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Banks raise money all the time and they don’t always state in offering what it is for.. come on man..
Ella Ann Grat Holdings - this filing basically says Ella Ann Disposed (D) of all FCNCA stock in 2018. See footnote #1 below, red font.
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Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)
2. Transaction Date (Month/Day/Year)
2A. Deemed Execution Date, if any (Month/Day/Year)
3. Transaction Code (Instr. 8)
4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)
7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Class A Common Stock 07/18/2018 G V 250,000 D $0.00 950,224 I By Ela Ann L. Holding Revocable Trust
Class A Common Stock 08/15/2018 G V 88,105 A $0.00 1,038,329(1) I By Ella Ann L. Holding Revocable Trust
Class A Common Stock 08/15/2018 G V 214,200 D $0.00 0(1) I By Ella Ann L. Holding GRAT
Class B Common Stock 395 I By Ella Ann L. Holding Revocable Trust
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
Explanation of Responses:
1. Reflects distribution from Ella Ann L. Holding 2016 grantor retained annuity trust
https://sec.report/Document/0001209191-18-048639/
Not really true...
The key sentence states all publicly available information on their website. They aren’t going to tell you anything.. a waste of time.
Large Green, it’s a trust with fcnca shares and gnat = grantor retained annuity trust.
Nd9
I have a subscription... nothing verifiable in article, just another author guessing... not only that, author is about 6 months behind.... Kosmos made this announcement last September.........
Dude, catch up, there was no Kosmos announcement on Block 5. That is the block they kept... The Kosmos announcement was on the other blocks in the STP EEZ, Suriname, Namibia, South Africa etc, that they sold to Shell... Oh, and that announcement was 6 months ago!
What announcement? There was no kosmos announcement on block 4. Opus is copying some text from an African intelligence article.. that’s it..
Mr. Cooper Takes Rapid Action to Reverse Invalid Payments
Company Release - 4/27/2021 8:21 PM ET
DALLAS--(BUSINESS WIRE)-- On Saturday April 24, 2021, Mr. Cooper discovered that its electronic payments vendor, ACI Worldwide, inadvertently issued incorrect mortgage payment drafts while conducting a test of their system. We immediately reported this error to our customers’ banks and worked with them to prevent any financial impact to our customer accounts by providing credits and reversing the incorrect drafts and fees which might have been charged. This was not a security breach, and Mr. Cooper did not receive any funds from customer accounts. As a result of our immediate action, as of Tuesday, April 27, out of 480,000 customers who could have been impacted, we are aware of approximately 100 customers who may have incurred nonsufficient funds fees as a result of ACI’s error, and we are in the process of reimbursing them for these fees. We are not aware of any customers for whom the incorrect drafts were not reversed.
The trust of our customers is more important to us than anything else. Upon discovering the payment processor’s error, we alerted customers through email, our website, social media posts, and our blog, and we have brought on extra staff at our call centers to answer customer questions. Any impacted customers will not be responsible for any fees or other charges they may have incurred.
Customers looking for more information may visit the Payment Information Center on mrcooper.com or call us at 888-480-2432.
About Mr. Cooper Group
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210427006210/en/
Investor Contact:
Kenneth Posner, SVP Strategic Planning and Investor Relations
(469) 426-3633
Shareholders@mrcooper.com
Media Contact:
Christen Reyenga, VP Corporate Communications
MediaRelations@mrcooper.com
Source: Mr. Cooper Group Inc.
https://investors.mrcoopergroup.com/events-and-presentations/press-releases/press-release-details/2021/Mr.-Cooper-Takes-Rapid-Action-to-Reverse-Invalid-Payments/default.aspx
Just a waste of time.. after 13 years, you think anybody in FDIC will provide the real answer? LOL.
Dimon is a criminal who shouldn't really be speaking.
Krombacher, you lost me... Total didn't just show up today (4/2021)... Total has been in STP EEZ Block 1 for last 2 years.... See article below, from March 2019.... Or maybe I misunderstood you and you were talking about Total showing up suddenly on March 19, 2019?
