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yes . does that make the information in it less valuable ?
i do not think so .
i think since the fdic-r is still not released all this information is still valuable and up to date .
since when are unaudited filings are credible ?
if can not do such a thing ... then your own statements are a little uncredible .
as the "gem" post got a lot of attention ...
i will rework the non working links tomorrow and add some "new" facts so that it can be stickied .
i think it is a good idea to provide this information to everyone daily for our own enjoyment of our potencial future escrow income facts .
since when are unaudited filings are credible ?
can you show us any audited wmilt filings ?
if can not do such a thing ... then your own statements are a little uncredible .
that sounds reasonable to me . maybe a little interest for 6 years on top of that .
how about the evidence that the fdic-r is still not released to this day from any potential wrongdoings ?
my guess it that the "crooks" are facing a billion dollar lawsuit from susman and godfrey if they do not provide the escrow holders woth a huge amount of "shutupandbequiet-money" .
dont you think that this is quite some good motivation for the "crooks" to right their wrongdoings ?
"now" is anytime between now and 2018 .
any statement that includes anything more specific is speculative .
thenurseisback can you please provide facts for your statement ?
do you have your hands on any documents that provide any proof ?
are you able to bring more on the table other than proofless one liners ?
bk shadow , as you like to say " it is what it is " ...
can you explain :
why is it that the fdic-r is still not released at all as part of the mediated results of the por 7 ?
can you proof that the fdic-r does not hold any assets in receivership from washington mutual to this point in time ?
my point is that as the fdic-r is not released from wrongdoings to the orignal investors of our company and as such all the "old" documents are still in tact and significant as proof of the wrongdoings that have been done in the past .
i would be very surprised if you can come up with an explanation of the non release of fdic-r .
i wonder what was the intention of doing such a thing if this is all not of any interest on our side as owners of escrows .
i guess you have a lot of them as you show so much interest in this matter .
the conclusion on this is that the fdic-r is not released and has to give back the illegally seized assets of wmi .
yes , no , fdic+r is not released and that is exactly where the money will come from . as stated in the official documents .
i ask you again for the proof of your statement that all numbers are null and void because of por 7 .
i delivered proof for 24-160+ billion if you would have read the documents i showed to you just recently .
which you couldnt even comment on exept new unfunded statements about my concerns about non readable documents .
because fdic seized it illegaly and gave it away . which is not possible legally and since fdic-r is not released from us , the chances are relatively high that they will give it back .
i hope that too .
i can not scan redacted documents .
you asked what stands in them in my opinion .
and thats 24-160b til 2018 .
my logic says that .
and now proof your statement that because of por 7 all previous numbers are now null and void .
it seems you can not do that . or dont want to .
24-160 billion $ has to be delivered til 2018 to the orignial investors of washington mutual .
now i want proof for your statement that all numbers are null and void because of por 7 please .
if you can not proof your statements that you made then your credibility is about null and void .
first you ask for proof of numbers and now you even cant deliver simple answers to questions ?
have you read the full non redacted por 7 ?
have you been in the mediation room ?
show me proof for your statements other than another statement please .
show me where it says "all previous numbers are null and void" in the por 7 please .
have read the redacted documents ?
have you been in the room in which the mediation took place ?
again :
have you read the redacted documents of por 7?
have you seen the asset list 3.1a ?
if not , than your statement has no value at all .
give me a document to proof your point .
show me where it says null and void please .
first you ask for proof and now you can´t deliver it yourself ?
have you read the redacted documents ?
have you seen the asset list 3.1a ?
if not , than your statement has no value at all .
give me a document to proof your point .
show me where it says null and void please .
first you ask for proof and now you can´t deliver it yourself ?
and ? what do you have to say about the numbers ?
first you ask about them and then you can´t say a thing about them other than that the numbers are late ?!
do you think the numberws changed since 2008 exept generated interest ?
you wanted to talk to me .
you asked about proof of numbers recently ...
would you explain to me and the others the numbers in this letter ?
http://s.wsj.net/public/resources/documents/WSJ-WAMU-Responsive-e-mails092810.pdf
what do you have to say about the numbers in this letter ?
