3...2..1...Ignition
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BK,
Nobody used the word DENIED, the footnote said "was not able to review the WMB portfolio"
DBNTC is relevant, oh YES, very relevant to "WaMu" otherwise why bother listing it on the FDIC status of the receivership ?!
Do you have a list of those who "bought the certificates" - your words. You mean the "moms and pops" which the honorable William Claster mentioned in open public court in CA on 6/16/2017. I would guess not...
At this point it doesn't matter because, because the DTC has the lists.
Cheers,
Uncle Bo
LARGE, THANK YOU FOR YOUR LARGE CONTRIBUTIONS !!!
Yes, the honorable William Claster said on 06/16/2017 that he was going to approve the settlement and then...actually signed the order on 06/30/2017 which triggered the material event reportable within 4 business days. JPM did wrap it up in the footnotes together with their 8K.
That cat is in the BAG ( or out) - time to feed the escrows !!!
Cheers,
Uncle Bo
bk,
A re-read for you from the examiner's report - Footnote 39 - who reviewed the portfolio,
Money on the way...
Uncle Bo
Rockie,
Why do you say this - can you point out to facts?!People read for themselves and decide, no more delays...it is the end
http://www.globic.com/wamurmbssettlement/pdfs/1%20-%20Notice%20of%20Entry.pdf
"Final Court approval was granted...
Footnote 39 the Examiner 240B loan portfolio:
Has anyone tried to "amortize the portfolio" of the wmb which the examiner was not able to review and neither was the EC, but is well documented in the OTS fact sheet - 240B in mortgage assets ?!
If you have basic knowledge of spreadsheets and understand mortgage amortization you can do it using the following assumptions 9 YEARS and counting:
1. Annual coupon or interest rate - say 5-5.5%
2. Liquidation annualized rate 22-24%
3. Losses 11-12%
These assumptions can be easily found in the declaration of Robert Stevens, they are actual numbers. So if you calculated the amortization with an initial balance of mortgage assets of 240B you will end up with approximately:
1. ~240B in cash (from interest and liquidations)
2. ~24B in remaining principal of the mortgage assets ( ~10%)
The numbers are staggering and NO, JPM does not own this cash that is why they reported it on the R-203 (165B DBNTC as a trustee). The difference up to 240B is the portion of the assets to pay off the FHLB credit line, which was completed.
This is really basic stuff, further per PAA "assets within the definition" are not the assets of the WMB subs (such as WMMSC). As also described in the DOJ settlement with JPM, they did not become the successor in interest to WMMSC.
Where is our money:
240B cash
24B remaining mortage assets
-151 deposits (dividends paid by the receivership as documented on their latest quarterly balance sheet - the FDIC site)
-83B FHLB
-6B senior WMB bonds
--0
24B in assets (I would opine, to WMIH to run off - nice!!!)
And mind you, I am not even beginning to mention the remaining assets for the hold co to make up to 307B...Oooh!!!
Further the FDIC site NO LONGER says that the shareholders are unlikely to receive a recovery. Time for a website update.
Cheers,
Uncle Bo
Common sense-someone's numbers are incorrect...
This is how simple it is:
1. Review page 79 of this document (the last paragraph) and multiply 47B x 0.59 = 27.7B LOSS per JPM:
https://www.jpmorganchase.com/corporate/investor-relations/document/01-2013AR_FULL_09.pdf
2. Review this document, which was filed with the CA court and the petition was reviewed and approved by judge William Claster. The document lists a LOSS of 17.7B on the same portfolio of assets:
http://www.globic.com/wamurmbssettlement/pdfs/3.%202017%2004%2028%20FILED%20WAMU%20TIP%20Decl%20of%20Robert%20Stevens%20re%20Notice%20to%20DTC%20of%201%20Complex%20Designation,%202%20Notice%20of%20Hearing%20Date,%203%20Civil%20Complex.pdf
No need to hire professionals, this is 3rd grade math. A prudent action is to place an inquiry into JPM's investor relations as to why their LOSS is 10B LARGER - an honest mistake ?! Would they consider correcting it, perhaps.
Cheers,
Uncle Bo
Bk,
May I recommend a reading for you, perhaps ? JPMs 2013 10K form on SEC.gov, page 79. It describes THE SAME 165B in assets which they have been servicing, that is WaMu assets. The footnote states that 47B in loans have liquidated with an average loss of 59%. So let's see if I can do the math - 47x0.59 = 27.73B LOSS. Now, I guess everyone has taken the time to review the globic website and what Robert Stevens said in the court documented filing related to THE SAME 165B in assets - how much loss ?! Well you if made it to the bottom of the filing 17.7B LOSS. Therefore, ONE POSIT difference.