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Sonangol and Total Team up in STP’s EEZ
Tuesday, March 19, 2019
French firm Total and Angola’s state-run oil and gas firm, Sonangol, will explore in the Exclusive Economic Zone (EEZ) of Sao Tome and Principe (STP) together. The two firms signed a PSA with the island nation’s National Oil Agency (ANP) to explore and produce oil from Block 1 in the EEZ.
Total has a 55% share in the license, Sonangol 30%, and the São Tomé and Principe government will hold the remaining 15%.
article continues...............
https://www.petroleumafrica.com/sonangol-and-total-team-up-in-stps-eez/
Why Shell, Chevron, other oil majors are leaving Nigeria
April 18, 2021 in Business, News Update
By Ibrahim Apekhade Yusuf with agency report
Fresh insights as to why the oil majors are gradually scaling down their operations and planning their exit from the country has been unraveled.
Investigation by The Nation revealed that among the oil majors, including Royal Dutch Shell, ExxonMobil, Total and Eni, are cutting billions in spending after taking hits to their profits, thus shifting money to renewable fuels and focusing only on the most cost-effective markets.
Checks by The Nation further revealed that the country was able to attract only $3 billion, or 4%, out of the $70 billion committed on new projects in Africa between 2015 and 2019, a development experts say, does not bode well for economy which relies on oil receipts to survive.
Nigeria’s loss has been the gains of other African countries such as Angola, Sao Tome and Principe, where some of the IOCs have made major investments in recent years.
In Sao Tome & Principe for instance, is now being heavily courted by oil companies from far and near. Notably, a consortium of US firms, including Chevron Texaco and ExxonMobil where among the first to secure oil license along with a Norwegian company, EER, which netted over $70million with many other prospects.
Confirming this development, Delta State Commissioner for Environment, Hon. Onogba Christian, while fielding question from our correspondent on the sidelines of the “Stakeholders Forum on The Environment” facilitated by the Institute of Directors Nigeria (IoD) Port Harcourt chapter, said oil majors like Shell, Chevron and others may have been compelled by the present socioeconomic realities that has made the current operating environment bad for their business to plan their exit from the country.
Specifically, he said: “The first ominous signs that presented itself was the deliberate efforts by the international oil companies (IOCs) to relocate their headquarters outside the Niger Delta region. When that happened few years back, it was a bad signal.
“Of course, you cannot lay all the blame on the IOCs entirely because no businessman wants to invest in an area where insecurity is a big issue. The problem really has to do with the issue third party interference, poor legislation among other factors which are genuine reasons to affect investment decisions, he stressed.
Read Also: Search for APC’s next chair gathers steam
To address this issue, the government, he maintained, must ensure that there is an enabling environment for business to thrive. “I’m convinced that once there is a level of assurance that their investments can be guaranteed many of these oil managers that have exited the country will come back,” Christain assured.
Echoing similar sentiments, Chief Prof. Jasper Jumbo, Chairman/CEO, Niger Delta Projects Consortium Limited, said, “Nobody wants to do business in an environment of chaos. Once peaceful co-existence is a challenge no business can survive under such a circumstance.”
International energy companies working in Nigeria are worried that proposals in the country’s long-delayed oil industry law will deter investment in new offshore projects.
In a joint presentation, the OPTS urged lawmakers to remove a proposed hydrocarbon tax as producers will still be subject to companies income tax.
“Our review of the Petroleum Industry Bill shows that deepwater provisions do not provide a favorable environment for future investments and for the launching of new projects,” Mike Sangster, managing director of Total SE’s Nigeria unit, told lawmakers at a hearing in Abuja, the capital recently.
To boost new investment, the proposed law should grant deepwater oil projects full royalty relief for the first five years of production or a graduated royalty program, said Sangster, speaking on behalf of the Oil Producers Trade Section, a group of 30 producers including Total, Royal Dutch Shell Plc, Exxon Mobil Corp., Chevron Corp. and Eni SpA, which he chairs.
The bill — legislation that’s two decades in the making — will streamline how Nigeria’s energy assets are operated and funded. First presented in parliament in 2008, progress in passing the bill was held up by political wrangling and objections from international oil companies that say the government is demanding an excessive increase in revenues.
