3...2..1...Ignition
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The devil is in the details...
Again, back then NSM's portfolio had a lot of loans to be worked out and they are more profitable APPLES vs ORANGES, besides the interest rates...
SOFA 18a - Washington Mutual Capital Trust 2001 Grantor Trust 1301 Second Avenue Seattle WA 98101 Obtains Capital/Funding 4/23/2001 Active
http://bankrupt.com/misc/WaMu_AmendedCorporateEntities.pdf
Yep, just look at what the employees said...
JWW, yes COOP and gold are up today...
The stock is now what - safe heaven ?! WaMu was HUUUUGE!
New reports for the ABS investors were filed yesterday
Oh my, MSRs have value no ?! You have to pay...
Justice, all I am saying is this:
various loans have different profitability to service and also MSR cost money to acquire or they don't if you owned those rights to begin with...
Is the nature of the portfolio the same ?!
Back then they have disclosed the loans serviced were predominantly "troubled"
You must've not read the DBNTC settlement...
NSM is an approved servicer and JPM has got to transfer the loans to an approved servicer. Think about it...?!
https://www.globic.com/wamurmbssettlement/filings.html
Settlement of Claims Concerning Trusts Created, Sponsored, or Serviced by Washington Mutual Bank
Deutsche Bank National Trust Company, in its capacity as trustee (the “Trustee”) of 99 residential mortgage-backed securitization trusts created, sponsored, or serviced by Washington Mutual Bank (the “RMBS Trusts”), has entered into a settlement with JPMorgan Chase Bank, N.A. (“JPMC”) (the acquirer of Washington Mutual Bank) and the Federal Deposit Insurance Corporation (the “FDIC”), that resolves litigation concerning the RMBS Trusts commenced by the Trustee captioned Deutsche Bank National Trust Company v. FDIC, et al., No. 09-cv-1656 (RMC) (D.D.C.).
The effectiveness of the settlement is conditioned on approval of the Trustee’s acceptance of the settlement by a court in a trust instructional proceeding (“TIP”), which the Trustee has initiated in California Superior Court, Orange County Probate Division, in a matter captioned In re: Certain Trusts Created, Sponsored, and/or Serviced by Washington Mutual Bank and Certain Subsidiaries and Affiliates, No. 30-2016-00892014-PR-TR-CJC. The Trustee will also seek approval by the California Superior Court of a method of allocation of the settlement proceeds among and within the RMBS Trusts.
This website is intended to provide holders of certificates, notes or other securities representing interests in the RMBS Trusts (the “Certificateholders”), and to other persons potentially interested in the RMBS Trusts (including holders securities issues by certain secondary trusts which may be affected by the settlement), access to information concerning the TIP.
The Proposed Settlement Agreement could materially affect the interests of Certificateholders of the RMBS Trusts. Certificateholders of the RMBS Trusts and other persons potentially interested in the RMBS Trusts should therefore read all notices, documents and other information posted on this website, as well as documents filed with the TIP court, carefully in consultation with their legal and financial advisors.
Always...the supporting trusts, one of them
https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=30564548
Company Overview
Washington Mutual Preferred Funding Trust II operates as a subsidiary of WMI Holdings Corp. (COOP)
https://www.businesswire.com/news/home/20080926005107/en/Washington-Mutual-Announces-Conditional-Exchange-Preferred-Securities
September 26, 2008 07:45 AM Eastern Daylight Time
SEATTLE--(BUSINESS WIRE)--Washington Mutual, Inc. (NYSE:WM) announced today that an “Exchange Event” has occurred under the applicable documents governing the following securities (Securities):
Washington Mutual Preferred (Cayman) I Ltd. 7.25% Perpetual Non-cumulative Preferred Securities, Series A-1 (to be exchanged into depositary shares representing Series J Perpetual Non-Cumulative Fixed Rate Preferred Stock of WMI);
Washington Mutual Preferred (Cayman) I Ltd. 7.25% Perpetual Non-cumulative Preferred Securities, Series A-2 (to be exchanged into depositary shares representing Series J Perpetual Non-Cumulative Fixed Rate Preferred Stock of WMI);
Washington Mutual Preferred Funding Trust I Fixed-to-Floating Rate Perpetual Non-cumulative Trust Securities (to be exchanged into depositary shares representing Series I Perpetual Non-Cumulative Fixed-to-Floating Rate Preferred Stock of WMI);
Washington Mutual Preferred Funding Trust II Fixed-to-Floating Rate Perpetual Non-cumulative Trust Securities (to be exchanged into depositary shares representing Series L Perpetual Non-Cumulative Fixed Rate Preferred Stock of WMI);
Washington Mutual Preferred Funding Trust III Fixed-to-Floating Rate Perpetual Non-cumulative Trust Securities (to be exchanged into depositary shares representing Series M Perpetual Non-Cumulative Fixed Rate Preferred Stock of WMI); and
Washington Mutual Preferred Funding Trust IV Fixed-to-Floating Rate Perpetual Non-cumulative Trust Securities (to be exchanged into depositary shares representing Series N Perpetual Non-Cumulative Fixed-to-Floating Rate Preferred Stock of WMI).