http://www.kccllc.net/documents/0812229/0812229100603000000000011.pdf
it would be highly unlikey if there is absolutely no money coming to escrows/ltis
found a gem :
Wamu TRUTH:
Written Statement of Kerry K. Killinger Submitted to the United States Senate
Permanent Subcommittee on Investigations-April 13, 2010
http://assets.bizjournals.com/cms_media/seattle/Kerry%20Killinger%20Written%20Statement%204-12-10.pdf
Dochow(OTS) to Ivie (FDIC) July 08:
http://c0181567.cdn1.cloudfiles.rackspacecloud.com/2008-07-22%20OTS%20letter%20to%20FDIC%20re%20Examination%20of%20WaMu.pdf
Sept 8, 2008 Plan set in motion:
http://c0181567.cdn1.cloudfiles.rackspacecloud.com/2008-09-00%20FDIC%20Problem%20Bank%20Memo%20on%20WaMu.pdf
Sept 11, 2008 (although stamped 17th), Dochow OTS Regional Director blows them out of the water with detailed analysis:
http://c0181567.cdn1.cloudfiles.rackspacecloud.com/2008-09-11%20OTS%20letter%20to%20FDIC%20re%20WaMu%20ratings.pdf
Objection to Confirmation of Plan of Reorganization Filed by Nate Thom - 11/19/2010
http://www.kccllc.net/documents/0812229/0812229101123000000000010.pdf
Letters to the court:
http://wmish.com/various/letter_ocr.pdf
http://www.kccllc.net/documents/0812229/0812229100603000000000011.pdf
http://www.kccllc.net/documents/0812229/0812229100615000000000011.pdf
http://www.kccllc.net/documents/0812229/0812229100414000000000027.pdf
Contested Property:
http://www.finmire.com/WMI/Contested_Property
AMERICAN NATIONAL INSURANCE COMPANY MOTION TO ALTER OR AMEND JUDGMENT
AND REQUEST FOR LEAVE TO FILE AMENDED COMPLAINT (DC Court)
http://www.ghostofwamu.com/documents/09-01743/09-01743-0119.pdf
EC Objection To The POR 5/26
http://www.kccllc.net/documents/0812229/0812229100513000000000023.pdf
WaMu Delinquency Rates vs Industry, 2004 to 2007
http://www.kccllc.net/documents/0812229/0812229091214000000000008.pdf
Motion By The EC To Examine JPM/Chase
http://www.kccllc.net/documents/0812229/0812229100525000000000026.pdf
The Untold Story: How WaMu Execs Fought Government Seizure
http://blogs.wsj.com/deals/2010/09/28/the-untold-story-how-wamu-execs-fought-government-seizure/?mod=yahoo_hs
CEO Alan Fishman letter to Chairman Bair:
http://www.ghostofwamu.com/documents/WSJ-WAMU-Responsive-e-mails092810.pdf
How the Canadians almost took over WaMu in NY:
http://mycrains.crainsnewyork.com/in_the_markets/2010/11/how-the-canadians-almost-took-over-wamu-in-ny.php
WaMu's Four Bidders Have $110 Billion More to Spend After Rally
By Ari Levy - September 20, 2008 12:14 EDT
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aQWTFn2rfY50
PLEASE READ THESE COURT DOCUMENTS.....
JPMorgan admits that the FDIC took over a solvent bank in one of the latest court documents...
I'm enclosing a few more documents filed through the BK court in regards to a declaration of Thomas M. Blake ( http://www.crai.com/ProfessionalStaff/listingdetails.aspx?id=1276 ).
The declaration can be found in 103-4.pdf at http://www.mediafire.com/?sharekey=3b830df9f3d0e6fce7c82ed4b8f0c380aff12395630f22f3ce018c8114394287
Quoting:
12. Based on my review to date, there is no indication that the OTS performed a solvency analysis consistent with the test for insolvency specified in the Bankruptcy Code. There is no indication that the OTS assessed the fair sale-able value of the assets of WMB (or WMI). Nor is there an indication that OTS compared the fair sale-able value of the assets of WMB (or WMI) to the total amount of either company’s respective liabilities. There is no indication that the OTS performed a comprehensive cash flow analysis of WMB (or WMI). Instead, the OTS found that “WMB met the well-capitalized standards through the date of receivership.”8 Thus, without a thorough analysis of the assets, liabilities and capital of WMI and WMB, it is not possible to come to a reliable conclusion concerning the financial solvency of either entity, whether on a consolidated or stand-alone basis.
Here is another document that says as of August 14, 2008:
"We propose to decapitalize WMBfsb by returning $20 billion of capital to its parent. The $20 billion will include the master note of approximately $7 billion, proceeds from $3.5 billion of Discount Notes and cash generated through additional wholesale deposits and advances from FHLB Seattle. We propose the payment of at least $10 billion by September 30, 2008 and the remaining $10 billion through December 2009."
"The net balance sheet of WMBfsb will be approximately $34 billion to $36 billion after Project Fillmore. The leverage ratio will decrease to 25% from 62%. A well-capitalized institution requires an 8% or higher leverage ratio."
Read reference page 45 of DOCUMENT 103-1.pdf from here:
http://www.mediafire.com/?sharekey=3b830df9f3d0e6fce7c82ed4b8f0c380aff12395630f22f3ce018c8114394287
Included, is the form to the OTS requesting a decapitalization of WMBfsb. Pg. 117
http://www.kccllc.net/documents/0812229/0812229100208000000000003.pdf
Enclosed is a link to the affidavit of Doreen Logan who is the Controller/ Assistant Treasurer of Wamu who states that there was no liquidity problems;
http://www.google.com/search?hl=en&ie=ISO-8859-1&q=%20Ex.%20D%20to%20Affidavit%20of%20Doreen%20Logan%20%28%201%20/07-3/08%20Account%20Statements%29%20A-46%20...&btnG=Search
Remember, WMBfsb was also taken from the holding company and sold to JPMorgan/Chase with all of the other assets for only $1.88bil.....
