Democracy starts with you, tag your it! ...Thom Hartman
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Very well stated. Perfectly clear to me!
Nail on the head. This should be a sticky!!
Absolutely incorrect. FDIC policy addresses when and how to inform claim holders their claims are worthless. It's called a "worthless determination letter/notice." Indymac got one sixteen months after failure.
Determination of Insufficient Assets to Satisfy Claims Against Financial Institution in Receivership, 74 Fed. Reg. 59540
Google it." (m_r2000)
Has WAMU got one yet? Nope!,,,,,6 years later, the fdic is still reconciling the WAMU $300Billion RECEIVERSHIP....cha-Ching. There will be enough left over for those who released. Stay tuned Observer.
God I frickin love my escrows. Happy Life Changing Event. I feel sorry for any PIERS holders who were 'guilty by association' when the main class holding SNH's greed and Inside Trading changed the pay matrix hierarchy.
The FDIC will provide to shareholders who released. Its their mandate, no altruism needed! https://www.fdic.gov/about/strategic/strategic/receivership.html
FDIC Mandate: Online since 11/2008 for all to read.
Receivership Management Program
Program Description
When an insured institution fails, the FDIC is ordinarily appointed as receiver. In that capacity, it assumes responsibility for efficiently recovering the maximum amount possible from the disposition of the receivership’s assets and the pursuit of the receivership’s claims. Funds collected from the sale of assets and the disposition of valid claims are distributed to the receivership’s creditors in accordance with the priorities set by law.
The FDIC seeks to terminate receiverships in an orderly and expeditious manner. Once the FDIC has completed the disposition of the receivership’s assets and has resolved all obligations, claims, and other legal impediments, the receivership is terminated, and a final distribution is made to its creditors. Receivership creditors may include secured creditors, unsecured creditors (including general trade creditors), subordinate debt holders, shareholders of the institution, uninsured depositors, and the DIF (as subrogee). The FDIC is often the largest creditor of the receivership.
In addition, the FDIC works closely with other regulators and with the industry to stay abreast of capital markets and financial markets developments to be prepared for potential resolutions involving complex financial instruments. Further, with growing globalization, international outsourcing, and the interconnections of financial markets, the FDIC enters into international agreements, through cross border memoranda of understanding, to facilitate closer cooperation with key foreign authorities on the analysis of emerging issues, improved understanding of national legal and policy structures, and contingency planning for potential resolutions.
Strategic Goal 4
Resolutions are orderly and receiverships are managed effectively.
Strategic Objectives
4.1 Receiverships are managed to maximize net return and terminated in an orderly and timely manner.
4.2 Potential recoveries, including claims against professionals, are investigated and resolved in a fair and cost-effective manner.
The means and strategies used to achieve these strategic objectives and the external factors that could impact their achievement are described below.
Means & Strategies:
As noted above, the FDIC in its receivership capacity manages the assets of a receivership to preserve or enhance their value and disposes of them as quickly as possible, consistent with the objective of maximizing the net return on those assets. The oversight and prompt termination of the receivership preserves value for the uninsured depositors and other receivership claimants by reducing overhead and other holding costs. After being appointed as receiver, the FDIC establishes for the receivership an action plan that is executed by a team of asset, marketing, finance and legal specialists in support of the receivership.
In fulfilling its responsibilities to creditors of failed institutions, the FDIC, as receiver, manages and sells the receivership assets using a variety of strategies and identifies and collects monies due to the receivership. Contractors are often used for this purpose. The FDIC also uses a number of information technology applications, including Internet auctions, to facilitate the management and marketing of assets. While many of the receivership processes are the result of statutory authorities that most likely will not change, the FDIC will continue to watch for ways to improve the process through technology and other efficiencies. The FDIC will continue to closely monitor contractors employed in supporting its resolutions activities to ensure compliance with all legal requirements and promote efficient operations.