The persistent failure to pass the bill “has been a major drag” on the oil and gas sector, Ahmad Lawan, president of Nigeria’s Senate, said last January as he opened two days of public hearings on the proposed legislation. The delays have harmed the country’s ability to “attract both local and foreign capital” at a time of greater competition with other resource-rich nations, he said.
https://thenationonlineng.net/why-shell-chevron-other-oil-majors-are-leaving-nigeria/
If you looked at latest FDIC "termination of receiverships" listing, FDIC just now closing receivership of some very small banks they seized in 2009... So even years ago and to this day, I always wondered if it took them that long to close receivership of a small bank, how long would it take them to close something the size of WAMU...
I guess we'll see...
"Lastly, you should know that the FDIC as Receiver for Washington Mutual Bank is NOT responsible for handling any of the affairs of the failed bank’s holding company, Washington Mutual, Inc. Consequently, if you are a stockholder with shares of stock in Washington Mutual, Inc., you will need to contact the source which is handling the bankruptcy of the holding company."
New Global Acreage Ltd was a few years ago... see link below.. I couldn't copy article but this is from 2016:
https://www.pressreader.com/canada/stockwatch-daily/20160114/282930974358770
Sylvan Odobulu - New Global Acreage Resources Ltd.
************************************************
New Global Acreage Resources Ltd.
Profile
Mailing Address: Centennial Place, East Tower
1900, 520 - 3rd Avenue SW
Calgary, Alberta
T2P 0R3
Head Office Address: Centennial Place, East Tower
1900, 520 - 3rd Avenue SW
Calgary, Alberta
T2P 0R3
Contact Name: Sylvan Odobulu Principal Regulator: Alberta
Business e-mail address: sylodobulu@erhc.com Short Form Prospectus Issuer: No
Telephone Number: 713 626-4700 Reporting Jurisdictions: British Columbia, Alberta
Fax Number: Stock Exchange: TSX Venture
Date of Formation: Mar 31 2014 Stock Symbol: RAP
Jurisdiction Where Formed: British Columbia Auditor: MNP LLP
Industry Classification: other General Partner:
CUSIP Number: 6445OR Transfer Agent: AST Trust Company (Canada)
Financial Year-End: Sep 30 Size of Issuer (Assets): Under $5,000,000
https://www.sedar.com/DisplayProfile.do?lang=EN&issuerType=03&issuerNo=00037307
Kingpindg, here is a Wellpoint & ERHC connection
However, I am not sure how accurate this old article is... from African Intelligence
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Issue dated 14/02/2017
Round Two for Grupo BTG Pactual’s assets
A number of consortiums snubbed during initial talks have returned to the charge in hopes of culling the Brazilian bank’s assets.
The Brazilian bank Grupo BTG Pactual failed in its efforts last year to sell the 40% stake it holds in Petrobras International Braspetro (PIB) but several would-be buyers have come back with new offers.
Those back in the running - According to our sources, the group Wellpoint Energy Corp set up by a Nigerian based in the United States, Essien Ita, and whose offer was submitted by the American bank Aldwych, has already made contact with Grupo BTG Pactual.
Wellpoint consists of the Canadian firm Oracle Energy Corp and the explorer ERHC led by Peter Ntephe and whose leading stakeholder is Nigerian tycoon Emeka Offor. Oracle Energy is run by a former chief operating officer for Kosmos Energy, Darrell McKenna. Its managing director, Peter Francis and its chairman Art Green, both worked in the past for ExxonMobil.
In 2016, Wellpoint offered $800 million for Grupo BTG Pactual’s assets.
https://www.africaintelligence.com/oil--gas/2017/02/14/round-two-for-grupo-btg-pactual-s-assets,108211737-art
Latest FDIC "Termination of Receiverships" listing
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Notice to All Interested Parties of Intent To Terminate Receiverships
A Notice by the Federal Deposit Insurance Corporation on 04/09/2021
Notice is hereby given that the Federal Deposit Insurance Corporation (FDIC or Receiver), as Receiver for the institutions listed below, intends to terminate its receivership for said institutions.