Please, take some time and read these documents. Here is a link to all documents filed through the BK Court;
http://www.kccllc.net/wamu
Jamie Dimon planted "moles" in Wamu??? JPMorgan committed corporate fraud???
http://www.kccllc.net/documents/0812229/0812229090501000000000002.pdf
Wamu's claims against JPMorgan/Chase;
http://wmish.com/doc/gov/0603/JPM_V_WMI_-_ANSWER.PDF
Debtors seek the Rule 2004 examination of the following Knowledgeable Parties: (Pg. 443 onward shows internal emails of JPM talking about wiping out Wamu shareholders many months before the seizure)
http://www.kccllc.net/documents/0812229/0812229091214000000000008.pdf
"The Regulators"
FDIC - The Federal Deposit Insurance Corporation, in its capacity as receiver for WMB and in its corporate
capacity,
OTS - Office of Thrift Supervision
OCC - Office of the Comptroller of the Currency
Federal Reserve - Board of Governors of the Federal Reserve System
Treasury Department - U.S. Department of the Treasury
SEC - U.S. Securities and Exchange Commission
Paulson - former U.S. Treasury Secretary Henry M. Paulson, Jr
"The Rating Agencies"
Moody's - Moody's Investors Service
S&P - Standard and Poor's Corporation ("S&P")
"The WaMu Suitors"
Banco Santander - Banco Santander, S.A.
Toronto-Dominion - Toronto-Dominion Bank
TD Bank - TD Bank, N.A.
Wells Fargo - Wells Fargo, N.A.
"The Banks"
FHLB-SF - Federal Home Loan Bank-San Francisco
FHLB- Seattle - Federal Home Loan Bank-Seattle
Goldman Sachs - The Goldman Sachs Group, Inc.
"The JPMC Professionals"
PWC - PricewaterhouseCoopers
Equale - Equale & Associates
Holt - Richard F. Holt
Horne - David Horne, LLC
Please read these articles;
http://www.portfolio.com/industry-news/banking-finance/2009/12/07/why-federal-regulators-closed-washington-mutual/index.html
http://seattle.bizjournals.com/seattle/stories/2009/12/14/daily18.html
http://seattle.bizjournals.com/seattle/stories/2010/04/12/story2.html?jst=pn_pn_lk
The Biggest Banking Heist in World History: Washington Mutual
http://www.marketoracle.co.uk/index.php?name=News&file=article&sid=13894
Please read this descriptive complaint that was submitted to the SEC from Apex Venture Advisors Mike Stathis Managing Principal on October 7, 2008 in regards to the manipulation that occurred on Wamu's stock;
http://www.avaresearch.com/files/20090930175434.pdf
I'm also enclosing another link that quotes Judge Hughes from a case against the FDIC that was wrapped up on August 24, 2005; http://blog.kir.com/archives/2005/08/judge_hughes_ha.asp
"The record shows that the swap was the only reason for this suit. It also shows that the FDIC knew that it had no factual or legal basis for its claims, and that its cases here and in Washington were shams."
As usual, Judge Hughes is acerbic in his opinion regarding the FDIC's conduct, noting in particular that FDIC officials "lied about it all under oath" and they "discarded the mantle of the American Republic for the cloak of a secret society of extortionists."
"It's hard to find a word that captures the essence of the FDIC's bringing this action. Irresponsible is close. Arbitrary, dishonest, exploitative, extortionate, and abusive all fit."
Judge Hughes concluded that Hurwitz and Maxxam "will recover their costs because the record reveals corrupt individuals within a corrupt agency with corrupt influences on it, bringing this litigation."
And now the connection between JPM and the FDIC........
3/26/09 Joe’s hired (from JPM) by the FDIC 3/26/09 as “Senior Advisor” to Sheila…to provide “policy and legal advice relating to complex financial transactions, bid structures, and capital markets.” I'm sure it was out of the goodness of his heart, service before self, duty to country? ummmmmmm, yeah~
8/05/09 Meets with TPG/Sullivan and Cromwell/and others (as FDIC rep) “to discuss the “Proposed Policy Statement of Policy on Qualifications for Failed BankAcquisitions”
http://www.fdic.gov/regulations/laws/federal/2009/09c63AD47.PDF
10/06/09 Winning Bidder Announced….drum roll please~~~~TPG http://www.fdic.gov/news/news/press/2009/pr09183.html
8/04/10 By now, Joe’s getting tired, Job Done…."Joe has given the FDIC invaluable service during a challenging time in the FDIC's history. His input on marketing and resolution strategies and substantive expertise on capital markets has contributed to the FDIC's ability to address many complex and difficult failed bank resolutions," http://www.fdic.gov/news/news/press/2010/pr10177.html
He left his multi-million dollar salary behind at JPM to take a $250,000 position with the FDIC (FOR ONE YEAR) to clean up that "banking mess", and help them unload some banks to the likes of TPG/BONDERMAN?