With respect to complex financial instruments, the FDIC will finalize a proposed regulation to require insured depository institutions with substantial portfolios of qualified financial contracts to provide specific information, upon request, that is essential to an orderly resolution of such contracts after appointment of the FDIC as conservator or receiver. This regulation, along with further coordinated work with other regulators, will significantly improve the FDIC’s ability to respond effectively to troubled institutions with such portfolios in order to minimize the costs of any resolution and limit disruption to the financial markets.
The FDIC will continue to foster more effective international mechanisms for addressing cross border banking and deposit insurance issues. Part of this effort will involve activities in the Basel Committee on Banking Supervision, the International Association of Deposit Insurers, the Financial Stability Forum, and other international bodies.
External Factors:
A severe economic downturn could lead to an increased number of institution failures and experienced staff may need to be diverted from other work to handle bank closings on a priority basis. Such a diversion of staff might result in a greater reliance on contractors and could affect the pace at which the FDIC markets assets and terminates receiverships. Economic and other factors, such as extended litigation and problems resolving environmentally tainted receivership properties, might also delay the termination of a receivership.
4.2 Potential recoveries, including claims against professionals, are investigated and resolved in a fair and cost-effective manner.
Means & Strategies:
When an insured depository institution fails, the FDIC, as receiver, acquires a group of legal rights, titles and privileges generally known as professional liability claims. The FDIC's attorneys and investigators work together to assure that valid claims arising from a failure of an insured institution are properly pursued. The team conducts a factual investigation of the events that contributed to losses at the institution as well as legal research and analysis of the facts and potential claims. For each potential claim, the team makes a recommendation on whether the claim should be pursued, based on an assessment of the likelihood of a recovery exceeding the estimated cost of pursuing the claim. The prompt investigation and evaluation of potential claims against professionals who may have caused losses to the institution promotes fairness and leads to more cost-effective results.
External Factors:
Each potential claim has a statute of limitations that establishes a time limit for the claim to be filed. A substantial increase in the number of failures could make it difficult to complete investigations of all potential claims and make decisions within the established time limit on whether to pursue a claim. The same problem could occur with very complex investigations or claims. In such cases, the FDIC will generally seek to enter into a tolling agreement with the potential defendant to extend the allowable time frame for the claim to be filed.
____________________________________________________________________________________________________________________________________________________
ADDED: And if they don't, I think our litigation claim against the receiver will look something like this:
"In its capacity as a creditor, WMI claimed, among other things, that (i) the FDIC dissipated WMB’s assets by selling substantially all the assets of WMB to JPMC rather than liquidating WMB’s assets, and thus the FDIC breached its statutory duty to maximize the net present value return of such assets, and therefore owes damages to WMI; (ii) the FDIC’s wasting of WMB’s assets constitutes a taking for property without just compensation in violation of the Fifth Amendment to the US Constitution; (iii) the FDIC’s refusal to compensate WMI for the property taken in the receivership constitutes a conversion of WMI’s property, actionable under federal law; and (iv) the FDIC’s refusal to compensate WMI of property taken in the Receivership constitutes a conversion of WMI’s property"
Looks familiar don't it? That litigation research was done a long time ago and is ripe for a throw down. I don't think the FDIC wants SG to open up that can of whoop A$$.
A 5th Ammendment Taking, is one heavy hammer don't ya think?
Its their mandate, no altruism needed! https://www.fdic.gov/about/strategic/strategic/receivership.html
FDIC Mandate: Online since 11/2008 for all to read.
Receivership Management Program
Program Description
When an insured institution fails, the FDIC is ordinarily appointed as receiver. In that capacity, it assumes responsibility for efficiently recovering the maximum amount possible from the disposition of the receivership’s assets and the pursuit of the receivership’s claims. Funds collected from the sale of assets and the disposition of valid claims are distributed to the receivership’s creditors in accordance with the priorities set by law.
The FDIC seeks to terminate receiverships in an orderly and expeditious manner. Once the FDIC has completed the disposition of the receivership’s assets and has resolved all obligations, claims, and other legal impediments, the receivership is terminated, and a final distribution is made to its creditors. Receivership creditors may include secured creditors, unsecured creditors (including general trade creditors), subordinate debt holders, shareholders of the institution, uninsured depositors, and the DIF (as subrogee). The FDIC is often the largest creditor of the receivership.