Fund Receivership name City State Date of appointment of receiver
10076 The John Warner Bank Clinton IL 07/02/2009
10077 First State Bank of Winchester Winchester IL 07/02/2009
10078 First National Bank of Danville Danville IL 07/02/2009
10085 Security Bank of Bibb County Macon GA 07/24/2009
10174 Bank of Leeton Leeton MO 01/22/2010
10182 Marshall Bank, NA Hallock MN 01/29/2010
10196 Statewide Bank Covington LA 03/12/2010
10222 New Century Bank Chicago IL 04/23/2010
10223 Peotone Bank and Trust Company Peotone IL 04/23/2010
10246 Arcola Homestead Savings Bank Arcola IL 06/04/2010
10351 Nevada Commerce Bank Las Vegas NV 04/08/2011
10354 Heritage Banking Group Carthage MS 04/15/2011
10514 Edgebrook Bank Chicago IL 05/08/2015
https://www.federalregister.gov/documents/2021/04/09/2021-07354/notice-to-all-interested-parties-of-intent-to-terminate-receiverships
Latest FDIC "Termination of Receiverships" listing
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Notice to All Interested Parties of Intent To Terminate Receiverships
A Notice by the Federal Deposit Insurance Corporation on 04/09/2021
Notice is hereby given that the Federal Deposit Insurance Corporation (FDIC or Receiver), as Receiver for the institutions listed below, intends to terminate its receivership for said institutions.
Fund Receivership name City State Date of appointment of receiver
10076 The John Warner Bank Clinton IL 07/02/2009
10077 First State Bank of Winchester Winchester IL 07/02/2009
10078 First National Bank of Danville Danville IL 07/02/2009
10085 Security Bank of Bibb County Macon GA 07/24/2009
10174 Bank of Leeton Leeton MO 01/22/2010
10182 Marshall Bank, NA Hallock MN 01/29/2010
10196 Statewide Bank Covington LA 03/12/2010
10222 New Century Bank Chicago IL 04/23/2010
10223 Peotone Bank and Trust Company Peotone IL 04/23/2010
10246 Arcola Homestead Savings Bank Arcola IL 06/04/2010
10351 Nevada Commerce Bank Las Vegas NV 04/08/2011
10354 Heritage Banking Group Carthage MS 04/15/2011
10514 Edgebrook Bank Chicago IL 05/08/2015
https://www.federalregister.gov/documents/2021/04/09/2021-07354/notice-to-all-interested-parties-of-intent-to-terminate-receiverships
BBANBOB, just remember Bank of America bought LaSalle Bank and LaSalle Bank had all sorts of mortgage servicing and pooling rights with Washington Mutual.... I posted on those ages ago but can't remember specifics...
Here is an example:
https://www.sec.gov/Archives/edgar/data/1396435/000127727707000357/form8kpsawamu07_oa4.htm
Ocwen to Sell Servicing Rights on $25 Billion in Mortgages to Nationstar
By Michael J. de la Merced
March 24, 2015
https://shareholders.ocwen.com/news-releases/news-release-details/ocwen-financial-intends-sell-98-billion-portfolio-mortgage
Nationstar acquires $97B servicing rights from BOA
***********************************************************
Nationstar Mortgage Closes on Acquisition of Approximately $97 Billion in Mortgage Servicing Assets from Bank of America
February 04, 2013 06:30 AM Eastern Standard Time
https://www.businesswire.com/news/home/20130204005654/en/Nationstar-Mortgage-Closes-on-Acquisition-of-Approximately-97-Billion-in-Mortgage-Servicing-Assets-from-Bank-of-America
BofA sells $10.4 billion in mortgage servicing rights to Nationstar
June 5, 2012, 7:34 am By Jon Prior
https://www.housingwire.com/articles/bofa-sells-104-billion-mortgage-servicing-rights-nationstar/
SoftBank/fortress still own new residential mortgage..
The net result is zero.... when NOLs are worth more, COOP pays more taxes... when NOLs are worth less, COOP pays less taxes..
Stop pumping COOP each day.... Geeeez, have you no shame?
Sao Tome: Government signs free trade zone project with Ukrainian investor
April 1, 2021
By LUSA
The São Tomense government has signed a concession contract with investor Shehab Shanti for the development of the Malanza Free Trade Zone in southern São Tomé, valued at US$1.3 billion (1.1 billion euros).
