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“Eclipse” (the “Company”) is WMIIC
Pay special attention to the term "equity interests" from EXHIBIT A.
The equity holders of the Company, “Eclipse” (the “Company”) is old WMI Escrow Holders. Hence; WMIH Shares for WMI/WMIIC Value.
IMO;
Common WMIH shares to old WMI Common shareholders for their "equity interests" of Eclipse/WMIIC.
New WMIH Preferred shares to old WMI Preferred holders for their "equity interests" of Eclipse/WMIIC Trust Preferred Funding.
The Series R Preferred shares are "Perpetual", and New shares will be issued.
The Series K Preferred shares are "Redeemable", therefore the K will be Redeemed.
Bridge Facility
Remember; Equity interest can be used as collateral. WMIIC is a Guarantor to the Capital raised.
Thank You cura asada
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WMI Escrow Holders
must see the WMIH Shares for WMI/WMIIC Value Exchange Event before NSM shareholder vote/Merger so that NSM is NOT diluted from the new WMIH Shares for WMI/WMIIC Value Exchange Event.
This is why the WMIH Shares for WMI/WMIIC Value Exchange must take place first before the NSM merger so the NSM participants are not diluted from the new WMIH shares distribution to old WMI Escrow holders. When WMIH has the WMI/WMIIC Value from the Exchange Event, then this WMIH/NSM merger will make sense to the NSM Shareholders.
Hint; WMIIC 'equity interest'. Equity interest in this case is NOT the stock equity of WMIIC. WMIIC received 'equity interest' is the ABS that WMIIC inverted in at 25% of more.
Equity interest can be used as collateral.
Hence; WMIIC is a Guarantor to the Capital raised.
Escrow Shares for Value Exchange
must take place before NSM shareholder vote/Merger.
We are Talking About
TWO different sources that generated NOLs being discussed here. WMIH has been using The WMB Stock Abandonment valuation NOLs from reorg.
The WMB Stock Abandonment valuation becomes CG offsetting the CL = ZERO, and goes away.
Now WMIH and NSM will have access to a new different source for NOLs from the RMBS losses like DBNTC.
The Original WMB Stock Abandonment NOL
was artificially set at ~$17.7B-$24.4B, which just so happened to be the anticipated RMBS Loan Loss. How did they know that ?
;)
The WMB Stock Abandonment valuation is to be determined, and compensated with "the Final Payment" for "WMB and its assets".
$299B - minus RMBS Loan Loss + plus WMI is a Creditor to WMB = "the Final Payment" for "WMB and its assets".
NOW multiply by THREE (3) for "Willful Misconduct" of RICO for "the Final Final Payment" for "WMB and its assets".
JPM cannot be Released by the WMB Noteholders Group for RICO until "the Final Final Payment" for "WMB and its assets" is made. There is NO "Statue of Limitations" on Criminal RICO. JPM si still exposed to Criminal RICO charges.
Payment made to the Owner of the Original Debtors Estate, the Common Shareholder.
Preferred receive compensation from their "Waterfall" bucket as in Trust Preferred Securities, which should happen with the Stock for Value transaction and before NSM merger.
"Re-Perpetuallize" the Ps.
The proceeds from the 363 Sale of $20.7B, now about $30B after interest is split 75/25% as a LT redistribution. NOT as LTIs !
And some other stuff.
HLCE,
Ron
AZ is Correct Regarding WMB-NOLs
1. WMB Stock Abandonment NOLs.
2. WMB pre-seizure Loan Losses RMBS NOLs.
1. The NOLs from the WMB Stock Abandonment will go away just as James Carreon of A&M said in Court Testimony to THMFW. AZ is Correct because that is what the record states.
~$5.85B in NOLs form WMB Stock Abandonment is removed when "the Final Payment" is made for "WMB and its assets" as a Capital Gain offsetting a Capital Loss. CL = CG, NOL => Zero.
2. The Losses generated from events like DBNTC $3B is subtracted from WMB's valuation as a Loss. Creating a new set of NOLs.
Said $6B in NOLs;
X = $6B/.35 = $17.14B Loss from events like DBNTC $3B to generate a $6B in NOLs.
Events like DBNTC $3B is 1/5.7 ratio of the $17.14B.
DBNTC is Trustee for $165B.
Therefore;
$165B * 5.14 = $942.86B in WAMU RMBS Portfolio generating $6B in NOLs.