Very simple and straight forward...no need for elaborate explanations.
Cheers,
Uncle Bo
SEPTEMBER 5TH AS DOCUMENTED BELOW:
For anyone who cares to have a PACER account...
Uncle Bo
Frankly, I don't know either...
For everyone who diligently follows the case and reads the documents...the FDIC site with the status of the receivership NO LONGER states that the shareholders are not likely to receive recovery and it has been like that for a while
Castboy,
If you open the document you can read the names of the certificate holders who were notified...here are some of them.
Uncle Bo
KKR sees some pretty interesting things, hmm ?!
“We’ve found some pretty interesting investment opportunities,” Mr. Nuttall said. “You’ve just got to look a little bit harder.”
http://www.wsj.com/articles/kkr-swings-to-a-profit-bolstered-by-credit-and-energy-gains-1477396389
Do they see "stock for value" exchange perhaps, I ask ?
Uncle Bo
5 YEARS OF FAILED ACQUISITION ATTTEMPTS-WHEN IS “THE DAY"?
BK,
Agree on all points, a question for you ?!
Where in the General Ledger is reflected 4 and 1/2 years of "organic growth", if anywhere ?!
TIA,
Uncle Bo
The term successor in interest means a successor to another's interest in property, especially a successor in ownership of a business that is carried on and controlled substantially as it was before the transfer.
in Lake Erie the Ohio Supreme Court stated that the term "successor in interest," as used in Ohio workers' compensation statutes and regulations, "is simply a transferee of a business in whole or in part." 578 N.E.2d at 460.
Khan v. Douglas Mach. & Tool Co., 661 F. Supp. 2d 437, 445 (S.D.N.Y. 2009)
http://definitions.uslegal.com/s/successor-in-interest/
We know that "WaMu" had interests in ABS certificates, and we know that WMIH corp owns 100% of the equity (interest) in WMIIC, don't we ?!
DOJ is a better source of info than Bloomberg, I think...
Large, yes even the FDIC removed this language from the...
"Status of the WaMu receivership"
It seems to me that they no longer maintain that there is no money for the shareholders - why is that, I ask ?!
Well, the obvious answer is R-203.
Best,
Uncle Bo
Bk,
For the record the judge did not value anything, not her job. There were valuation experts - she reviews ( or posits?!) and approves or denies.
So this was a case where she felt PIERS are about to receive too much of the spoils a.k.a. equity.
Best,
Uncle Bo
From the last Q2 filing of WMI Inc., my favorite - page 51 at the bottom. This is exactly what the FDIC did - "let's wait and see" when they handed over the operation to JPM to service.
Everyone can reach their own conclusions.
BK, all true as it relates to new comers, post reorg etc.
However, for those who have studied the documents, just a reminder that WMIH owns 100% of the equity in WMIIC which is currently being dissolved.
Certainly, you can chose to believe whatever you want, JPM's accounting gimmicks.
I chose to believe the judge:
Yes, they have - what has also failed is:
"the organic growth" and the acquisitions looking - 4 and 1/2 years later. These are irrefutable facts.
GLTA,
Uncle Bo
Mini flash-crash if you will...
Today's Special 1,665,921 shares @ $2.38
The Alvarez and Marsal Fees (for service)
Paid by WMILT for the benefit of the escrow holders...
I would go out on a limb and opine that their fees were much higher, since they were much busier between 2012 - 2014 (the refinancing boom). They were busy, I think, making sure that as the payoffs of the loans came in they are properly credited to the certificate holders. Just a reminder to everyone that the trust which pays the "fee for services" is a pass through to the beneficiaries - us ! Of course, we know that JPM did fork over the mortgages quite a bit as the assigned servicing bank. So the refinance boom ended and the A&M fees stabilized at about 1/2 million a quarter - the job at hand to ensure proper credits of the monthly coupon, perhaps. Steady bond-like payments and steady bond like fees for the remaining active certificates the underlying loans for which were not refinanced.
Now that payments are steady the two executives specializing in those securities can take over and they are in the process of dissolving WMIIC.