In addition, the FDIC works closely with other regulators and with the industry to stay abreast of capital markets and financial markets developments to be prepared for potential resolutions involving complex financial instruments. Further, with growing globalization, international outsourcing, and the interconnections of financial markets, the FDIC enters into international agreements, through cross border memoranda of understanding, to facilitate closer cooperation with key foreign authorities on the analysis of emerging issues, improved understanding of national legal and policy structures, and contingency planning for potential resolutions.
Strategic Goal 4
Resolutions are orderly and receiverships are managed effectively.
Strategic Objectives
4.1 Receiverships are managed to maximize net return and terminated in an orderly and timely manner.
4.2 Potential recoveries, including claims against professionals, are investigated and resolved in a fair and cost-effective manner.
The means and strategies used to achieve these strategic objectives and the external factors that could impact their achievement are described below.
4.1 Receiverships are managed to maximize net return and terminated in an orderly and timely manner.
Means & Strategies:
As noted above, the FDIC in its receivership capacity manages the assets of a receivership to preserve or enhance their value and disposes of them as quickly as possible, consistent with the objective of maximizing the net return on those assets. The oversight and prompt termination of the receivership preserves value for the uninsured depositors and other receivership claimants by reducing overhead and other holding costs. After being appointed as receiver, the FDIC establishes for the receivership an action plan that is executed by a team of asset, marketing, finance and legal specialists in support of the receivership.
In fulfilling its responsibilities to creditors of failed institutions, the FDIC, as receiver, manages and sells the receivership assets using a variety of strategies and identifies and collects monies due to the receivership. Contractors are often used for this purpose. The FDIC also uses a number of information technology applications, including Internet auctions, to facilitate the management and marketing of assets. While many of the receivership processes are the result of statutory authorities that most likely will not change, the FDIC will continue to watch for ways to improve the process through technology and other efficiencies. The FDIC will continue to closely monitor contractors employed in supporting its resolutions activities to ensure compliance with all legal requirements and promote efficient operations.
With respect to complex financial instruments, the FDIC will finalize a proposed regulation to require insured depository institutions with substantial portfolios of qualified financial contracts to provide specific information, upon request, that is essential to an orderly resolution of such contracts after appointment of the FDIC as conservator or receiver. This regulation, along with further coordinated work with other regulators, will significantly improve the FDIC’s ability to respond effectively to troubled institutions with such portfolios in order to minimize the costs of any resolution and limit disruption to the financial markets.
The FDIC will continue to foster more effective international mechanisms for addressing cross border banking and deposit insurance issues. Part of this effort will involve activities in the Basel Committee on Banking Supervision, the International Association of Deposit Insurers, the Financial Stability Forum, and other international bodies.
External Factors:
A severe economic downturn could lead to an increased number of institution failures and experienced staff may need to be diverted from other work to handle bank closings on a priority basis. Such a diversion of staff might result in a greater reliance on contractors and could affect the pace at which the FDIC markets assets and terminates receiverships. Economic and other factors, such as extended litigation and problems resolving environmentally tainted receivership properties, might also delay the termination of a receivership.
4.2 Potential recoveries, including claims against professionals, are investigated and resolved in a fair and cost-effective manner.
Means & Strategies:
When an insured depository institution fails, the FDIC, as receiver, acquires a group of legal rights, titles and privileges generally known as professional liability claims. The FDIC's attorneys and investigators work together to assure that valid claims arising from a failure of an insured institution are properly pursued. The team conducts a factual investigation of the events that contributed to losses at the institution as well as legal research and analysis of the facts and potential claims. For each potential claim, the team makes a recommendation on whether the claim should be pursued, based on an assessment of the likelihood of a recovery exceeding the estimated cost of pursuing the claim. The prompt investigation and evaluation of potential claims against professionals who may have caused losses to the institution promotes fairness and leads to more cost-effective results.