Mr Examiner/EC members…I always wondered, why was TPG so eager/willing to convert their Preferreds to Commons? Perhaps make it easier and smoother to transition this big old ugly WAMU thing into the hands of the JPM?
http://wamuequityrights.org
http://www.wamu-shareholders-resources.com/wamued.html
http://www.wamucoup.com
http://wamustory.com
http://madblab.com/post/tag/wmbfsb
Extraordinary gain
http://files.shareholder.com/downloads/ONE/903873776x0x362443/93537d78-8a66-4a1e-8493-ff73932b65ea/2009AR_Management_Discussion_Analysis.pdf
Extraordinary gain
page 11
On September 25, 2008, JPMorgan Chase acquired the banking
operations of Washington Mutual. This transaction was accounted for
under the purchase method of accounting for business combinations.
The adjusted net asset value of the banking operations after purchase
accounting adjustments was higher than the consideration paid by
JPMorgan Chase, resulting in an extraordinary gain. The preliminary
gain recognized in 2008 was $1.9 billion. In the third quarter of
2009, the Firm recognized a $76 million increase in the extraordinary
gain associated with the final purchase accounting adjustments for
the acquisition. For a further discussion of the Washington Mutual
transaction, see Note 2 on pages 151–156 of this Annual Report
NET INCOME
page16
Net income included an extraordinary gain of $76 million and $1.9 billion related to the Washington Mutual transaction for 2009 and 2008, respectively
Page 20
Net revenue was $32.7 billion, an increase of $9.2 billion, or 39%,
from the prior year. Net interest income was $20.5 billion, up by
$6.3 billion, or 45%, reflecting the impact of the Washington
Mutual transaction, and wider loan and deposit spreads. Noninterest
revenue was $12.2 billion, up by $2.8 billion, or 30%, driven by
the impact of the Washington Mutual transaction
Page 21
Total net revenue was $23.5 billion, an increase of $6.2 billion, or
36%, from the prior year. Net interest income was $14.2 billion, up
$3.6 billion, or 35%, benefiting from the Washington Mutual transaction,
wider loan and deposit spreads, and higher loan and deposit
balances. Noninterest revenue was $9.4 billion, up $2.6 billion, or
38%, as positive MSR risk management results, the impact of the
Washington Mutual transaction, higher mortgage origination volume
and higher deposit-related fees were partially offset by an increase in
losses related to the repurchase of previously sold loans and markdowns
on the mortgage warehouse.
Page22
Retail Banking reported net income of $3.9 billion, up by $921
million, or 31%, from the prior year. Total net revenue was $18.0
billion, up by $5.3 billion, or 42%, from the prior year. The increase
reflected the impact of the Washington Mutual transaction, wider
deposit spreads, higher average deposit balances and higher debit
card income. The provision for credit losses was $1.1 billion, compared
with $449 million in the prior year, reflecting higher estimated
losses in the Business Banking portfolio. Noninterest
expense was $10.4 billion, up by $3.1 billion, or 43%. The increase
reflected the impact of the Washington Mutual transaction, higher
FDIC insurance premiums and higher headcount-related expense.
page26
End-of-period managed loans were $163.4 billion, a decrease of
$26.9 billion, or 14%, from the prior year, reflecting lower charge
volume and a higher level of charge-offs. Average managed loans
were $172.4 billion, an increase of $9.5 billion, or 6%, from the
prior year, primarily due to the impact of the Washington Mutual
transaction. Excluding the impact of the Washington Mutual transaction,
end-of-period and average managed loans for 2009 were
$143.8 billion and $148.8 billion, respectively.
John Reich's 8/6/08 Mail to Sheila Bair?
http://hsgac.senate.gov/public/_files/Financial_Crisis/041610Exhibits.pdf
—– Original Message —–
From: Bair, Sheila C.
To: Reich, John M Cc: Murton, Arthur J. ; Polakoff, Scott M
Sent: Wed Aug
Subject: W
Dear John,
I’d like to further discuss contingency planning for W during the calion Friday. Art talked with Scott about making some discrete inquiries to determine whether there are institutions which would be willing to acquire it on a whole bank basis if we had to do an emergency closing, and on what terms. I understand you have strong objections to our doing so, so I’d like to talk this through. My interest is in assuring that IF we have to market it on an emergency basis, there is multiple bidder interest.
In any event, both the FDIC and the FRB agree that there needs to be a contingency plan in place, so let’s talk this through on Friday. I’d really like to develop a plan everyone is comfortable with.
Sheila
—–Original Message—–
From: Reich, John M
To: Bair, Sheila C.
Sent: Wed Aug 06 17:32:482008
Subject: Re: W
Dear Sheila, You really know how to stir up a colleague’s vacation.