One original WMB Stock Abandonment NOLs will be replaced by the RMBS NOLs when "the Final Payment" is made for "WMB and its assets".
NSM is talking about the RMBS NOLs that will be realized with CIC, and "tFP".
WMI-WMIH, both told the 'truth' for different reasons.
HLCE,
Ron
Monday is March 19th, Updated.
"Consummation of the Merger is subject to various conditions, including, (i) the adoption of the Merger Agreement by the holders of a majority of Nationstar’s outstanding common stock; (ii) the approval of the Share Issuance by a majority of all votes cast by holders of outstanding shares of WMIH Common Stock and preferred stock (voting on an as-converted basis in accordance with WMIH’s amended and restated certificate of incorporation); (iii) the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended; (iv) obtaining required regulatory approvals as specified in the schedules to the Merger Agreement without the imposition of a condition that would have a material adverse effect on Nationstar and its subsidiaries, taken as a whole, following the Merger (“Burdensome Condition”); (v) the effectiveness of a registration statement on Form S-4 relating to the Merger; (vi) the approval for listing the WMIH Common Stock issuable in the Merger on the NASDAQ Global Select Market, subject to official notice of issuance; (vii) there being no law or injunction prohibiting consummation of the transactions contemplated under the Merger Agreement; (viii) subject to specified materiality standards, the continuing accuracy of certain representations and warranties of each party; and (ix) performance by each party in all material respects with its covenants. The receipt of a tax opinion from WMIH’s tax advisor that there should not have been an “ownership change” (within the meaning of Section 382(g) of the Internal Revenue Code) since March 19, 2012, and the Merger, taken together with the other transactions contemplated by the Merger Agreement and occurring on the closing date, should not result in such an ownership change, is a condition to the obligations of Nationstar to consummate the Merger. The closing of the Merger is not subject to a financing condition."
https://www.sec.gov/Archives/edgar/data/933136/000119312518045989/d539539d8k.htm
"the approval of the Share Issuance by a majority of all votes cast by holders of outstanding shares of WMIH Common Stock and preferred stock (voting on an as-converted basis in accordance with WMIH’s amended and restated certificate of incorporation)"
WMIH Common Stock and preferred stock
Just like AZ and I said; WMIH Common Stock and preferred stock to be issued s@@n.
WMIH needs to settle-up with WMI's Original Debtors Estate before the merger with NSM can go forward.
Monday is March 19th,
"On March 19, 2012 (the "Effective Date"), the Plan became effective and certain of the Debtors' assets were transferred to a newly formed Delaware liquidating trust (the "WMI Liquidating Trust") as further described in the Plan. To view a copy of the Form 8-K that was filed by WMI (which changed its name to WMI Holdings Corp. on the Effective Date) with the SEC on the Effective Date, please click here."
http://www.wmitrust.com/WMITrust
"Consummation of the Merger is subject to various conditions, including, (i) the adoption of the Merger Agreement by the holders of a majority of Nationstar’s outstanding common stock; (ii) the approval of the Share Issuance by a majority of all votes cast by holders of outstanding shares of WMIH Common Stock and preferred stock (voting on an as-converted basis in accordance with WMIH’s amended and restated certificate of incorporation); (iii) the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended; (iv) obtaining required regulatory approvals as specified in the schedules to the Merger Agreement without the imposition of a condition that would have a material adverse effect on Nationstar and its subsidiaries, taken as a whole, following the Merger (“Burdensome Condition”); (v) the effectiveness of a registration statement on Form S-4 relating to the Merger; (vi) the approval for listing the WMIH Common Stock issuable in the Merger on the NASDAQ Global Select Market, subject to official notice of issuance; (vii) there being no law or injunction prohibiting consummation of the transactions contemplated under the Merger Agreement; (viii) subject to specified materiality standards, the continuing accuracy of certain representations and warranties of each party; and (ix) performance by each party in all material respects with its covenants. The receipt of a tax opinion from WMIH’s tax advisor that there should not have been an “ownership change” (within the meaning of Section 382(g) of the Internal Revenue Code) since March 19, 2012, and the Merger, taken together with the other transactions contemplated by the Merger Agreement and occurring on the closing date, should not result in such an ownership change, is a condition to the obligations of Nationstar to consummate the Merger. The closing of the Merger is not subject to a financing condition."
https://www.sec.gov/Archives/edgar/data/933136/000119312518045989/d539539d8k.htm
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=139037797
AZ is Correct Regarding WMB-NOLs
The NOLs from the WMB Stock Abandonment will go away just as James Carreon of A&M said in Court Testimony to THMFW. AZ is Correct because that is what the record states.