” The strategy of transforming our potential in strategic and geographical terms, our natural beauty as an investment attraction factor is enshrined in the Government’s programme,” said the director of the Trade and Investment Promotion Agency (APCI), Rafael Branco.
The first stone for the launch of the work is scheduled for the next 90 days, but the execution period “will be extended”.
The project will cover an area of 204 hectares, distributed between the communities of Monte Mario and Ribeira Peixe, both in the south of Sao Tome island.
“This project has the virtue of connecting Sao Tome and Principe to the world,” Rafael Branco explained.
In the view of the Ukrainian investor, the project is intended to transform Sao Tome and Principe into a service provision centre like Mauritius or the Seychelles.
“This project will transform Sao Tome as a whole and has all the ingredients to be considered like the Seychelles or Mauritius,” said Shehab Shanti, ensuring that its implementation will create at least 9,000 jobs.
Hotels, a reference hospital, a specialised training centre, a landing strip for small planes, leisure areas and other infrastructures are included in this free zone, which is considered to be the largest private investment project in the country.
“We are in the context of the pandemic, but we have to secure the economy and we have to start working now on the recovery and resilience plan. This project of the Malanza Free Trade Zone is a light at the end of the tunnel,” said the Prime Minister, Jorge Bom Jesus.
The prime minister said that the project could turn “a new page” in the country’s economic and social situation and expressed “sympathy” with the Ukrainian businessman who “decided to invest” in the project, to whom he also asked for “speed” in carrying out the work.
The concession contract is for 90 years and within 60 days the investor must present a detailed development plan for what it will build, which obeys environmental protection and hygiene rules, including waste treatment, and at the same time must also present an environmental impact study
https://www.macaubusiness.com/sao-tome-government-signs-free-trade-zone-project-with-ukrainian-investor/
I don’t think NOLs are more valuable in the future. COOP may be taxed more under Biden, and might have to pay more taxes, but the nol value doesn’t change because coop has to pay more taxes.
But the letter was dated January 2020 so maybe WMILT was just checking, in case they needed an extension.... but we don't know if they actually filed an extension... Shouldn't we have seen that if it was actually filed?
JMHO
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"This responds to a letter dated January 17, 2020, and subsequent
correspondence, submitted on behalf of Trust, requesting a ruling regarding the classification of Trust as a liquidating trust under § 301.7701-4(d) of the Procedure and Administration Regulations."
"Simultaneously with submitting its request for this ruling, Liquidating Trustee has made an additional request to the Bankruptcy Court for an extension of the Trust term until Date 7.
Hmmmmmmmm
ND9
Addax Petroleum loses 4 oil blocks to Emeka Offor’s Kaztec , Odukale’s Salvic
By PM NEWS Editor -April 8, 2021
By Abankula with agency report
Department of Petroleum Resources, Nigeria’s oil and gas regulator has revoked four licences held by Addax Petroleum and awarded them to two Nigerian firms, Kaztec Engineering and Salvic Petroleum Resources Limited.
DPR announced this on Wednesday, with its director Sarki Auwalu saying in a post on the DPR website that Addax was not developing the assets sufficiently.
But according to Addax, three of the four revoked blocks,OML 123, OML 124, OML 126 and OML 137, have producing fields.
A DPR spokesman said the licences had already been re-awarded to Kaztec Engineering Limited and Salvic Petroleum Resources Limited.
Sir Emeka Offor is the chairman of Kaztec Engineering. The company also has former senate President and APC chieftain, Ken Nnamani as a stakeholder.
Salvic, with head office in Eko Atlantic City, entered the oil industry in 2015 as a ‘newbreed’ player.
It has Oye Hassan Odukale as chairman and Ikemefuna Okafor as CEO.
Two Addax representatives in Nigeria did not immediately respond to messages on LinkedIn seeking comment.
Addax is owned by China’s Sinopec Group.
Addax said it had 11 fields with 80 production wells in OML 123, two fields with 15 producing wells in OML 124 and two fields with 17 production wells in concession OML 126.