Uncle Bo
Payee: Alvarez and Marsal
Docket # 10781 Filed 10/19/2012
http://www.kccllc.net/wamu/document/0812229121022000000000005
05/01/12 - 08/31/12 $2,917,873.00
Docket # 11577 Filed 01/29/2014
http://www.kccllc.net/wamu/document/0812229140129000000000001
09/01/13 - 11/30/13 $1,603,185.50
Docket # 11899 Filed 10/21/2014
http://www.kccllc.net/wamu/document/0812229141021000000000001
05/01/14 - 07/31/14 $1,006,902.00
Docket # 12068 Filed 07/15/2015
http://www.kccllc.net/wamu/document/0812229150715000000000002
03/01/15 - 04/30/15 $507,226.75
Docket # 12128 Filed 11/09/2015
http://www.kccllc.net/wamu/document/0812229151109000000000001
06/01/15 - 08/31/15 $624,406.40
Docket # 12182 Filed 02/08/2016
http://www.kccllc.net/wamu/document/0812229160208000000000001
09/01/15 - 11/30/15 $390,249.25
Docket # 12220 Filed 04/21/2016
http://www.kccllc.net/wamu/document/0812229160421000000000001
12/01/15 - 02/29/16 $483,610.50
Additional material:
http://www.freddiemac.com/finance/pdf/RefiReport2014Q2.pdf
http://www.freddiemac.com/finance/refi_archives.html
BK,
Just to clarify is this your assertion :
What the FDIC can and cannot do with certificates
BK,
We disagree again what was cited as Q&A has nothing to do with the cash in the receivership. Why would you need the FDIC's repudiation powers for the cash ?! Apples vs. Oranges.
The approved plan says that the FDIC did not sell substantially all interests of WMI (the INC.) to JPM and some of those are interests in RMBS...I mean not just "residual interests"
Your argument is off point.
Uncle Bo
BK,
I disagree with you, according to Collyer and the cited Q&A, JPM did get the bank's interests in the MBS: see below.
My question though is - what else is remaining in the receivership and why ?!
I would also recommend for anyone who is interested to read the confirmation order of the POR 7 - item #13.
Good Luck to all,
Uncle Bo
153 [Dkt 159-19]. Among the “Frequently Asked Questions” (FAQs)
21 was the following question and answer:
[Question:] Are the off-balance sheet credit card portfolio and mortgage securitizations included in the transaction? Do you expect the acquirer to assume the servicing obligations? If there are pricing issues associated with the contracts (e.g., the pricing is disadvantageous to the assuming institution), can we take advantage of the FDIC’s repudiation powers to effect a re-pricing?
Answer: The bank’s interests and obligations associated with the off-balance sheet credit card portfolio and mortgage securitizations pass to the acquirer. Only contracts and obligations remaining in the receivership are subject to repudiation powers.
This is what Fidelity thinks about the escrow/CUSIP
I wanted to give them a go and convert some traditional to roth, had a chat with them and below is the relevant part.
May be they don't know what they are talking about...
If you don't believe it call them and ask them
Uncle Bo
Clawman,
Do you know what is the action in California, who the judge, the case number etc..../
I thought that they had 10 days to notify the court after the settlement has been finalized (FDIC BOD approved it on 08/19/2016)
TIA
Uncle Bo
BK,
To quote one famous poster:
"The absence of evidence is not evidence of absence"
Right...
Uncle Bo
BK,
Do you by any chance have a list of investors in those 99 DB trusts ? That should settle all questions...
TIA,
Uncle Bo
Asset Presentation. The Debtors have reported the market value of cash and cash equivalents
and investment securities where market values were readily accessible as of September 26, 2008.
The Debtors believe that it would be an inefficient use of the assets of the Debtors’ estates for the
Debtors to obtain current market valuations of all of their assets. Accordingly, where necessary,
the Debtors have indicated in the Schedules and SOFAs that the value of certain assets (and
liabilities) is “Unknown” or “Undetermined.” Where possible, however, the Debtors have
provided the net book value of their assets (and liabilities) as of September 26, 2008. The
ultimate market value of the Debtors’ assets and liabilities may vary materially from the net book
values presented in the Schedules and SOFAs
In addition, notwithstanding the fact that some assets may not have been recorded on the
Debtors’ books and records, in certain circumstances the Debtors have listed assets as contingent
assets on the Schedules and SOFAs. There may be additional assets that belong to the Debtors
that have not been included on the Schedules and SOFAs. The Debtors reserve their right to
amend or adjust the value of each asset or liability set forth herein and to add additional assets, as
such information becomes available.
In addition, any omission of an asset of the Debtors on the Schedules and SOFAs does not
constitute a representation regarding the ownership of the asset, and any such omission shall not
constitute a waiver of any and all rights of the Debtors with respect to that particular asset
BK, straight from the prospectus...
However, an investor wants to account for the certificates is their business...
Factually incorrect, BK...
A simple study of just one of the certificates prospectuses would reveal that neither the trust nor the certificates can be owned by investors or owners. For those who want the truth:
The trusts hold the assets and they issue the ABS/RMBS which are in essence "rights" to receive future income - they are not assets.
