Democracy starts with you, tag your it! ...Thom Hartman
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"Issuing new common equity"............sure sounds like good use of those extra 3.5 billion shares to buy new and upcoming liquidating trust assets from WMILqT at the FDIC-R conclusion of reconciling the receivers resolution of the WAMU PAA.
I wonder if Tanja ever heard back from the FDIC? That was a great letter...
There is another MB user 'porkchopranch' who claims to have bought some in the past. Bashers say they are worthless as a sign of no escrow returns, yet no one can buy the bonds today (if they are so worthless there should be Everest sized heaps for sale at $.000000001) because no one is selling, someone is holding them.
I tried to buy them last year as another lotto play and couldn't.
Who knows.......maybe the AAOC/SNH bought them for pennies, (8-ball) and as a result of those certain Equitable Disallowance settlement negotiations with MW/SG, just like their PIERS were capped, maybe so is their bonds bought for pennies; and these also are waiting for FDIC -R to finish reconciling the Receivers books with the resolution of WAMU, a non-solvent $300Billion banking institution.
HECK YA, there's much more than hope. The wheels g.r.i.n.d. s.l.o.w.l.y. and that is the frustrating part.
The best thing for the mind, is to find a topic interesting, read less message board banter, and decide for yourself. I find it highly satisfying, as the more I find the more the puzzle pieces fit.
I share when I find something interesting, and I sleep well at night the more I read, and the less I let others interpret for me.
GLYE and HLCE
I don't get too angry, once I realized what it was a bid for.
Typical FDIC receivership sales of retail customer bank deposits and branches is 1% of deposits - which are a liability to the bank as the money belongs to the customers. But JPM could leverage the he77 out of that $191 Billion.
Whole Bank, was not the whole bank. Just deposts and servicing rights to the WAMU loan portfolio. They can cherry pick (re-fi) the good loans they want, liquidate others, etc.
JPM didn't buy the assets within the Assets (Subsidiaries) within WMB. These are extras they can pay later for, if they choose to. I believe they will/are, hence the revelation in JPM's 10-k R-203 revealing the cash horde held OFF BALANCE SHEET.
no I believe bankruptcy first, otherwise, WMI was even more solvent. BK The court has to look like it did its job.
At any bank BK filing, any mortgage assets are stripped out and temporarily stored in "safe harbor" and in "legal isolation" as a hedge by the FDIC to protect is IDF against claims.
In the massive mortgage meltdown of 2007-8, nobody knew how bad things would get......and WMI/WMB/WMBfsb had $240Billion in mortgages held portfolio in WMI's 2008 10-K, PLUS and additional $30Billion in mortgage securities for sale.
$270Billion just in WAMU..........think about how freaked the FDIC must've been if even just 20% of those went bad.........IDF would be bankrupted just from WAMU!! Not to mention BS, Lehman,JPM, Imdymac, CITI, WF, BofA, etc etc.
Of course WAMU mortgage assets weren't that bad, and even if so, 6 years later (mortgages are paid down, liquidated, appreciate, etc). Whatever is leftover as the FDIC reconciles the Resolution and Receivership of WMB, goes back to the estate - which is those who released.
Now the Indymac link I posted you just responded to, shows that if JPM wants to buy the WAMU loans held in temporary FDIC legal isolation, than they may (per the Purchase and Assumption Agreement) pay something similar to what ONEWEST bank paid the FDIC for the Indymac Loan Portfolio - 70 cents on the dollar.
Not bad at all. And my Indymac post analysis roughly broke down these percentages against the WAMU portfolio, and you can see the numbers are quite close to what JPM is holding in R-203 OFF BALANCE SHEET.
Thx Jest, gonna read tomorrow.. It's amazing how reading old docs after 6 plus years of bk education, can give you new perspective.
Quote "The FDIC set up a bridge bank".......... for Indymac the RETAIL brick-n-mortar consumer bank yes.
BUT this is key, for the mortgages - NOPE! Mortgage assets in receivership are held in FDIC "legal isolation" and "safe harbor".