~$5.85B in NOLs form WMB Stock Abandonment is removed when "the Final Payment" is made for "WMB and its assets" as a Capital Gain offsetting a Capital Loss. CL = CG, NOL => Zero.
The Losses generated from events like DBNTC $3B is subtracted from WMB's valuation as a Loss. Creating an NOL.
Said $6B in NOLs;
X = $6B/.35 = $17.14B Loss from events like DBNTC $3B to generate a $6B in NOLs.
Events like DBNTC $3B is 1/5.7 ratio of the $17.14B.
DBNTC is Trustee for $165B.
Therefore;
$165B * 5.14 = $942.86B in WAMU RMBS Portfolio that generating $6B in NOLs.
One original WMB Stock Abandonment NOLs will be replaced by the RMBS NOLs when "the Final Payment" is made for "WMB and its assets".
NSM is talking about the RMBS NOLs that will be realized with CIC, and "tFP".
WMI-WMIH, both told the 'truth' for different reasons.
HLCE,
Ron
Majority Lead Arrangers
So, Bill Kosturos, of Alvarez & Marsal is finally doing his job.
The sum of (1) ...
(2) the value of the common equity interests in WMIH issued to the equityholders of the Company (it being understood and agreed that the aggregate value pursuant to this clause (2)
(it being understood and agreed that the aggregate value pursuant to this clause (2) shall be as set forth in the Acquisition Agreement) (clauses (1) and (2) collectively, the “Equity Contribution”) Shares for Value. Just like AZ and I have said for years. Commons to Commons, and Preferred to Preferred to the true owners of WMIIC.
WMIH shall use cash on its balance sheet of at least $550.0 million... and Class A preferred shares of WMIH.The SAP's and SBP's,
Yes, Eclipse is WMIIC.
Wand Merger Corporation (“Buyer”), a newly formed shell entity which is an affiliate of WMIH Corp. (“WMIH”), intends to acquire, directly or indirectly, all of the outstanding equity interests of the entity previously identified to us by you as “Eclipse” (the “Company”) from the equity holders of the Company.
NSM is a different transaction/merger. NSM is 64%, not ALL.
all of the outstanding equity interests of the entity previously identified to us by you as “Eclipse” (the “Company”) from the equity holders of the Company.
FED, QE-Unwind
Mar. 3, 2018
http://www.businessinsider.com/fed-plan-to-unwind-its-balance-sheet-didnt-skip-a-beat-2018-3
During QE, the Fed acquired Treasury securities and mortgage-backed securities (MBS) guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. During the QE-Unwind, the Fed is shedding those securities. According to its plan, announced last September, the Fed would reduce its holdings of Treasuries and MBS by no more than:
$10 billion a month in Q3 2017.
$20 billion a month in Q1 2018
$30 billion a month in Q2 2018
$40 billion a month in Q3 2018
$50 billion a month in Q4 2018 and continue at this pace.
This would shrink the balance of Treasuries and MBS by up to $420 billion in 2018, by up to an additional $600 billion in 2019 and every year going forward until the Fed decides that the balance sheet has been "normalized" enough — or until something big breaks.
For February, the plan called for shedding up to $20 billion in securities: $12 billion in Treasuries and $8 billion in MBS.
More reading in the link provided.
AZ is Correct Regarding WMB-NOLs
The NOLs from the WMB Stock Abandonment will go away just as James Carreon of A&M said in Court Testimony to THMFW. AZ is Correct because that is what the record states.
~$5.85B in NOLs form WMB Stock Abandonment is removed when "the Final Payment" is made for "WMB and its assets" as a Capital Gain offsetting a Capital Loss. CL = CG, NOL => Zero.
The Losses generated from events like DBNTC $3B is subtracted from WMB's valuation as a Loss. Creating an NOL.
Said $6B in NOLs;
X = $6B/.35 = $17.14B Loss from events like DBNTC $3B to generate a $6B in NOLs.
Events like DBNTC $3B is 1/5.7 ratio of the $17.14B.
DBNTC is Trustee for $165B.
Therefore;
$165B * 5.14 = $942.86B in WAMU RMBS Portfolio generating $6B in NOLs.
