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Matt explain why you love that post
Please explain what you think the categorizing of Credit Impaired Loans, as described in the referenced post, means. The implication of course seemed to be that it is mysterious, and would possibly lead to yet another theory of returning unaccounted for assets to our escrows. It means nothing to our escrows IMO.
Two different links
For different announcements. Neither one has anything whatsoever to do with our escrow accounts. IMO. The JPM capital raise has been discussed again and again with no affect on anything.
August 26, I noted the same to LG EOM
Yes Dimissed with Prejudice on 3/19/2012
So much for the incomplete fantastic DD, and the clear and simple conclusions,IMO
Thanks BK for the facts about the end of the WMI Action. The end of yet another theory about hidden Assets, but there will be more theories soon IMO
Yes, and we also know
Every missing asset theory has not worked out as predicted, so far
The WMILT disclosures don't indicate any Large amount will be left for escrow distribution
No party in interest has made any legal challenge for missing, non disclosed, or off balance sheet assets
And yet, every failed theory is quickly followed by a new theory predicting the same result i.e. Missing assets hidden from everyone are soon to be disbursed to our escrows
The only prediction I will make is the current theory will be followed by another and another all the way until the final door is closed.
Nod, good post based on new regulations EOM
Your redundant, repeated post
Really does not explain differences of opinion regarding the likelihood of escrows receiving more than the remains of assets disclosed by the WMILT, after the resolution of claims, and payments to parties ahead of us in the waterfall priority, agreed on in the POR, and agreed to and approved by all parties in interest. There are ample reasons to disagree with all the theories, including the fact that not a single theory has resulted in any missing assets so far. And it's been a long time and many failed theories.
Has nothing to do with his assertion, EOM
Tanja I sold half my Qs
before BK for about $500,000. The other half converted to some WMIH shares, Of course, I worked at Dime and received the Qs as compensation so they were not really an investment, but it did work out pretty good except for the capital gains taxes, LOL. GLTY
That answer has been correct every time
Same old story so far: Awesome DD found, congratulations all around, speculations abound, then nothing found. LOL, sorry for the alliteration, but the fact is no missing money theory has ever been found to be true so far. I know, Hope springs eternal. Still, anything is possible, just not probable IMO.
LG your link references US Treasury not JPM
The link you cite from 2015 has nothing to do with JPM capital raise,
Tanja so your suggesting
The FDICR owns undisclosed MBS assets within the trusts that have a claim against the FDICR. Sorry, but I don't see any logic in that. The investors who own the MBS purchased them years ago, prior to the BK.
Tanja if you knew who investors were
What difference would it make to us? What is your point?
Es I understand what you are saying
But, with all due respect, I think you are rationalizing to support your hope that something will change from the same old results of nothing occurring to support all the theorized hidden assets. IMO the reason no one has legally challenged what has and is happening, is because there is nothing hidden, and the agreed upon plan, the fillings, and disclosures support that nothing is hidden or missing. I wish it was different but it is not.
Uptick, Forgot to mention the obvious
New theories will continue until the very end. IMO, hope does spring eternal, I guess
The appeal you site is from 11/2015
And related to the now settled disputes. Of course, my post was related to the fact that none of the parties holding escrows have challenged the agreed upon POR, or any of the related fileings and Disclosures by the FDICR or the WMILT, claiming or looking for missing or hidden assets that should be returned to our escrows.
Fred DB claims were not settled!
Nothing has changed except
The suits between the FDIC, JPM and DB relating to JPM potential liabilities for loan repurchases associated with MBS issued by WAMU have been settled in consideration of a payment of 645 million from the receiver to JPM. That reduces the FDIC-R assets to a little over 2 billion, all subject to remaining claims against the Estate, including the DB claims, which alone exceed the remaining assets. Nothing in this for our Escrow accounts, but we are closer to the end of escrow speculation theories, as it all continues to play out just as agreed, and disclosed, without a single Legal challenge by any party in interest, large or small.
"You can evade reality but
you cannot evade the consequences of reality" Ayn Rand could have been speaking to this board
Evintos you were right on
It didn't take long for the predicted "Spin"
Actions do reflect reality
No actions ever in support of all the missing asset theories. No legal actions seeking missing or hidden assets by any party ever. It is quite simple. There are no missing or hidden assets to be found.
WMIH is not a financial services company
It's a shell company with an inactive subsidiary mortgage insurance company operating in runoff mode. No financial services are offered to any type of customers. It's not a Bank, a Thrift, a Credit Union, a Mortgage Lender, etc.
Zeke I think you missed my point
My point was WMIH is clearly not a "well respected financial services provider", so I never expected us to be involved with the Everbank deal after I read their press release.
Another Example of illogical interpretation
The press release from Everbank stated they had an exclusive with a "respected financial services provider", .
That seemed to eliminate WMIH as the prospective buyer, but some jumped to the conclusion that WMIH was involved and posted such, but I did not see a broad based discussion of the potential for that conclusion anyway.
All such Assets now owned by JPM Chase
Any retained interests in MBS would have been fully disclosed at issuance and held on the balance sheet and sold to JPM like all the other Assets. Simple, transparent, done and over end of story.
Reason for Reserve seems obvious
There are ongoing legal ownership claims for the shares in dispute. When the BK court approves a settlement between the parties in dispute, or rules one way or the other, the shares in the reserve will either be distributed to LTI holders or not. Meanwhile they stay in the reserve, as noted in the quarterly WMILT reports.
There was no TEST distribution
The August I , distribution of 1.4 million shares from the WMILT disputed escrow share reserve was enabled by a BK court decision disallowing some disputed claims. It was not a test. That idea came from a poster on this board. The distribution was explained in a quarterly report by the WMILT, and the word Test was not used. Just another example of erroneous claims made despite the facts being disclosed, plain and simple. By the way , there are still 1.5 million shares in the reserve for disputed claims.