The posted link of the execution copy of this bulk Loan Sale is listed as a "Structured Transaction" with the FDIC as the seller. There is no bridge bank selling this bulk loan portfolio from Indymac. The FDIC is selling directly to ONEwestBank. There is no middle man or bridge bank for the mortgage assets. In fact the addendum attachments at the end of the PSA, show forms to use for Assignments and other legal sale transactions - and again its the FDIC, not a bridge bank conveying the mortgage notes sold at 70% of principle value to OneWestBank.
FDIC Structured Loan Sale in March 2009 for Indymac Bank - could this be why JPM has $165 Billion in cash and $38 Billion of unliquidated mortgage assets, from heritage WMI(WMIH estate) loans Held in Portfolio?
In a typical FDIC Structured Asset Transaction where the FDIC was selling Indymac mortgage assets it had in "safe harbor" and "legal isolation" from Indymac Bank's FDIC Receivership, THEN, if JPM decides to buy mortgage assets from what the FDIC-R is holding in "legal isolation" and "safe harbor" then it could look something like this.....https://fdic.gov/about/freedom/IndyMacLoanSaleAgrmt.pdf. After all, this sale was only 5 months following WAMU......
Schedule 2.02 Held for Investment and Held for sale sold for 70% of principle balance PLUS accrued interest. 30 days delinquent = 60%. 60+ days delinquent = 55%. HELOCs 58%, 50%, 37% for Current, 30 Days past, 60 Days past, respectively.
Schedule 2.02: Purchase Price. Subject to the terms and conditions of this Agreement and
the Master Purchase Agreement, the Purchaser shall pay to the Seller, in accordance with the procedures set forth in this Agreement and the Master Purchase Agreement, an aggregate purchase price for the Assets in an amount equal to the sum of each product obtained by multiplying (x) the unpaid principal balance of each Loan, as shown on the Loan Schedule as updated as of the Closing Date, by (y) the applicable percentage for the category set forth on
Schedule 2.02 to which such Loan belongs, plus accrued interest from the paid-to date up to but not including the Closing Date for Loans that are less than thirty (30) days past due (such sum, the "Group 5 Final Purchase Price").
Roughly, if JPM is buying the mortgage assets held in FDIC SAFE Harbor and Legal Isolation in the Receivership, and the Loan Sale Agreement to JPM is similar to Indymac, [ $240Billion in WMI's portfolio loans + 30B Held for sale + Helocs ? ] x's .20% bad loans at worst = $54 Billion x's .55% worst delinquent rate = $29.7 Billion purchase price for worst case delinquent loans
Then with the remaining [$186 Billion in WMI loan principle] x's .70% paid current loans = $130 Billion loans paid current purchase price + $54 Billion loans delinquent purchase price = $184 Billion purchase price for the WAMU loan sale agreement.
This is not far off from the $165 Billion in JPM's OFF-Balance Sheet (excluding the $38Billion unliquidated), and I haven't taken into account WAMU HELOC's! Reconcile those out, and I bet the numbers match pretty close.
Here ya go! JPM claims still open.
Here is a list of the final remaining claims still Unliquidated as of today. 37 out of an initial 100 claims remain. We can modify/update as they change. All FDIC claims are now EXPUNGED.
S = Secured GU = General Unsecured P = Priority AP = Administrative Priority
2551 S, GU
2553 S, GU
2369 S, GU
2373 S, P, GU, AP
2370 S, P, GU
2507 S, P, GU, AP
2382 S, P, GU, AP
2376 S, P, GU, AP
2395 S, P, GU, AP
2343 S, P, GU, AP
2377 S, GU
2384 S, GU
2790 AP EXPUNGED
Um, WMI is a general creditor of WMB.
I am one of those who earnestly believe that the two future's are symbiotically intertwined. I see these JPM claims as canaries in the coal mine; as far as the relay baton going from old to new, and prior to WMIH making any major announcements.
1) The FDICs only claim is expunged and ZERO.
2) 37 out of the original 100 JPM claims remain for vetting. If WMI and WMIH futures are intertwined, than it stands to reason nothing stratosheric will happen to WMIH until the BK and these claims, among the last few others (the stench of BK) disappear.