One original WMB Stock Abandonment NOLs will be replaced by the RMBS NOLs when "the Final Payment" is made for "WMB and its assets".
NSM is talking about the RMBS NOLs that will be realized with CIC, and "tFP".
WMI-WMIH, both told the 'truth' for different reasons.
HLCE,
Ron
BK #1 is Owned By BK #2
Releases was only needed for BK #2 WMI.
Bk #1 WMIIC is owned by those who own the related Securities, or Trusts.
"Know What YOU Own"
75/25% was NOT Global.
Yes, The Release Forms Could
have all used the same form for all Equity classes, TPS, P, K, and Qs with the 75/25% verbiage for Class 19 vs. Class 22 respectively.
Thanks, AZ
Very Simple;
jimmyt99 Monday, 01/29/18 03:23:50 PM
Re: wamugold post# 506377 0
Post # of 511846
I think a macro view is prudent here, WG. Lemme preach on it.
And a trip through the past is necessary and you can find these answers out easily.
#1 filed BK first - the one with all the dosh.
#2 filed second - 32-8 - and was subject to the 75-25 split, not #1.
Waiting, just like the Pappy play is hard. I'm not worried in the least.
Roll Tide.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=138093310
NSM PPS Jumped Up at 11:30 Also
Same time as WMIH PPS jumped up.
NSM also hit their high at 12:30 like WMIH.
https://finance.yahoo.com/quote/NSM/
Where Is My ABS/RMBS Distribution?
October 31, 2017
Therefore We should be seeing four [4] months worth of ABS?RMBS Distributions. MINIMUM.
"Dear Mr. Reyes,
Reference is made to the Verified Petition dated December 12, 2016. As contemplated by paragraphs 67 through 69 of the Verified Petition, Duff & Phelps has been asked to calculate the allocation of the initial installment of Settlement Proceeds received by Deutsche Bank National Trust Company, as Trustee (the “Trustee”) among the Primary Trusts.Results are contained in Exhibit A which provide such loss calculations as of October 31, 2017 along with a proposed net allocation of the amounts to be received under the Settlement Agreement at issue in the Petition among the Primary Trusts based on those losses, taking into account the prior expenses to be reimbursed as provided by counsel.
http://www.globic.com/wamurmbssettlement/pdfs/DB%20WaMu%20Procedures%20for%20Dist.%20of%20Settlement%20Proceeds%202.14.18.pdf
WMILT/KCC should be informing the Beneficiaries of coming Distributions.
For those Trusts in which distributions are administered by the Trustee, the Trustee currently anticipates that distributions of the Allocable Shares will be made in the February 2018 distribution period. With respect to certain of the Trusts for which the Servicer or Master Servicer calculates monthly distribut
ions to Certificateholders, the Trustee has been informed by the Servicer or Master Servicer, as applicable, that such calculations are anticipated to be completed in time to enable distributions of the Allocable Shares for such trusts to be made in the February 2018 distribution period. Certificateholders are advised that distributions of the Allocable Shares as to any particular Trust may not occur in the February 2018 distribution period where the Trustee, the Servicer or the Master Servicer, as applicable, encounter issues in implementation such distributions under the relevant Governing Documents, or otherwise determine that they are unable to determine the appropriate treatment of the Allocable Shares in that period. Distributions of the Received Funds will be included with the monthly distributions on the WAMU Securities; accordingly, distributions to holders of particular WAMU Securities will be made to holders as of the record dates for such WAMU Securities for the month or months in which such distributions are made.
Bump; Agreement and Plan of Merger
From 8-K;
Agreement and Plan of Merger
On February 12, 2018, WMIH Corp. (“WMIH”), Nationstar Mortgage Holdings Inc., a Delaware corporation (“Nationstar”), and Wand Merger Corporation, a Delaware corporation and a wholly-owned subsidiary of WMIH (“Merger Sub”), entered into an Agreement and Plan of Merger (the “Merger Agreement”). The Merger Agreement provides that, upon the terms and subject to the satisfaction or waiver of the conditions set forth therein, Merger Sub will merge with and into Nationstar (the “Merger”), with Nationstar continuing as the surviving corporation and a wholly-owned subsidiary of WMIH.
https://www.sec.gov/Archives/edgar/data/933136/000119312518045989/d539539d8k.htm
From EX10.1
VOTING AND SUPPORT AGREEMENT
https://www.sec.gov/Archives/edgar/data/933136/000119312518045989/d539539dex101.htm
Project Eclipse
From EX10.5
CONFIDENTIAL EXHIBIT A
Wand Merger Corporation (“Buyer”), a newly formed shell entity which is an affiliate of WMIH Corp. (“WMIH”), intends to acquire, directly or indirectly, all of the outstanding equity interests of the entity previously identified to us by you as “Eclipse” (the “Company”) from the equity holders of the Company.
https://www.sec.gov/Archives/edgar/data/933136/000119312518045989/d539539dex105.htm
Nothing Regarding;
WMIIC or WAMU 1031
OK, I Stand Corrected.