DPR has the authority to revoke licences when the holder is not meeting its agreement to invest in and develop them, but moves last year to revoke 11 marginal oilfield licences resulted in at least two court challenges.
DPR is also typically required to prove that the company is not developing the assets as agreed.
Auwalu, who visited Addax as recently as September last year, said over 50% of the assets were underdeveloped, which he said said cost the government lost revenue.
Gas from Addax was also expected to feed an ill-fated P&ID gas processing plant.
P&ID never built the gas plant but rushed to secure an arbitration award against the Nigerian government worth nearly $10 billion.
A court in UK, has for now upended the verdict.
*With reports by Reuters
https://www.pmnewsnigeria.com/2021/04/08/addax-petroleum-loses-4-oil-blocks-to-emeka-offors-kaztec-odukales-salvic/
2221, good, so now you can stop posting.
Boris, in one post, you're crying about corruption and we'll never get paid and we need a lawyer... in another post you tell people to relax and we'll get paid when we least expect it... Make up your mind please... I can't keep up with your split personalities.
Good, maybe the doom and gloom posters will stop posting.
Lol, Delgado was going out the door.. you think he really knew what was going on, lol.. no way..
Mr. Cooper Group Inc. Information Request Form
Mr. Cooper Group Inc. Information Request Form
Levi & Korsinsky announces it has commenced an investigation of Mr. Cooper Group Inc. (NASDAQ: COOP) concerning possible breaches of fiduciary duty.
To receive more information, please fill out the form.
https://www.newsfilecorp.com/release/79331/SHAREHOLDER-ALERT-Levi-Korsinsky-LLP-Notifies-Shareholders-of-an-Investigation-Concerning-Possible-Breaches-of-Fiduciary-Duty-by-Certain-Officers-and-Directors-of-Mr.-Cooper-Group-Inc.-COOP?fbclid=IwAR3-7lOBMPFNDBfmtWhOhQ6o2AdIXcn8jw2uaCPS01SjKeRbmqxwlLjzvKY
...and how do we know that all the current “saber rattling” isn’t meant to do the same thing? Hire a “famous” lawyer, that brings everything to a halt, and then even more delays...
Just wondering out loud..
Nd9
All water under the bridge.. if you think you can now go back and say we signed releases under duress, you are dreaming... look at CSNY/Alice. She appealed multiple times and whether you agree with her or not, just read her briefs... do you really think your brief about “signing under duress” will be better written, with better rationale, and have more success than hers? No way...
Jmho
Nd9
Former WaMu CEO: Feds are taking us toward another housing bubble
BY MYNORTHWEST STAFF
MARCH 31, 2021 AT 12:42 PM
Many may remember Washington Mutual Savings Bank, at one point operating as the nation’s largest thrift institution. It was built up by former CEO Kerry Killinger, and then in 2008 during the now-infamous housing crash, it was seized by the feds on grounds that it was insolvent.
Except when looking at Killinger’s new book Nothing Is Too Big to Fail, he argues the bank was stolen.
“We think the feds are once again taking us down a position of severe risks in the economy for a potential another bursting of bubbles like the stock market and housing and the like. And we figured that the only way they’re going to learn so they don’t repeat some of those same mistakes is to get a lot of those true facts out there,” he told Seattle’s Morning News with Ross.
Economist: Unsustainable for Puget Sound home values to be up every year
Dave asked Killinger his position on the failure of Washington Mutual, and whether they tried to hide any assets or conceal any wrongdoing.
“Absolutely not. First of all, we strongly believe the bank was unfairly seized and it was not a failure and should not have happened,” Killinger responded.
“Let me just give a couple of very quick factoids similar to today where we see risk of a housing bubble,” he continued. “We started warning the feds, the Federal Reserve, the major regulators, our shareholders, and everybody else about four years before the financial crisis, that housing prices were getting too high and that we were in for some form of correction,” he said.
Org offers tuition-free nursing assistant training, guaranteeing a job
He says Washington Mutual reduced residential lending ahead of time — and cut higher risk lending — leading to a lower rate of loan delinquencies than the rest of the industry.