External Factors:
Each potential claim has a statute of limitations that establishes a time limit for the claim to be filed. A substantial increase in the number of failures could make it difficult to complete investigations of all potential claims and make decisions within the established time limit on whether to pursue a claim. The same problem could occur with very complex investigations or claims. In such cases, the FDIC will generally seek to enter into a tolling agreement with the potential defendant to extend the allowable time frame for the claim to be filed.
____________________________________________________________________________________________________________________________________________________
ADDED: And if they don't, I think our litigation claim against the receiver will look something like this:
"In its capacity as a creditor, WMI claimed, among other things, that (i) the FDIC dissipated WMB’s assets by selling substantially all the assets of WMB to JPMC rather than liquidating WMB’s assets, and thus the FDIC breached its statutory duty to maximize the net present value return of such assets, and therefore owes damages to WMI; (ii) the FDIC’s wasting of WMB’s assets constitutes a taking for property without just compensation in violation of the Fifth Amendment to the US Constitution; (iii) the FDIC’s refusal to compensate WMI for the property taken in the receivership constitutes a conversion of WMI’s property, actionable under federal law; and (iv) the FDIC’s refusal to compensate WMI of property taken in the Receivership constitutes a conversion of WMI’s property"
Looks familiar don't it? That litigation research was done a long time ago and is ripe for a throw down. I don't think the FDIC wants SG to open up that can of whoop A$$.
A 5th Ammendment Taking, is one heavy hammer don't ya think?
Here's a great place to start.
http://reorgwmi.com/documents/misc/Govinsider_Trial_Balance_Sheets.pdf
The holding company WMI - was just that, a holding company with a whole bank sub ("Asset").
Per Section 3.1 of the PAA, "assets" within the 'whole bank' subsidiary's "Assets" were not part of the sale for $1.9 B to JPM.
Read the P&A. Section 3.1. "assets" within WMB "Assets" were never included in the whole bank sale to JPM. Whole bank did not mean every asset, per the PAA.
That's cash, mortgages in portfolio, etc.
The FDIC mandate is to reconcile every receivership and return any net positives to the estate. This begins soon, with the expiration of the PAA.
This is my leading theory as well. Who do we know with a federal banking charter, and a huge pile of tax credits to offset income, and a reinsurance sub? WMIH
And.....neither JPM nor Chase are included in this SEC SIC code list. You'd think that IF WMBfsb and its charter were sold to JPM, then you'd find JPM/CHASE on the list, but they aren't.
Some people are banking on literal SEC filings as gods mouth to their ears, so how could WMIH having an SEC SIC code for a "federally chartered savings institution" just be a filing mistake for all these years by both WMIH or JPM/CHASE..............I think there is much more to this.
JPM has tried to scoop up every thing it could WMI or WMB, an I'm sure they'd of taken the federal charter for Chase or another sub if they could.
Thanks for that analysis and approach. I think you've hit the nail on the head.
Thanks for providing links showing that the FDIC won't follow its mandate to reconcile the receivership....not.
Thanks for playing.
Wrong again. Killinger was prevented from speaking about certain topics by Carl Levin and specifically cut off in the senate hearings. He testified that loan losses for WAMU were less than 3% and far better than its peers.
and don't forget John 'Does 1-30'......wonder who will Susman will pin those tags on for more info......
doreen logan?
It's just simple FDIC fiduciary mandate that's gonna make it happen. Already over 100 receiverships completed since 2001.
Real shareholders will be the beneficiary. Thanks for playing.
A refresher about FDIC receivership termination for those who released following the advice of MW/SG.
Some highlights to the FDIC receivers process to wrap up/close /distribute assets held by the receiver and not sold to the assuming institution. http://www.fdic.gov/bank/historical/reshandbook/ch7recvr.pdf
* Avoiding Fraudulent Conveyances
A receiver has the power to avoid certain fraudulent conveyances. Under federal banking law, a receiver may avoid a security interest in a property, even if perfected, in which the security interest is taken in contemplation of the institution’s insolvency or with the intent to hinder, delay, or defraud the institution or its creditors. The receiver may avoid any transfers made by obligors within five years of the appointment of the receiver. Those rights are superior to any rights of a trustee or any other party.