If you are on Boardpost, I started a thread in the Unicorn relegated back pages, listing the specific claims remaining, so that the status can be updated as they become Expunged.
The claim from 2009 is now WITHDRAWN 4/23/15
New KCCLLC filing - Oregon State Dept. Revenue - Withdrawal of $23 million dollar claim against estate.
http://www.kccllc.net/wamu/document/0812229150428000000000001
Yes! also, State of Oregon Dept. of Revenue $23 million claim withdrawn recently and posted to KCCLLC today.
http://www.kccllc.net/wamu/document/0812229150428000000000001
Id be worried if claims never were expunged. WGM has been busy on these and some other JPM claims.
It helps me believe that the BK process is continuing towards a post to close, as many have researched about.
Just another step closer, and a huge hurdle jumped, towards reconciling the "Resolution and Receivership" of WAMU, as the GAO puts it.
Less claims in the way, means more potential for Large assets returned to beneficial estate holders = more money to buy WMIH before it jumps.
You do not understand. If the FDICs sole remaining $27Billion claim to any assets in BK purgatory is removed as is now Expunged, then there is potential for more assets.
This supports LG and other unicorn theory potential to be $27Billion larger.
It was over $27 Billion I think......the status just changed to Expunged within the last couple months, since I last checked.
JPM had a matching claim. There is one JPM Admin Priority claim now Expunged, and another still open. No dollar amounts are listed any more, so not sure which is the biggie and which is $.05.
The status of the FDIC's remaining BK claim against WMI for Billions, is officially EXPUNGED.
The present claim amount is $0
http://www.kccllc.net/wamu/creditor/cdb/16282918/
Things are clearing up nicely. BK post to close, is getting nearer.
NOPE! Read it again. The note will be held by WMBfsb, and never to be delivered to the trust investors.
Here's $4BILLION - one of many trusts where the mortgage were held in portfolio and not sold/delivered to the MBS trust, by design and fully disclosed in the investor prospectus.......WMBfsb holds mortgage portfolio assets. WMBfsb assets were not sold to JPM in the P&AA unless JPM chooses to buy them later.
Its not that hard to find this stuff, despite a lot of 'opinion' to the contrary. Again this is $4 Billion in first lein senior notes only, retained by WaMu despite being 'sold' to MBS investors.
"Custodial Agreement
Pursuant to a custodial agreement, dated as of August 22, 2005, among Washington Mutual Bank fsb (the ""Custodian''), a wholly-owned subsidiary of the Servicer, Washington Mutual Bank, Freddie Mac and the Trustee, on behalf of the Trust, (the ""Custodial Agreement''), the Custodian will retain possession of and review the Mortgage notes and files for the Trust."
FACT: JPM only got servicing rights.
In this group of mortgages, totaling $4B, clearly they are held by WMBfsb, and belong to the estate after WMB bills are paid to FDIC admn and bondholders.
ADDED: http://www.freddiemac.com/mbs/data/05s001oc.pdf The Seller is WMB/ WMBfsb and the Custodian holding the note, undelivered (empty trust), is WMBfsb. This $4B never made it to the investors. It stayed with the bank, JPM only got servicing rights.
"Possession by a Subsequent Purchaser of the Mortgage Notes and Mortgages Could Defeat the Interests of the Trust in the Mortgage Notes and Mortgages.
The Trustee will not have physical possession of the mortgage notes and mortgages related to the Mortgages in the Trust. In addition, the Trustee will not conduct any independent review or examination of the related mortgage Ñles. Instead, to facilitate servicing and reduce administrative costs, Washington Mutual Bank fsb, one of the Sellers of the Mortgages and a wholly-owned subsidiary of Washington Mutual Bank, the servicer of the Mortgage Loans, will retain possession of and will review the mortgage notes and mortgages as custodian for the Trust and financing statements will be filed on behalf of Freddie Mac evidencing the Trust's interest in the Mortgage Loans. The mortgage notes will be endorsed in blank (and will not be endorsed to the Trust) and no assignment of the Mortgages to the Trust will be prepared. If a subsequent purchaser were able to take physical possession of the mortgage notes and mortgages without knowledge of the transfer of the Mortgages to the Trust, the interests of the Trust in the mortgage notes and mortgages could be defeated. In that event, distributions to Certificateholders may be adversely affected."