In connection with the Exchange Event, WMI will effect an exchange (Conditional Exchange) of the Securities into depositary shares representing a like amount of preferred stock in WMI, as contemplated by the applicable documents governing the securities.
In accordance with the terms of the documents governing the Securities, the Conditional Exchange of the Securities will occur on Friday, September 26, 2008 at 8:00 A.M. New York time. As of the time of the Conditional Exchange, each outstanding Security will be exchanged automatically for a like amount of newly issued Fixed Rate Depositary Shares or newly issued Fixed-to-Floating Rate Depositary Shares, as applicable, each representing a 1/1000th interest in one share of the applicable series of preferred stock of WMI.
WMI will mail the notice required under the applicable documents to each holder of record of Securities within 30 days, and WMI will deliver or cause to be delivered to each such holder of record depositary receipts for the Fixed Rate Depositary Shares and Fixed-to-Floating Rate Depositary Shares upon surrender of the Securities. Until such depositary receipts are delivered or in the event such depositary receipts are not delivered, any certificates previously representing Securities will be deemed for all purposes, effective as of 8:00 AM New York time on September 26, 2008, to represent Fixed Rate Depositary Shares or Fixed-to-Floating Rate Depositary Shares, as applicable.
Contacts
Washington Mutual, Inc.
Media
Derek Aney
206-500-6094 (Seattle)
212-326-6075 (New York)
derek.aney@wamu.net
or
Investor Relations
Alan Magleby
206-500-4148 (Seattle)
212-702-6955 (New York)
alan.magleby@wamu.net
" Judge Walrath, with her Bench Ruling, "Addressed" WMI's Last Creditor Class'"
yes and thank you AZC, I recommend for everyone to listen to the hearing after downloading the pdf and opening the attachment. Rosen wants this done in November, it is near the end of the audio...
http://www.kccllc.net/wamu/document/0812229181016000000000001
" Class 18 are the Employee claimants "
yes, if you listen to the hearing available on the docket, Rosen clearly stated that this is the last thing before he can move to close the BK...
Uncle Bo
I think payment can be made earlier...
Many thanks Porkchopranch !
Right, but may be not before another 10 days pass...
BOB, this thing now has options and the implied volatility of those is something to the tune of 40%. Meaning that the market implies some 40% move in the PPS. Note, I am not saying this is right...IV definition, look it up, but it is a sign I think.
It appears that THJMW will strike with the pen today...
done and done and ...done
We will know one way or the other
Coop isthe reorganized debtor who OWNED the equity interests in WMIIC...
You don't read the footnotes do you ?!
The plan gave the reorganized debtor a discretion and some leeway to do deal with its subsidiaries when and however it chose. So WMIH waited until DB was closed out and then announced a dissolution of WMIIC and then a merger with a servicing platform.
The holding company, Washington Mutual, Inc., was left with $33 billion in assets, and $8 billion debt, after being stripped of its banking subsidiary by the FDIC
https://en.wikipedia.org/wiki/Washington_Mutual
Let me posit this:
Thank you AZC ! WASHINGTON MUTUAL CAPITAL TRUST 2001
http://pdf.secdatabase.com/725/0000907303-02-000219.pdf
Admins - Cooperative Bankshar (COOP) ?!
Projected EPS for 2019 over 3 bucks ?!
Multiple of what x10, x12, x16 ?! Take a pick...
"~ ... I Own just exactly what the WMI Holding Company had"
"The corporate earnings"
AZC, thank you for making this crystal clear for everyone !
Said in other words and for those who comprehend financial statements - the earnings of a corporation are also referred to as "retained earnings" and in essence represent EQUITY, which is listed on the liability side of a balance sheet.
Uncle Bo
Thanks ND9, these are the bonds for the NSM acquisition I gather...
Interesting they are due April 2019 ?!
wrapping things up, don't forget the bow
touché !!!