* Settlement with the Assuming Institution
The FDIC and the assuming institution handle most of their post-closing activities through the “settlement” process. Adjustments to the closing books may be made between the date of the closing of the institution and the “settlement date.” The settlement date may be from 180 days to 360 days after the bank or thrift closing, depending on the failed institution’s size. Adjustments reflect (1) the exercise of options by the acquirer, (2) either any repurchase of assets by the receiver or any “put back” of assets to the receiver by the assuming institution, and (3) the valuation of assets sold to the acquirer at market prices.
* Disposal of Assets and Termination of Receivership
In order to have funds to disburse, the FDIC works to dispose of the remaining assets of the failed institution in a timely manner through a variety of methods. In addition, the FDIC conducts an investigation into each failed institution to determine if negligence, misrepresentation, or wrongdoing was committed and, when appropriate, may file a lawsuit to help recover losses caused by these acts.
Receivership termination represents the final process of winding up the affairs of the failed institution. Following payment of eligible claims and final disposition of the assets, the FDIC then proceeds with terminating the receivership. The duration of a receivership varies depending on individual circumstances, such as the type of closing; volume and quality of assets retained by the receivership; and the existence of defensive litigation, environmentally impaired assets, employee benefit plans, and professional liability claims. All significant issues of the receivership must be resolved prior to its termination.
It's two different processes, each unrelated to each other. One is bankruptcy and the other is receivership.
Each train is on it's own track.
As bankruptcy posts to close, remaining assets are disposed of per plan. There is no disclosure of hidden assets to shareholders cause it's irrelevant to the bk. Mortgages were stripped out upon receivership but before BK.
The FDIC receivership and subsequent closing on Sept 25th is independent from the BK in Walraths court. Whatever assets leftover from WMB, WAAC, WMMSC, WCC, and any assets that were the property of WMI, are tallied up, subtract receivership costs and WMB bond holders, and if A>L as I others believe by a tremendous amount, then that goes to WMI's estate, the liquidating trust WMILqT.
But neither MW or SG are under any obligation to speculate on assets in receivership, as they are involved only in the BK.
Assets that could return later - as I believe they will, are just a natural byproduct of the receivership process and subsequent termination. The FDIC has a fiduciary duty to account for all assets, and the legal authority to take them back if fraudulently obtained.
Yaaaa?
Yaaa?
Absolutely!
KKR/KFN? and then it turns out WMIH has this reinsurance sub just sitting around for no apparent reason, as well as a massive pile of NOL and potential CL's to off-set income taxes.
Hmmm
BLUEFOX ? Have you seen this from the Examiner's Report? Thx to AZ/JB
"Footnote 39:
Equity undertook a preliminary solvency analysis based on the limited information made available by the Debtors. Equity noted that a final analysis of solvency would require a detailed review of WMB?s loan portfolio, which is not available to Equity and was also not reviewed by the Debtors. The Examiner in this Report has an analysis of solvency, but he also did not conduct a review of the loan portfolio."
This is probably why SG had to find 'other means' of leverage over the SNH's and get them to relinquish their priority in the APR waterfall.
.....Leverage like Inside Trading, thanks to Nate.....
WMIH is stagnant because IMO everything is tied together and dependent upon the others ability to move forward to 'some degree'.
WMIH appears to have a useless reinsurance sub WMMRC, and Billions of income off-setting tax credits. WMILT appears to have a significant return of income producing mortgages and other assets coming from the final reconciling of the FDIC's closing of the P&A. .......waiting,.....
Bankruptcy claims in Walraths's court are nearly finalized, as is the final closure of the P&A this September.....waiting.....
KKR (which recently bought back their financial unit KFN) signed a strategic agreement to find M&A to the benefit of WMIH and KKR.......waiting......
Everything WMI/WMIH/WMILT seems to be holding its breath....waiting.....for something......
What could it be, LOL.