GLTY!
Another 'Nate Thoma' appears for round II of the bankster dismantling, imo. WAMU theater is nearly over. Hope yall enjoyed the show. Hold on to them raffle tickets till the end. TIA, the management.
One thing that is interesting about WMI's 3 Thackerays, is that they never appeared on JPM's 10k, ever. This makes the Thackeray III Bridge LLC, all the more interesting.
I tracked WMI subs in JPM's 10k back in the day in my objections to the court. Not one WMI Thackeray was present in JPM's 10K.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=60506273
and
http://www.kccllc.net/documents/0812229/0812229110516000000000007.pdf
Yes! I agree.
I love re-reading your post!!! Escrow multi-vit.
Thanks for that update! I didn't respond to their post. I know its BS. No FDIC ombudsman name anywhere.
Its amazing people are so scared of the truth, that time is spent fabricating FDIC letters.
I don't think thats correct. WAMU's resolution was at no-cost to the IDF/FDIC.
Furthermore, JPM bought and received the whole WAMU brick and mortar deposit base. Bank deposits are a liability. So JPM taking the deposits, took that liability onto their books. There is no way that is bank deposit liability on the FDIC balance sheet for WAMU.
Exactamundo! Es verdad!
Great post. I've seen that, thx for bringing it up again.
Part 1 Food for thought:
"Online kenwalker
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Have we been looking at this all wrong?
« on: March 02, 2015, 04:06:52 PM »
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I'm starting to come to the conclusion that we've been looking at this all wrong. Rather than the LT warrants being a placeholder it the stock that's the place holder.
For those of us that see: a) FDIC seized assets returning b) KKR / Citi didn't just buy NOL’s c) Capital losses being as big if not bigger than NOL’s and d) EC / NEWCo bound by a nondisclosure.
The rest of you that don't see:
WARNING - STOP READING
Your head will explode (we need one of those head exploding icons)
WM’s problem as the BK wound down was how to get an unknown amount of what he knew would be both liquidated cash and mortgage assets into the hands of equity. Two of the major obstacles were, that it would take an additional 2 ½ to 3 years and during that time he was bound by a nondisclosure agreement.
Were we to have only received stock, he knew that over the next 2 ½ to 3 years without news, most would become discouraged and just move on. Were we just to have just received LT warrants there was a lot of tax attribute value that couldn't be used. WM needed continuity of business but only enough to be a “place holder”.
We have seen KKR / Citi put money on the table and the math don't work were this only for NOL’s. We know amounts, we know timelines, we know ( have seen ) what they want the PPS value set at. What we're starting to question just what the heck did they buy? Some (including myself) have cussed and discussed a) the stock dilution b) KKR’s possible role in managing mortgage assets c) Capital lost of what did or will be liquidated at less that “Book” value d) LT’s and NEWCo’s possible crossover or interconnection.
Now we see where WM’s wanting to rise the amount of common shares. Worried about dilution before? The KKR deal is nothing compaired to the new numbers. You would think KKR / Citi would have been pulling out of the deal after learning that, they not pulled out so now you've got to assume that they've already knew.
A publically traded company's stock is like currency. There for the printing but if you print too much……. OK, so what's NEWCo looking at purchasing with all the newly printed shares that KKR / Citi is OK with and that equity will likewise be OK with when the dust settles? Our non-liquid LT / warrants that become mortgage assets.
Let's say NEWCo purchase LT’s at 30% of “book” with stock valued at $2.20. As a LT holder am I happy or pissed? (For ease of calculations and examples let's assume P,K, or Q’s as the numbers of converted NEWCo stock you received at conversion) . 200 million LT shares that get bought out 1X4 with newly issued stock. 800 Million additional shares valued at roughly $2.20 purchases 1.76 Billion at 30% or 5.9 billion of unliquidated assets. (I used 1 x 4 @ $2.20 and 30% discount but all these numbers are just a guess)
Back to my LT holder question: happy / pissed? Yes, they just sold my stuff for 30 cents on the dollar but they actually sold it to me and beyond that I've got the option of picking my exit price and time.