~$18.00/12.7793 = $1.41/WMIH share
.09773 * $18.00 * 64% = $1.12583B
"The aggregate amount of cash to be issued as Merger Consideration in the Merger will be $1,225,885,248."
An extra ~$.1B for the "aggregate".
https://ih.advfn.com/p.php?pid=nmona&article=76722210
Bob, Jimmyt99
disagrees with you, and so do I.
Therefore, the WMIH Merger PPS is
Using $18.00/$4.00 from before;
.439785 * $4.00 / .799 = $2.20 PPS
Assuming all Merger in WMIH stock.
WMIH, 12.7793 shares of validly issued
Subject to the terms and conditions of the Merger Agreement, which has been unanimously approved by the board of directors of both companies, at the effective time of the Merger (the “ Effective Time ”) and as a result of the Merger, each share of Nationstar’s common stock issued and outstanding immediately prior to the Effective Time (other than shares owned, directly or indirectly, by Nationstar, WMIH or Merger Sub or by any Nationstar stockholder who properly exercises and perfects appraisal of his, her or its shares under Delaware law) will be converted into the right to receive, at the election of the holder of such share, (i) $18.00 per share in cash, without interest, or (ii) 12.7793 shares of validly issued, fully paid and nonassessable shares of WMIH common stock, par value $0.00001 per share (“ WMIH Common Stock ”), subject in each case to pro rata cutbacks to the extent cash or stock is oversubscribed (the “ Merger Consideration ”). The aggregate amount of cash to be issued as Merger Consideration in the Merger will be $1,225,885,248.
https://ih.advfn.com/p.php?pid=nmona&article=76722210
If all Merger is in WMIH stock;
.09773 * 12.7793 * 64% = .799 Billion WMIH shares.
Correct! Where Is My Money
If WAND is Going to Sit
on my Money, then WAND can pay my Taxes.
That is why Grantor Trusts are used as a Pass-through.
Now, Pass-it-thru..
No It's not with FDIC because;
for DBNTC to make January or February Distributions statements, the WAMU ABS Trusts would already be free from FDIC Safe Harbor.
DBNTC, Where Is My February Distribution?
Same for US Bank, LaSalle Bank, Bank of America, and the other WAMU Trustees...
Where Is My February Distribution?
William C. Kosturos, have you forgotten what your responsibilities are again?
WMI Liquidating Trust Agreement, dated March 6, 2012, by and among Washington Mutual, Inc., WMI Investment Corp., William C. Kosturos as liquidating trustee (together with any successor, the “Liquidating Trustee”), and Delaware Trust Company (formerly known as CSC Trust Company of Delaware)as the Delaware resident trustee (as amended, modified or supplemented from time to time, the “Liquidating Trust Agreement”)
KCC, Mr William C. Kosturos is in need of your assistance. Please help Bill with his duties.
TIA,
Ron
RD, I don"t Get Your Math;
Please explain in greater detail.
Wasn't the NSM Merger PPS
based on WMIH being at ~$4.00 PPS?
NSM Shares Outstanding 97.73M
$18.00/$4.00 = $4.50
.09773B *$18.00/$4.00 = ~.439785 Billion new WMIH shares to NSM.
https://finance.yahoo.com/quote/NSM/key-statistics?p=NSM
I Want My Cash Value for
"WMB and it's assets".
WMIH can't give away my compensation as an Owner of "WMB and its assets" to make an sweet deal for NSM with $6B in NOLs.
Yep, "The Performing Trusts Are the obvious reason for a WMIH 64% ownership ... Everyone’, will do very well ... and not just not because of an empty shell with some NOL’s ... that line ?, got old a very very long time ago ."
WMIH can't give away my property to generate NOLs for NSM Merger.
Would You Rather Have
$6B in NOLs, or the Cash Value for "WMB and its assets"?