I do not under any circumstances want to discuss this on Friday’s conference call, in which I mayor may not be able to participate, depending on cell phone service availability on the cruise ship location.
Instead, I want to have a one on one meeting with Ben Bernanke prior to any such discussion – as early next week as possible following my return to the office. Also, I mayor may not choose to have a similar meeting with Secretary Paulson.
I should not have to remind you the FDIC has no role until the PFR (i.e. the OTS) rules on solvency and the PFR utilizes PCA.
You personally, and the FDIC as an agency, would likely create added instability if you pursue what I strongly believe would be a precipitous and unprecedented action. And ifit occurs without my consent, I will not sit quietly by and observe – there would be a public reaction. Put yourself in the PFR’s shoes in this situation. We have our responsibilities, including the right of primary supervisory determination of this institution’s condition, and until Congress changes the statutes under which we operate, our responsibilities as the PFR are not to be simply tendered to the FDIC in a down economic cycle.
It seems as though the FDIC is behaving as some sort of super-regulator – which you
and it are not. I also believe there could be a high potential for FDIC actions of the type you are contemplating to calIse irreparable harm to Wamu if, at any point in the near future, Wamu wishes to actualy seek a buyer. The potential harm could stem from the fact that any such potential buyer may have been allready been contacted by the FDIC.
If in fact any meetings or discussions have already taken place by the FDIC with either JPMC, Wells Fargo, or any other entity, in any capacity in which WaMu was even mentioned, I would like to see a copy of the signed confidentiality agreement signed by the bank – required in any resolution scenario before an institution is told the name of the failing bank.
This is an OTS regulated institution, not an FDIC regulated institution. We make any decision on solvency, not the FDIC, and I have staff equally as competent as staff at the FDIC, whom I know well.
The FDIC can do whatever internal contingency planning it wishes, but should in no way go outside the FDIC. This is a 3-rated institution. Are you also trying to find buyers for Citi, Wachovia, Nat City and others?
Finally, ifWamu were to learn ofthe FDIC’s actions, there may well be a question as to whether these actions may constitute a disclosable event. That, in and of itself, is a reason not to proceed with this approach for a publicly traded institution. The government should not be in the business of arranging mergers – particularly before they are necessary, and we are not at that point in WaMu’s situation.
I will attempt to be on the Friday conference call, and I am going to assume this notion is not going to be raised.
John
This excerpt is from John Reich's (OTS) email to Sheila Bair (FDIC) on 8/6/2008 (p264-265) says it all
"The government should not be in the business of arranging mergers - particularly before they are necessary, and we are not at that point in WaMu's situation.”
This excerpt from John Reich's (OTS) email to Sheila Bair (FDIC) on 8/8/2008 (p260).
"In my view rating WaMu a 4 would be a big error in judging the facts in this situation. It would appear to be a rating resulting from fear and not a rating based on the condition of the institution. WaMu has both the capital and the liquidity to justify a 3 rating."
This excerpt is from John Reich's (OTS) email to Sheila Bair (FDIC) Sent: Wed Aug 06 17:32:482008
"If in fact any meetings or discussions have already taken place by the FDIC with either JPMC, Wells Fargo, or any other entity, in any capacity in which WaMu was even mentioned, I would like to see a copy of the signed confidentiality agreement signed by the bank – required in any resolution scenario before an institution is told the name of the failing bank."
ots says wmbfsb was a wmi sub ... just as wmb itself .
http://www.occ.gov/static/news-issuances/ots/press-releases/ots-pr-2008-46b.pdf
but whatever which company was daughter to whom ... they all were well capitalized . none of them could have been sold at an action because of bancruptcy .
there is a letter from fishman to bair from the 24 september about that they had a plan to capitalize several billions into wmb and so on .
http://s.wsj.net/public/resources/documents/WSJ-WAMU-Responsive-e-mails092810.pdf
and weird that bair knew that jpm was the highest bidder also on 24. a day before the auction seizure and selloff to jpm .
http://s.wsj.net/media/JPM_EMAIL_1203.jpg_F_20101202173338.jpg
wmih has nothing to do with escrows/ltis . wmih will not fund any escrows . period . it may be a vehicle to sell the leftover assets from fdic-rthat are not sold already . i dont know that .
the money that will eventually come back to ltis will come from the assets of the various companys under wmi that are currently in the fdic-r and also from the "final" payment that jpm still has to make for their purchase of wmb for the initial 1.889 billion . they announced a few weeks ago that they "found" best performing apartment loans worth 30 billion . thats all to good for 1.889 .
for example : wmbfsb alone had about 30 billion in assets debt free and was a daughter of wmi , which was never purchased by jpm .where the hell is that money if not at the fdic-r ?
http://www.kccllc.net/documents/0812229/0812229101112000000000004.pdf
anytime between now and summer 2018 . trust ends in 2018 with no option to extend again . 24-160 billion has to be returned to the orginial investors of washington mutual .
nobody can seize and sell a non bancrupt bank in a firesale 24 hour "auction" .
this auction as you call it was a coverup for an illegal heist .
how can an item be "auctioned" off to the lowest bidder ?