Dilution? KKR / Citi got diluted but they also used our money to buy our assets and at a 30% discount and with a sack full of NOL’s and CL’s the stock is got to be going up. Example has 5.9 Billion assets + existing 800 million equity dollars with an outstanding 1.3 Billion share = $5 PPS book and that's just CG’s markup before we start making money and using NOL’s.
Yes Ken on Boardpost started a great thread about that recently - called 'Wait, Have we been looking at this wrong'. or something similar, lol.
Its worth reading if you got access. He has an interesting analysis of it.
....Specifically the new large amount of authorized shares. .....
Research who that specific registered agent corporation does.....and its not just to take process server papers.
What Tanj posted is what else they do......WMIH use the same agent.
So a bunch of those go to a real estate firm in Texas that I don't think are related, but I was flying fast then, so I could be wrong.
But these were WMI's:
4260553 THACKERAY FUNDING CORP.
4317657 THACKERAY FUNDING PARTNERS
4296295 THACKERAY HOLDINGS CORP.
The very next line is the curious one:
5067220 THACKERAY III BRIDGE, LLC
That was my thought also.
Some of my earlier searches over the years was exploring the 'bridge bank' option available to the FDIC to wind down IDI (insured deposit institutions)
The coincidences of Thackeray III Bridge and WMI's past Thackeray's (3 of them) and the FDIC's Structured Transactions procedure are too uncanny. Structured Transaction sales started in 2008 (ours couldn't be sold and shown on the FDIC S.T. history list until after PAA expiration).
I don't want to believe this is the only avenue out there, as WMI was crazy complex with different securities, but I think this is one buried treasure.
FYI, your first link and other 3rd party corporate search links are often not updated. Its always best to go to the specific State corporation site. No biggie, but I learned from past dead ends, that these sites are often right about half the time.
I was looking at a lot of securitization offerings from 2005-2007, specifically REMICs and the how the trusts are empty of mortgages, by design and with full disclosure to the investors who only purchased an investment "conduit" (Real Estate Mortgage Investment Conduit). RE-read DB's original lawsuit and claims (its a REMIC trust they manage I think).
I was paying attention to who the WMI players were in different aspects of the chain. On one of them, about $1B in the prospectus, it mentioned Thackeray Holdings as retaining the note and that a the note would never be delivered to investors. The 3 Thackerays were of course on WMI's subsidiary list.
I'm not sure how the other 2 Thackerays fit in, but I'm more of a big picture person anyways...........so I followed my nose to the Delaware corporation search site, and knowing how the FDIC often codes their transactions (from past DD over the years), found a corporation name that was suspicious (Thackeray II Bridge LLC). Delaware website is not as 'open to the public' as Washington State's is, so I had to pay $20 to view.
Initially, It was so little info I felt ripped off, but then when I realized what was missing; multiple annual reports, no Managing Members, yet still an 'Active' in 'Good Standing' corporation.....makes no sense and must be extra judicial to bypass the state law., OR another "scriveners error" situation....lol
It has everything to do with it. More than shorting WMIH
Happy Life Changing Event!! Cheers!
Yes. Large has been spot on with WMILT and WMIH having overlapping circles. Many of us have always felt the same. It is helpful to all investors and this board, in this information BLACKOUT, to try and figure out what the F.k we got for our releases.
I don't want anyone to fall for another strategic dump like 2010 again. I held pat back then as I trusted my DD and others. It was a good move to make.
I trusted MW and SG to release for escrows and WMIH. I trusted my DD and others to release.
I believe that a very happy ending is coming soon to a brokerage account near you.
this answer reminds of a couple things
1) Mediation
2) WMILT unreleased claims against FDIC-R
3) TAB member silence
4) HLCE
HeHeHeHe with a broad grin! WAMU rocks!