WMIH can't give away my compensation as an Owner of "WMB and its assets" to make an sweet deal for NSM with $6B in NOLs.
The NOLs are; "Gives rise to" from the "Equity Interest" given to FDIC as a Capital Loss until "the Final Payment" is made as a Capital Gain. CL = CG.
The FDIC has valued "WMB and its assets" at $299B.
The WMB Deposit base of ~$188B was transferred to JPM, and therefore never became a Liability to WMB or the FDIC. Subtract Zero.
The DBNTC $3B is subtracted from "WMB and its assets".
Est; DBNTC $3B is 1/5 of RMBS losses. Subtract $15B.
This would be the only losses to generate NOLs for the NSM Merger.
WMI is a Creditor to WMB. Add back...?
Now multiply by Three [3] because ANICO/WMB Noteholders sued for DAMAGES, and JPM Settled and then raised $1.4T, $1,400B in EURO Notes.
The $6B in NOLs is a true statement until "the Final Payment" is made for "WMB and its assets".
NSM is doing Business with WMIH's "Equity Interest" in the enormous ABS/MBS pools of WMI/WMIIC. NOT some NOLs.
WMIH can't forfeit my "WMB and its assets" compensation to NSM.
WMIH Needs to Complete Shares for Value
conversions for both commons and Preferred before a merger with NSM.
Need clean WMIH books regarding ABS CERTs and ABS 'Equity Interests'.
RePerpetuallize the Series R, TPS Preferred Escrows.
Share Holder of Record date for the Series R Preferred is March 1st for March 15th dividend distribution.
Clock is tickin...
Globic, DBNTC Told Us
that February distributions are being made.
For DBNTC to make February distributions from WAMU Trusts, SH has been lifted from WAMU Trusts.
Again;
If SH is lifted for DBNTC as Trustee for WAMU Trusts, then SH is lifted for all Trustees for WAMU Trusts, like US Bank, LaSalle,...
Other WAMU Trustees are Reporting February 26th distributions.
In Short; FDIC SH has been lifted for WAMU Trusts.
the “Exchange Property"
Section 14. Reorganization Events.
...
" (such securities, cash and other property, the “Exchange Property”)."
" the kind and amount of the cash, securities or other property that constitutes the Exchange Property."
BK Closure Not Required.
Globic;
D&P-DBNTC; Distribution in February.
Same for all other ABS Trustees.
US Bank, LaSalle, BofA...
February 26th. Documented.
Retained Assets.
RePerpetuallize the Series R, TPS Preferred Escrows.
7.75% Series R Non-Cumulative Perpetual Convertible Preferred Stock
RePerpetuallize ! March first
is the ShareHolder of Record date for March fifteenth Dividend date for Series R [P's]. The same date probably holds true for the converted TPS shares. IMO, I'm expecting release of new Preferred Shares for P's and TPS for old shares, and cash redemption for the K's.
With News fast approaching due to February ABS Cash Distributions as announced on February 14th, and NSM Conference Call on March first. IMO, this would be a perfect time to RePerpetuallize Preferred Shares with additional ABS Trusts created with NSM.
Thanks AZ.
Just like the WMB Covered Notes, these Preferred shares offerings are also backed by Trusts. Only the K's are a secondary offering.
The Magnitude of the Portfolio Being Serviced
for 9 and 5/12 years is;
X*.014= $6B
$6B/.014= $.4286B
$.4286B*(9+5/12)= $4,036B
~$4 Trillion accumulated by ABS Securities held in Save Harbor that are serviced by WMB/JPM.
WMI/WMIIC's participation in the ABS WAMU scrutinized varied from 5% in the early creations to 95% in the latter years, 2007ish.
For a good average guess, use 25%.
The $6B is the Annual Revenue
from servicing the Loan Portfolios by WMB, and now JPM. This is NOT the; From 2004-2007 WMI averaged about $6B annually from cert participation.
The Mortgage servicing interest rate fee is around 1.4%.
X*1.4%=$6B from servicing fees annually.
X=__ Annual ABS Portfolio being serviced... True, it's not all ours !
DBNTC is over seeing $165B in MBS. That is more than $6B and $60B.
FRB/FED has $4.5 Trillion in ABS it acquired in 2008-2009+.
BK, Have You Seen
a updated WMB Balance Sheet for FDIC year end? FDIC's year end is the end of normal third-quarter, September 30th.
We should have seen the WMB Balance Sheet around mid-November 2017.
.....