I wonder who has a reinsurance sub, who has piles of NOLs and CLs, who's gonna get mortgages, who has a strategic partnership with KKR/KFN.......
It ain't JPM!
Since you do not understand, it doesn't matter who owned the mortgage, it's an unnecessary debate and distraction..
Think.....think.....
If JPM is only servicer of the mortgage portfolios, and they bought WMB, whole bank (minus the mortgage portfolio), then pray tell, WHO THE HECK HAS THE MORTGAGE PORTFOLIO?????
So if JPM doesn't have them, then the only place left is the receiver - FDIC -R.
And if the FDIC - R has the mortgage portfolio, who has a claim against it?
Geeee, it's us!
IMHO it's all connected.
Mortgages, a reinsurance sub, plenty of NOLs and CL, and KKR/KFN to launder out the BK 'dirty spots'. What else can a SNH do when caught red-handed. We are just along for the ride, but it doesn't mean they are giving free drinks away with a smile upon arrival. Hence the hostility to anyone getting a peek at their blueprint.
I think there are 'people' here (corporations are people right) hoping for more cheap shares that wish for things to be depressed here for a while longer, until maybe after their MASSIVE PIERS $$ is completely returned and re-invested in WMIH. Boy did they get spanked. Stuck waiting on the finalization of the P&A like every other retailer, LOL.
Maybe then we'll see the M&A thing kick into gear.
Certain assets of the bank were seized. The mortgages weren't the 'whole bank' as JPM is servicer, does not own of the notes.
Done deal. That's the end of the road.
The bank, the customer deposits, etc are gone, subject to the P&A.
Keep IT up,
Whoever wrote the mortgages doesn't matter.
What matters is that JPM DIDNT get them. JPM per P&A only gets them if they pay for them.
Freedom of Information Act link on FDIC website shows JPM pushing mortgage liabilities back to FDIC cause that's who's currently holding the notes.
The receiver holds them off-book in "safe harbor" to protect them "from creditors and the receivership process" until P&A closure.
We haven't released claims against FDIC -R. Fits like a glove.
You miss the issue.
It doesnt matter whether WMB was a sub of WMI or Santa Claus.
What matters is:
1) JPM is ONLY servicer. It got ZERO loans - UNLESS it pays for them upon the P&A closure. And sorry, using a JPM shareholder packet means jack.
2) And if JPM didn't get all the loans, then the FDIC-R has them OFF-BOOK, as I've shown in multiple links which is their mandate.
3) And guess who has a claim against FDIC-R? Anyone with escrows. Fits like a glove.
You and BK can no sooner prove it wasn't than I can it was. And that's always been your misdirection.
AGAIN you twist the argument.
1) JPM is ONLY servicer. It didn't get ALL the loans - UNLESS it pays for them upon the P&A closure. And sorry, using a JPM shareholder packet means jack.
2) And if JPM didn't get all the loans, then the FDIC-R has them, as I've shown in multiple links which is their mandate. As such they are kept OFF-BOOK
3) And guess who has a claim against FDIC-R? Anyone with escrows. Fits like a glove.
There is value in the mortgages to us, to claim there is nothing, you have to be an Insider with non-public information.
Do you work in any capacity for TPG/Bonderman, the SNH, any creditor, the FDIC, JPM, A&M or any other hired professional in this Bankruptcy, WMILT, or the re-organized WMIH?
Excellent question! I started a simple thread for people who wish to read another angle. All credit was given to Tanjazielman. The thread was locked up. Only BILLBOARDS for the 'is what it is' are permitted. So much angst over escrow. I find the topic and the search absolutely fascinating!
Do your own DD and read the links and decide for yourself, if you actually hold escrows.
There is nothing to pump or sell. You either got them or you don't.
Ok got it, Hammer.
No reasonable person blames MW and SG for securing a bright future for us while under a Gag Order from their successful mediation. Of course they can't reveal everything. I'm a big picture guy and have always read between the lines thru this BK BS.
Wow! Beautifully laid out T-man. I couldn't said it any better! This should be a sticky.