*nobody but shaila bair at the fdic of course
toronto dominion wanted only the east coast branches for 30b.
wells fargo wanted certain assets just as jpm wanted and got these certain assets , but wells wanted acutally to pay for it . 50-100b .
yet wamu was sold for 1.889 b to the lowest bidder ?
what kind of auction is that ?
how can a well capitalized company be seized and then sold ?
130 b would have been quite a better deal than 1.889b
on top of that : washington mutual was never bancrupt. not even close .
period .
24-160 b has to be paid back to the original investors .
pastblast project fillmore
http://www.kccllc.net/documents/0812229/0812229101112000000000004.pdf
20 billion available to wamu in no time and it still was so broke it needed to be sold for 1.889 ?
yeah right.
great blast from the past about wmb fsb 1
by civil war general
"JPMCB needed WMB/FSB" OCC consummation letter: "At the time of entering its bid, JPMCB advised the FDIC and the OCC by letter of its need to immediately after consummation merge WMBIFSB into JPMCB and to have CUSA immediately assume the credit card business acquired by JPMCB as a result of those transactions."
That is because JPMCB was broke and "needed" the cash rich WMB/FSB because they were broke, more broke than the FDIC claimed WMB was, hence the "need" for the theft, and their credit card subsidiary CUSA was also broke and needed the cash from the WMB credit card business. Just look at the records for those unregulated derivatives I posted previously and see which bank was really about to fail.
I still say that WMB/FSB was not a WMB subsidiary but a direct WMI subsidiary and we own the Master Note for $18.67 billion as well as WMB/FSB. The SEC records I have downloaded do not discuss an acquisition by WMB of WMB/FSB anywhewre I can find. They do discuss WMB/FA and WMB (state Bank) merging into WMB/FA (national bank) and then changing the name back to WMB, but WMB/FSB (national bank) was always a different animal from WMB/FA. There are lots of new "official" letters and documents with dates that are very close to the WMB theft purporting that WMB/FSB was a WMB subsidiary, which I believe to be false revisionist history. Why then was the $18.67 Billion Master Note and all the money transfers even necessary? WMI managment said it wanted the $3.67 Billion in cash in "a more well capitalized bank" within the WaMu Group" (Hochberg 83, see footnote 302) and effected the transfer to a new account at WMB/FSB. IMHO
The Purchase and Assumption Agreement never states WMB/FSB anywhere. This was taken by "merger" not by sale under receivership.
If someone has documents showing that WMB/FSB was actually always a subsidiary of WMB after the name change merger or WMB/FA prior to the name change merger with WMB(state bank) show me and I will shut up.
[WMB/FSB could never have been a subsidiary of the original WMB (state bank) which demutualized in 1983 with the acquisition of Murphy Farve (Kerry Killinger)]
Wikipedia:
Acquisitions
Since the acquisition of Murphey Favre, WaMu made numerous acquisitions with the aim of expanding the corporation. By acquiring companies including PNC Mortgage, Fleet Mortgage and Homeside Lending, WaMu became the third-largest mortgage lender in the U.S. With the acquisition of Providian Financial Corporation in October 2005, WaMu also became the nation's 9th-largest credit-card company.
A list of Washington Mutual acquisitions since demutualization:[19]
* Commercial Capital Bancorp, California, 2006
* Providian Financial Corporation, California, 2005
* HomeSide Lending, Inc., Florida, a unit of National Australia Bank, 2002
* Dime Bancorp, Inc., New York, 2002
* Fleet Mortgage Corp., South Carolina, 2001
* Bank United Corp., Texas, 2001
* PNC Mortgage, Illinois, 2001
* Alta Residential Mortgage Trust, California, 2000
* Long Beach Financial Corp., California, 1999
* Industrial Bank, California, 1998
* H. F. Ahmanson & Co. (Home Savings of America), California, 1998
* Great Western Bank, 1997
* United Western Financial Group, Inc., Utah, 1997
* Keystone Holdings, Inc. (American Savings Bank), California, 1996
* Utah Federal Savings Bank, 1996
* Western Bank, Oregon, 1996
* Enterprise Bank, Washington, 1995
* Olympus Bank FSB, Utah, 1995
* Summit Savings Bank, Washington, 1994
* Far West Federal Savings Bank, Oregon, 1994
* Pacific First Bank, Ontario, 1993
* Pioneer Savings Bank, Washington, 1993
* Great Northwest Bank, Washington, 1992
* Sound Savings & Loan Association, Washington, 1991
* CrossLand Savings FSB, Utah, 1991
* Vancouver Federal Savings Bank, Washington, 1991
* Williamsburg Federal Savings Association, Utah, 1990
* Frontier Federal Savings Association, Washington, 1990
* Old Stone Bank of Washington, FSB, Rhode Island, 1990
Don't see Washington Mutual Bank FSB here. I see other FSB's but not WMB/FSB......did Olympus Bank FSB become Washington Mutual Bank FSB? Nope it was acquired by WMB/FSB not by WMB.