“We actually reduced the amount of residential lending we did before leading up to the financial crisis for those four years by some 74% — we almost got out of the business. We cut out all the higher risks lending like subprime, which was always a small part of what we did. But wereduced that to nothing, and we showed that our loan delinquencies were about half what the industry was,” he said.
“The problem was we got caught in the crosshairs. One was there was a rapacious appetite on the part of JPMorgan Chase to acquire the company, so they were very aggressive and trying to work and some would say manipulate the regulators into helping them out. And then we got caught in the second part where Treasury Secretary Paulson said policy-wise he wanted to eliminate community banks and thrifts to the benefit of Wall Street. And then third, when the crisis finally hit and everybody panicked, there was no game plan.”
Did we at least learn a lesson from it such that it won’t happen again?
“I think the lessons learned from this is that whenever we get in these periods of encouraging asset bubbles like the Fed did leading up to the last financial crisis, they kept interest rates below the rate of inflation for an extended period of time. And guess what? Housing prices rose at an unrealistic level,” he said.
“I’m hoping we have learned from that because that’s exactly what we’re seeing again today. The Fed has kept interest rates way below the rate of inflation. Naturally, that led to easy affordability for housing, and people are just bidding up prices all over the country. So we all have to think about what’s going to happen to the prices of those houses when interest rates returned to a more normal level.”
https://mynorthwest.com/2735150/former-wamu-ceo-housing-bubble/
KKR Acquires The Exchange in San Francisco’s Mission Bay, to be Operated by Longfellow Real Estate Partners
KKR Further Expands West Coast Real Estate Presence with Trophy Life Science-Capable Property
March 31, 2021 05:00 PM Eastern Daylight Time
SAN FRANCISCO--(BUSINESS WIRE)--KKR, a leading global investment firm, today announced that it has acquired The Exchange on 16th, a 750,000-square-foot Class A office complex, from Kilroy Realty Corporation for approximately $1 billion. Longfellow Real Estate Partners, a life science focused, vertically integrated real estate developer and manager, will work with KKR to operate the property. KKR is making the investment through its core plus real estate strategy.
“Working alongside KKR, The Exchange provides us an exciting opportunity to have a transformative presence in Mission Bay, bringing our world class capabilities and scale to bear”
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Built in 2018 in the heart of San Francisco’s highly desirable Mission Bay submarket, The Exchange is a center for life sciences and technology on the West Coast comprised of four interconnected buildings. The property’s state-of-the-art design holds both LEED Platinum and WELL Core & Shell Gold certifications, as well as lab-ready infrastructure for life science tenancy. The property is currently 100% leased to a leading publicly traded technology company.
“We are thrilled to be building on our deep commitment to the West Coast real estate market with the purchase of this premier property in Mission Bay, a highly attractive location serving as a world-class innovation center,” said Justin Pattner, KKR Partner and Head of Real Estate Equity in the Americas. “We remain focused on opportunities to add quality real estate assets to our portfolios, and The Exchange is a prime example. We believe our long-term investment is supported by the region’s robust academic and business community, accompanied by its impressive talent base.”
“Working alongside KKR, The Exchange provides us an exciting opportunity to have a transformative presence in Mission Bay, bringing our world class capabilities and scale to bear,” said Jamison Peschel, Co-Founder and Senior Partner of Longfellow Real Estate Partners. “We are long-term believers in the Bay Area market and we’re looking forward to working with the existing tenant to capitalize on the strength of the life science and technology industries in the Mission Bay cluster.”
Inclusive of The Exchange, KKR real estate funds have acquired in excess of $3.5 billion across asset classes on the West Coast over the last 24 months. Since launching a dedicated real estate platform in 2011, KKR has grown its real estate assets under management to approximately $28 billion across the U.S., Europe and Asia Pacific as of December 31, 2020 (pro forma to include Global Atlantic’s assets following KKR’s acquisition of Global Atlantic on February 1, 2021). KKR’s global real estate team consists of approximately 100 dedicated investment professionals, spanning both the equity and credit business, across 11 offices and eight countries.
https://www.businesswire.com/news/home/20210331005985/en/KKR-Acquires-The-Exchange-in-San-Francisco%E2%80%99s-Mission-Bay-to-be-Operated-by-Longfellow-Real-Estate-Partners