A unique mailbox, transparency@fdic.gov, has been created
October 3, 2018
Press Release
Media contact:
Julianne Fisher Breitbeil
(202) 898-6895
jbreitbeil@fdic.gov
FDIC Chairman McWilliams Announces Transparency and Accountability Initiative
Federal Deposit Insurance Corporation (FDIC) Chairman Jelena McWilliams today announced a new, agency-wide “Trust through Transparency” initiative in a speech at the 2018 Community Banking in the 21st Century Research and Policy Conference in St. Louis, Missouri.
“Like any asset, trust must be earned and then preserved. In my view, the best way to maintain a trusting relationship is to be accessible, understandable, and responsive — to provide your stakeholders with the information and means to hold you accountable,” Chairman McWilliams told the conference participants.
Under the “Trust through Transparency” initiative, the FDIC launched a new section on its public website to provide new performance metrics that cross its business lines. The metrics will include data on the turnaround times for examinations and bank applications and timely response rates for the FDIC call center. The site also contains decisions related to appeals of material supervisory determinations and deposit insurance assessments, as well as information on the FDIC’s policies and procedures. The metrics will be updated regularly, and new materials will be added to the site as the agency creates more ways to shed light on the way it conducts business.
In addition, the FDIC recently issued a request for information on how to make communication with insured depository institutions more effective, streamlined, and clear. And, last month, the agency asked for comment on a proposal to retire more than half of the 664 risk management supervision-related Financial Institution Letters it issued between 1995 through 2017. These FILs are outdated or convey regulations or other information that is still in effect but available elsewhere on the FDIC’s website.
A unique mailbox, transparency@fdic.gov, has been created to allow interested stakeholders to share ways the FDIC can improve transparency.
“To promote real trust, we cannot simply make data available, publish performance measures, and consider the job complete. That is not transparency or accountability. Instead, we must strive to be accessible to financial institutions, consumers, and the general public; understandable to most audiences; and responsive to new ideas and demands,” Chairman McWilliams said.
Chairman's Remarks
Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's banks and savings associations, 5,542 as of June 30, 2018. It promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars—insured financial institutions fund its operations.
FDIC press releases and other information are available on the Internet at www.fdic.gov, by subscription electronically (go to www.fdic.gov/about/subscriptions/index.html) and may also be obtained through the
FDIC's Public Information Center (877-275-3342 or 703-562-2200). PR-69-2018
Something like a notice to A&M - thank you...
we no longer need your services watching over the trusts...?!
Perhaps.
They do one more thing...
If need be go to "probate court" to ask for permission for any action which concerns the trust beneficiaries - the "moms and pops" ya know. Just as judge Claster said...
Uncle Bo
Beneficial interests money held up by the FDIC ?!
This is allowed by each certificate prospectus, for the FDIC to seize the income stream...
JWW, good observations...
I think, "the damper" was put on by the WaMu talk and the existing WMIH ticker. Also possible negative are the "old" NSM references - they had their own share of regulatory issues and fines...
The management has recognized that, hence the RS. I am not sure how they would have managed to keep the price down. Maybe the opposite is true the marked continues to discount the stock based on shadows past. Maybe the ticker change to COOP and a couple of positive quarterly reports will give it a kicker.
Oh, and that bankruptcy needs to close too.
We shall see...
Uncle Bo
They may, but NOT LEGALLY REQUIRED...
up to 40days after the qtr ends,could be 11/9
That was a fast one...what about the joinders...
I guess everyone wants to avoid the "litigation morass"
" the employees can then be settled with for say 10 cents on the dollar. "
Mordicai, if I recall correctly Rosen stated that settlements have been achieved with 90% + of the employees...
Uncle Bo
on the contrary he holds millions of Escrows.
Can this be verified though the vote tabulation results, I have not seen anyone make the case "beyond reasonable doubt"
Thanks AZC, it would be interesting to see
if objections are filed before any of the 2 deadlines:
09/24/2018 to the WMILT motion and
10/05/2018 to the the Employee claimants motion
Uncle Bo
Suggested motion and findings by the employees...
Board, I hear what you say...
However, the reality is that the old BOD is gone, the executives are gone and they all got some free shares.
Currently the NSM management is running the company and KKR dominates the BOD, they put quite a bit of money into this enterprise.
I do believe that there is more to the old WaMu, but it might not be tied to Mr. Cooper necessarily. Jay Bray said that they are changing the name even though WMIH is an exciting name. IMO, they like the NOLs, but not the stigma associated with the old WaMu. Only time will tell.
Uncle Bo