Search
Olympus Bank
FDIC Certificate #: 29806
Status: Inactive
Closing history: Corrections
Acquiring institution: Washington Mutual Bank FSB (#33891)
Federal Reserve ID: 421070
Date Established: 1916-01-01
Bank Charter Class: Savings associations, state or federal charter, supervised by the Office of Thrift Supervision (OTS)
OTS Docket #: 4116
FDIC's unique #: 42640
Numeric code: 33
Regulator: OTS
AND WMB/FSB Merger - Without Assistance
Search
Washington Mutual Bank FSB
General FDIC Certificate #: 33891
Status: Inactive
Closing history: Merger - Without Assistance
Acquiring institution: JPMorgan Chase Bank, National Association (#628)
Federal Reserve ID: 2187071
Date Established: 1994-04-15
Bank Charter Class: Savings associations, state or federal charter, supervised by the Office of Thrift Supervision (OTS)
OTS Docket #: 11905
FDIC's unique #: 54060
Numeric code: 33
Regulator: OTS
Read more: http://www.faqs.org/banks/Washington-Mutual-Bank-FSB-33891-Park-City-Utah.html#top#ixzz17LR2ovI2
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=57419713
this is as far away from a standard operation as even posssible .
wamu is the weirdest non-standard operation in us financial history.
300b company just goes poof and nothing could be found afterwards .
just a standard-illegal-takedown-in-24-without-any auction-and-sold-for-1%-operation
not to forget that there never was a project west at all . ever .
yeah right .
read this piece by dr acharya :
http://www.kccllc.net/documents/0812229/0812229100603000000000011.pdf
140 billion in 2008 .
from a real professional financial economist .
the real numbers of what assets were in this mess must be redacted.
you cant read the numbers in the official documents , because there are no documents to read about how many billions will come back .
the only document that shows that there is more money than debt is the very first one . 32-8 billion .
bancruptcy without asset list , remember ?
NO ASSET LIST . but a scriveners error .
yeah right .
the 3.1 asset list of wamu in the public or news would be the suicide of the fdic, jpm , politicans and possibly the us financial system .
if wamu was so bancrupt as rosen wanted to tell us , why didn´t he pulled out the list ?
"here you see the asset list : the numbers are clear and this company is bancrupt."
nobody delivered proof that wamu was bancrupt.
never . period .
just people ranting about that it must be bancrupt because its already sold and ....
yeah right
show me the damn asset list of washington mutual ,
if it says it was bancrupt , than thats it .
weird that we have gotten escrows , just in case they made a scriveners error again about that 3.1a scriveners error , hm ?
hahaha.
why we will see at least 24-160billion $ coming to escrows .
if you are so confident ... explain to me why the fdic-r is not released after the 2 month mediation ?
it is kind of naive to think that this is not about at least 24 billion minimum coming back . read the first case filing no . 1 .
32b assets 8b liabilities .
how can a company with 24b in assets enter a chapter 11 ?!
washington mutual never was bancrupt .
fact .
money has to be given back .
this wamu saga is one of the most critical events in the fiancial crisis of 08 . it would have been a nuclear bomb to the trust in the us financial system if they would said "well we kinda got our hands on 300 billion company in an illegal takedown .we are very sorry . now invest more in us !"
the wamu fiasco was/is bigger than we think .
think about politics . geithner for instance .
"you should have sold for 8$!" how the f did he know that ?!
third world corruption is nothing compared to whats going on in nyc and washington dc.
question is when will all that illegally seized money come back .
the yearlong waiting game made us sick and tired , but we will be lucky in the end .
99% + 1 .
you do not understand . or dont want to .
this never was and never will be about this wmih nol operation .
this whole wamu story is about "hidden" assets worth 24-160 billion that have to come back to the orignial owners of the company til 2018 .
it was just never planned , that the small equity investors would still be in the game .
they (fdic , jpm , hedgies , rosen etc.) thought " lets do the kmart-magic-trick " and that it will be over after 2 years or so and the few will be rich and happy , but that plan failed big time .
now they have to pay all the players to end the game .
fdic-r is not released for a reason .
and not to forget that everyone got paid and suddenly the last $ before reaching equity was absolutely not available for years .
rosen just could not find it , yet jpm found 30 billion a few weeks ago .
weird isnt it ...
yeah right .
24-160 billion til 2018.
then book value has to be paid for all assets that went to jpm for the initial payment of 1.889b . that includes that there will be a final payment .
then all assets sitting off the books at the fdic have to be accounted for and given back and/or be compensated for at book value .
maybe you should actually read that thing .
all 12068 just for you .
do your own dd if you dont trust others .
https://www.kccllc.net/wamu/document/list
24-160 billion to be delivered between today and 2018/end of wamutrust .
my point is , that fdic-r / jpm has to give back between 24-160 billion $ over the next 3 years . thats it .
and i may be wrong on what you represent here and i respect that youre always calm and so on . and not an idiot .
but you also do not possess any imagination on what our/your escrows are worth .
this game is not and never was about wmih and nols etc. ,
this is about billions of assests with a certain value and that has to be paid .
imho .