This link....you twisted the point I was making.
JPM are just the servicer of the loans. They received ownership of zero loans. Whether it was WMI's $244 Mortgage portfolio or RMBS.
This filing is a huge clue that if JPM didn't get ownership here, then they sure as He!! didn't get any from the WMI the holding company. That was my point.
http://www.justice.gov/iso/opa/resources/51720131119202421482972.pdf
"13. No Acknowledgement or Admission. Nothing either in this Agreement or the DOJ Agreement shall constitute an admission or imply that JPM Chase Bank, NA or any of its subsidiaries or affiliates became successor-in-interest to Washington Mutual Bank, WaMu Capital Corp, Long Beach Securities Corp, and WaMu Asset Acceptance Corp, or assumed any particular liability of Washington Mutual Bank, WaMu Capital Corp, Long Beach Securities Corp, and WaMu Asset Acceptance Corp when JPM Chase Bank NA purchased the assets and assumed certain liabilities of Washington Mutual Bank pursuant to the Purchase & Assumption Agreement dated September 25, 2008 between JPM Chase Bank NA and the Federal Deposit Insurance Corporate in its corporate capacity and its capacity as Receiver for Washington Mutual Bank."
JPM did NOT buy the $244 Billion MORTGAGES HELD in PORTFOLIO. Since they are not with our estate yet, they can only be with the FDIC - Receiver, who WMILT still hasn't released from claims.
Read, again line item 13 in the Dept of Justice / JPM settlement. It clearly states all that JPM got was servicing rights
JPM has made many loose statements as to what it bought over the years, that have not stood up in courts across the country.
NOW, The Dept. of Justice's $13 Billlion settlement documents trump everything those neanderthals at JPM can dream up.
Disregard for a moment the mortgage backed securities, that insiders are claiming are the only mortgage portfolios. Nice slight of hand......
Once more to clear the smoke bombs - In 2007 when WMI pretty much halted buying/selling mortgage backed securities, if you read WMI's SEC filings, WMI additionally still held legacy MORTGAGES in PORTFOLIO valued at $244 Billion, which is SEPARATE from the mortgage securities for sale on their books valued at $27 Billion. These are two line items of SEPARATE value ABOVE AND BEYOND any mortgage backed securities value.
http://faculty.washington.edu/rbowen/cases/WaMu_case_10_08.pdf
What is a portfolio lender and why are mortgages held in portfolio important? Portfolio lenders originate and FUND their own loans with their own COLD HARD CASH, which they hold and service for the life of the loan.
Prior to receivership, WMI made a ton of cash income in monthly interest off their personal cash mortgage investment portfolio, from the homeowner. In the same SEC filing, WMI was making nearly $16 Billion per year, ON TOP of the value of the mortgages held in portfolio of $244 Billion owned free and clear. The OTS said we were a $350 Billion dollar organization in assets.....mortgages in portfolio are a large portion of that.
Again this is ABOVE AND BEYOND any income from mortgage backed securities, whatever it may be.
This did not go to JPM, who only bought servicing rights to WMI's loans per the 2014 DOJ/JPM $13 Billion lawsuit (see line item 13.)
The FDIC Receiver is holding our MORTGAGES IN PORTFOLIO. WMILT has not released FDIC Receiver, yet.....fits like a glove.
Close this P&A for all 'real' escrow holders!
Certain bankruptcy insiders on this board are purposely mixing up the details because their butts are on the line for fraud ........so, keep your eye on the ball - again. IMO
The FDIC's Jeffrey Thorne testimony about a 118 page P&A timing also was during BK mediation, 10/2011.
11/2011, The FDIC insisted all parties to the court action sign a confidentiality agreement to view this 118 page P&A document.
ITs interesting that FDIC only sold Indymac's servicing rights also to OneWest as they did Wamu's servicing rights to JPM
Now that's awfully coincidental timing.
Incidently I was just re-reading the Goulding Declaration from the same timeline...keep getting hung up on page 15.
http://www.kccllc.net/wamu/document/0812229120213000000000024