredible grasp of issues and legal road map of this 9 year ordeal. He has stated only what he has determined to be of importance for equity and the financial outcome there within the stock.
If you are long or short a lot is to be learned from someone who at least, has a master’s comprehension of this case. I have never made decisions, placed trades, or bought or sold anything because of him. We all hopefully wear big boy pants and make our own decisions and will level with the reward or loss.
However what Az has provided is a road map for many including myself so I may make better decisions for myself. Az is a legit solid person for doing what he has done here. I personally am extremely grateful for his sharing his knowledge of this case and the issues at hand. So if you are long or short, a thinking human, have a good intellect, and are not arrogant to information that has credibility you would be wise to at minimal be glad he has shared what he has here and do with it what you may.
Cowboy regards,
Thanks’
B
Royal,
Good morning what intrigues me the most is the whole FDIC/JPMC/D.B. does not establish ownership rights of the trusts it only resolves Servicing rights in the scope of what has transpired.
Royal Regards,
B
JPM FDIC and DEUTSCHE BANK NATIONAL
The settlement
Good day all and all ! The wmih picture is coming together.
Muzzled regards,
B
WMIH we will all hope for the best
Good night regards,
B
In Reply to 'bkshadow' Sorry, WMMSC
Hey Ah BK you may want to rethink your post
As you say go ahead see for yourself Johnny J
Nardolillo v. JPMorgan Chase is scheduled for trial in April in California’s liberal North District Court. This case includes illegal substitutions of trustees by Chase, if they we
re not the beneficiary per the Purchase and Assumption Agreement (PAA). Nardolillo alleges wrongful foreclosure, violations of the California Homeowner’s Bill of Rights, and dual-tracking violations in regards to a pending loan modification. Nardolillo is not the first to allege that JPMorgan Chase is playing an ownership shell-game (see Fox).
Paatalo has long discussed the questionable use of using “Substitution of Trustees” in order to create the illusion of ownership and to further complicate the ownership issue in a court of law. Paatalo discovered that WaMu entities have never been dissolved and still exist. The loans did not go through the FDIC, therefore Chase executes assignments from the FDIC in order to substitute trustees. Paatalo demonstrates that JPMorgan Chase did not purchase ownership of $615 billion in Washington Mutal loans in three simple steps.
Paatalo presents a “3-step Analysis” to show that “ownership” of at least $615,000,000,000.00 (over half a TRILLION Dollars!) of WaMu loans were not purchased by JPMorgan Chase from the FDIC.
STEP 1:
The U.S. Senate Sub-Committee (Levin – Coburn Report) reveals in its findings of fact that WaMu sold and securitized at least $615B of residential mortgage loans through its subsidiaries “WaMu Asset Acceptance Corporation” and “Washington Mutual Mortgage Securities Corporation” who acted as “Depositors” in the securitization transactions.
See:
https://www.hsgac.senate.gov/subcommittees/investigations/media/senate-investigations-subcommittee-releases-levin-coburn-report-on-the-financial-crisis
Pg. 116 –
From 2000 to 2007, Washington Mutual and Long Beach securitized at least $77 billion in subprime and home equity loans. WaMu also sold or securitized at least $115 billion in Option ARM loans. Between 2000 and 2008, Washington Mutual sold over $500 billion in loans to Fannie Mae and Freddie Mac, accounting for more than a quarter of every dollar in loans WaMu originated.
Pg. 119 –
“WaMu Capital Corp. acted as an underwriter of securitization transactions generally involving Washington Mutual Mortgage Securities Corp. or WaMu Asset Acceptance Corp. Generally, one of the two entities would sell loans into a securitization trust in exchange for securities backed by the loans in question, and WaMu Capital Corp. would then underwrite the securities consistent with industry standards.
STEP 2:
See: Page 2. – PAA – (click here: FDIC-Chase – PAA)
“Assets” means all assets of the Failed Bank purchased pursuant to Section 3.1. Assets owned by Subsidiaries of the Failed Bank are not “Assets” within the meaning of this definition.”
STEP 3:
In the case of Fox v. JPMorgan Chase, a specific REMIC Trust is named in the action. To prevail on its argument that the loan was sold and transferred to the Trust, JPMorgan Chase and U.S. Bank, N.A. as Trustee, both admitted / “stipulated” that the loan contained both investor codes “AO1? and “369” in the loan transfer history, which means the loan was sold by Washington Mutual Bank to the subsidiaries prior to those subsidiaries transferring the loan into the Trust. AND, it was stipulated that the loan was NOT PURCHASED FROM THE FDIC.
(Click here: Chase Stipulated Fact – AO1 – WMAAC)
Stipulated Facts:
“8. Investor Code AO1 in the Loan Transfer History File represents WaMu Asset Acceptance Corporation.”
“9. Investor Code 369 in the Loan Transfer History File represents Washington Mutual Mortgage Securities Corporation.”
“10. JPMorgan Chase Bank, N.A. did not purchase the loan from the Federal Deposit Insurance Corporation.”
In the Fox case, “JPMorgan Chase” and “U.S. Bank as Trustee,” have taken a position that universally applies to all $615B of these securitized loans.
Each one of these loan transactions will show either the investor code “AO1,” “369,” or both somewhere in the “Loan Transfer History” screenshots within the servicing system, and as such, the loans were not purchased from the FDIC.
To date, Chase has relied upon presumptions in order to maintain its position in thousands of foreclosure proceedings that: (1) it acquired the loans through the PAA, and (2) the assignments of beneficial-ownership interests to the loans unto itself is valid.
Please visit Bill Paatalos’s informative blog at http://www.bpinvestigativeagency.com. Paatalo has investigated and exposed the fraudulent WaMu/FDIC/JPMorgan Chase fraud and is one of the most talented foreclosure fraud investigators in the country.
Az Cowboy
Dang! Just when I think you have explained the complex litigation and events so well you go and out do yourself. Great post AZ great command of the theater!
Great POST
regards,
B