2018 is the last year for the trust and by then fdic-r/jpm have to deliver 24-160 billion $ to the original investors of washington mutual via our markers .
i dont think it will happen in one move .
maybe one bigger first payment followed by smaller payments every few months .
the amount of money that will flow into our accounts will be staggering .
the people here without escrows/wmih would do better without selling their soul . imho .
i have studied this weird wamu fiasco for several years ,
but the one thing i really don´t get is ,
how can a company with more assets than debt and 2200 branches etc. pp. even enter a bankruptcy court ?
blast from the past :
2008
32/8
filing 1
https://www.kccllc.net/wamu/document/0812229080926000000000001
i have 32 apples and have to give away 8 of them ... how do i end up with less than 0 apples ?
its a magic trick . its called "kmartstylehideandseek" .
a day before that some people from wells fargo wanted to pay 50-100 apples for wamu . where there out of their minds ?
the canadians wanted to pay 30 apples just for the east coast branches . http://blogs.wsj.com/deals/2010/12/02/wells-fargos-secret-offer-to-buy-wamu/
somehow jpm got it all for less than 2 apples ...
too bad for the normal investors ... somehow it was impossible to find the other apples for 6+ years.
yeah right .
2014
jpm 10k : "we have to get rid of these 127 apples we found after 7 years having them on our books ."
2015
jpm : "well we found these apartment loans worth 30 apples or so and they are all really good performing apples. "
http://www.reuters.com/article/2015/07/01/us-jpmorgan-apartments-insight-idUSKCN0PB3I220150701
1.889 apples in exchange for 160+ apples ?
yeah right .
and that letter from fishman to bair from september 24 2008 where they told her that everthing will be fine , they have more than enough money to overcome all troubles coming from the financial crisis .
BOOM seized and sold in less than 24 hours to the most corrupt bidder .
prediction for 2015 to 2018 :
escrow holders will get lti .
lti will get all the cash apples.
jpm will have to pay for the full "BOOK VALUE" for the "Assets" they gained on top of their 1.889b initial first offer .
between a minimum of 24 billion $ and 165 billion $ on the other end has to be paid to the original owners of washington mutual .
all the leftover assets will be sold by 2018 .
a lot of people will get very rich .
i will be a multi millionaire .
and the most sarcastic thing in this mess :
on september 25 2008 ... guess who was the biggest owner of wamu shares ?
JPM
they will pay themselfes for paying me / us .
they are really good at being evil .
and a big thank you to large green for his relentless repeating of the truth . and for azcowboy deep research . and to most of the others of course .
WE WILL GET A TON OF MONEY FOR OUR ORIGINAL WASHINGTON MUTUAL INVESTMENT ! plus interest .
have a nice day .
Washington Mutual Bank, vs Agnew
TUESDAY, JUNE 23, 2015 - 11:20PM
NOTICE OF MORTGAGE FORECLOSURE SALE
THE RIGHT TO VERIFICATION OF THE DEBT AND IDENTITY OF THE ORIGINAL CREDITOR WITHIN THE TIME PROVIDED BY LAW IS NOT AFFECTED BY THIS ACTION.
NOTICE IS HEREBY GIVEN, that default has occurred in the conditions of the following described mortgage:
DATE OF MORTGAGE: September 30, 2004
ORIGINAL PRINCIPAL AMOUNT OF MORTGAGE: $230,000.00
MORTGAGOR(S): Wesley K. Agnew and Sonia M. Agnew, as husband and wife
MORTGAGEE: Washington Mutual Bank, FA
LENDER OR BROKER AND MORTGAGE ORIGINATOR STATED ON THE MORTGAGE: Washington Mutual Bank, FA
SERVICER: JPMorgan Chase Bank, N.A.
DATE AND PLACE OF FILING: Filed October 25, 2004, Dakota County Recorder, as Document Number 2261204
ASSIGNMENTS OF MORTGAGE: Assigned to: JPMorgan Chase Bank, National Association; Dated: June 19, 2014 filed: July 1, 2014, recorded as document number 3017878
LEGAL DESCRIPTION OF PROPERTY:
Lot 3, Block 7, Prairie Creek First Addition
PROPERTY ADDRESS: 5254 187th St W, Farmington, MN 55024
PROPERTY IDENTIFICATION NUMBER: 14-58650-07-030
COUNTY IN WHICH PROPERTY IS LOCATED: Dakota
THE AMOUNT CLAIMED TO BE DUE ON THE MORTGAGE ON THE DATE OF THE NOTICE: $214,155.46
http://www.farmingtonindependent.com/legals/3762619-washington-mutual-bank-vs-agnew