Love is Emotional
Your metaphor of Escrow Love is appropriate. Sometimes Love gets in the way of recognizing plain facts. Worse yet, Facts can be disappointing especially if they conflict with Love. I do admire your dedication to your Love of escrows.
The Facts
So far, for years now, what has happened is aligned with POR 7 and all the relevant disclosures made. So, the facts support what has happened. Its plain and simple. No misrepresentations are needed to explain the plain facts of what has happened. What has not happened is all the dozens of theories and predictions concerning hidden Billions of Assetts. After thousands of posts, promoting endless theories, not one has come true. So, the predictors just adopt a new theory, push out the timeframe again, until it doesn't happen again, on and on.
Gary, would love to be wrong
But I expect my escrows will only get whatever is left in the WMILT at the end of the waterfall as agreed in POR 7
Gary I was there before J Dimon
But my experience and confidence in Chase as a survivor led me to buy more shares in 2008 for half the price they sell for today. The current dividend rate is very attractive as well. By the way, raising Capital at the lowest interest rates in history seems to need no explanation whatsoever. Again, whether you missed the opportunity to buy Chase and profit is not the point. The point I was making is no one should expect an escrow windfall from JPM based on the disclosed facts.
Dude, pure Myth about JPM and WAMU
I have been a significant shareholder of JPM and worked there for 17 years in a Senior position, and I was a significant shareholder of WAMU and worked there as well after the WAMU purchase of Dime and North American Mortgage where I worked as CEO and a member of the Dime BOD. I had first hand knowledge and experience with WAMU management and I can tell you, WAMU was out of control, overloaded with trying to manage multiple acquisitions and suffered from poor execution of the mortgage strategy. At the same time, JPM was in absolutely no danger of failure, and the Regulators turned to JPM as a solution to the eminent WAMU and Bear Stearns failures. Did JPM get a good deal on WAMU? Yes, but not as great as everyone seems to think based on Billions of dollars of fines and judgements paid in connection with the transaction. All the focus on the JPM capital raise is rediculous. JPM is one of the most closely followed and analyzed stocks in the market, and by the regulators. Do you really believe you know something about Chase that the market doesn't? JPM obligations and liabilities are disclosed and well understood. The hoped for JPM payment to escrows is not disclosed or expected by the Market. As someone who has owned and followed JPM stock for thirty six years, I can't believe anyone here on the board should believe, hope or expect any money from Chase.
Rockie maybe you should ask about prediction made on 6/25
It was predicted escrows would start getting paid on Monday 6/27. All these predictions have not changed anything, just like all the focus on JPM's every move, the latest being their capital plans, have nothing to do with WMIH or our escrows.
JP Morgan capital raise
Last year J P Morgan was told it must raise 12.5 Billion of additional capital over the next three years, an amount equal to 4.5% of the risk adjusted Balance Sheet. The other large US Banks are also required to raise a significant additional amount of capital, although not as much as Chase, the largest US Bank. This is a widely known fact and can easily be confirmed by anyone. Just Google JP Morgan capital raise. The new capital has nothing to do with WMIH, the WMILT, or our escrow accounts. All the speculation about escrows being funded by JP MORGAN is not supported by any facts whatsoever IMO.
What to believe
So let's see, we can believe the approved plan, unchallenged for years, we could believe what the LTI has told us, again unchallenged legally by any party in terms of what they have said and done for years now. Or, we can choose to believe each new theory of Billions of Hidden Assets, even as every theory to date and there have been dozens, has been discredited by what has and continues to happen and not happen. One after the other each theory has come and gone without any cash to escrows, and yet, a new theory always comes forward to stir the hope that this will be the one, the great shower of cash cascading down the waterfall of legal interests all the way to the beloved escrows. Sounds incredible because it is.
Your intuition is correct
June first will come and go with no tangible cash impact on our escrow accounts. There are no assets other than those disclosed by the LT. Every theory predicting assets has failed. The latest ones will also fail IMO, but they will be replaced by yet another set of new theories until the end.
What has happened matches the POR
And all that has been disclosed, and continues to happen without any legal challenge whatsoever from anyone.
What has not happened is any of the predictions of escrow money coming from all the hidden billions no one is looking for outside of this forum. So, no there is no proof that the next prediction will not come true just because time after time every other prediction has failed to deliver. But, at this point, it doesn't seem at all realistic to expect anything other than what has been agreed to and documented, and unchallenged. Will we get something, yes but it will be in the range of the assets disclosed by the WMILT after all the claims are adjudicated and expenses paid. Just as agreed upon by all of us who released. Nothing more or less.
Just more old news, I don't mind
Absolutely nothing predicted about missing assets has resulted in anything for our escrows. That is a fact that can not be refuted. I wish that it would change but I don't believe it will. Still think a real M&A event for WMIH will happen though.
Perfectly logical reasoning based on believing disclosed facts
But, but not as much fun as believing the latest iteration of old, now revised theories and assertions with new timing but the same old conclusions i.e. Billions have been hidden and all will return to escrows if we just wait for the new timing to play out. Just ignore the fact that nothing asserted or theorized has resulted in one penny.
Will something ever come to escrows? Yes in IMO, it is looking positive for a small return based on the latest LT disclosures and the recent positive news on claims, maybe ten to fifteen cents per escrow or a little more.
The schedule lists changes in potential repurchase liabilities.
All the number categories impact the potential liabilities, including loan repayments and liquidations that reduce the repurchase liability. The schedule highlights the liability potential compared to the associated loss provisions. This type of off balance sheet schedule is common and has been previously discussed here. There are no Assets here to be returned to our escrow accounts.