Uncle Bo
Yes Bob, the MBS cannot be owned...for starters
And yes these MBS,RMBS and ABS in general are "rights" to receive a future income stream. They are not "assets"
And yes they are beyond the reach of the FDIC up to a degree, for those interested they can look up FASB 140 - SPEs.
The FDIC cannot seize your income stream which flows until 2040 in some cases with these certificates.
Good Luck to All,
Uncle Bo
DB did not buy anything, they are trustee...
more misleading information
Yes Large, why would DB even agree...
to this type of settlement if there was no money - have a claim against the estate, not only that but money beyond the dues to the bank bondholders in class 18.
Uncle Bo
BK,
Let's see what the BOD of the FDIC decides this month...whether they approve the term sheets JPM\FDIC\DB or they take vacation for the month of August.
The pieces of the puzzle are coming together, we just don't know the exact mechanics, not yet...
Good Luck to All who hold escrow "shares"- a counting and distribution mechanism.
Uncle Bo
Yes LG and Thank you. More proof on the way...
There are people who read and people who want to dispel any possibility of returns. Here is some relevant ABS material. You think that someone walks away from 30% equity - think again !
If I remember correctly the ESCROWS are registered with the DTC, we really do not need the trust to exist for receiving our distributions.
Uncle Bo
https://www.sec.gov/Archives/edgar/data/314643/000127727705000702/exh992to8ktermsheet4_20057.htm
https://www.bamsec.com/filing/95011705003428?cik=1337146
Source of Payments. The mortgagors pay their interest and principal during the
month to Washington Mutual Bank, as servicer. Each month, the servicer subtracts
its servicing fee and sends the remainder to the trustee. On the distribution
date for that month, the trustee distributes that remaining amount by loan group
to the holders of the certificates related to that loan group in the order
described in 'Description of the Certificates -- Priority of Distributions' in
this prospectus supplement in accordance with a written statement prepared by
the servicer.
Advances. For any month, if the servicer receives a payment on a mortgage loan
that is less than the full scheduled payment or if no payment is received at
all, the servicer will advance its own funds to cover that shortfall. However,
the servicer will not be required to make advances if it determines that those
advances will not be recoverable from future payments or collections on that
mortgage loan. See 'Description of the Certificates -- Advances' in this
prospectus supplement.
this is what JPM did...R-203
From time to time, Washington Mutual Bank may
implement programs to solicit qualifying mortgage
loans that it services for refinance, including
mortgage loans underlying the certificates. While
those programs will not specifically target the
mortgage loans underlying the certificates for
refinance, they may have the effect of accelerating
the prepayment rate of those mortgage loans, which
would adversely affect the yield on all classes of
certificates purchased at a premium, particularly
those certificates only entitled to interest.
JPM did not "buy everything" no way...
POSSESSION BY A SUBSEQUENT PURCHASER OR CREDITOR The trustee will not physically possess the
OF THE MORTGAGE NOTES AND MORTGAGES COULD DEFEAT mortgage notes and mortgages related to
THE INTERESTS OF THE TRUST IN THE MORTGAGE NOTES approximately 13.4% of the mortgage loans owned by
AND MORTGAGES the Trust. In addition, the trustee will not
conduct any independent review or examination of
the related mortgage files. Instead, to facilitate
servicing and reduce administrative costs,
Washington Mutual Bank fsb, a subsidiary of
Washington Mutual Bank, the servicer of these
mortgage loans, will retain possession of and will
review the related mortgage notes and mortgages as
custodian for the Trust. These mortgage notes will
not be endorsed to the Trust, and no assignment of
these mortgages to the Trust will be prepared.
Furthermore, these mortgage notes and mortgages
will not be stamped or otherwise marked to reflect
the assignment to Washington Mutual Mortgage
Securities Corp. and then to the Trust. If a
subsequent purchaser or creditor were to take
physical possession of these mortgage notes and
mortgages without knowledge of that
assignment, the interests of the Trust in these
mortgage notes and mortgages could be defeated. In
that event, distributions to certificateholders may
be adversely affected.
BOOK-ENTRY REGISTRATION
Each class of Book-Entry Certificates will initially be represented by a
single certificate registered in the name of Cede & Co. ('CEDE'), a nominee of
The Depository Trust Company, New York, New York ('DTC'). Cede will be the
record holder of the Book-Entry Certificates, but references to 'Book-Entry
Certificateholders' should be understood to be references to the persons on
whose account DTC will be causing Cede to hold the Book-Entry Certificates. No
Book-Entry Certificateholder will be entitled to receive a registered
certificate. Unless registered certificates are issued under the limited
circumstances described in this prospectus supplement, all references to actions
by Book-Entry Certificateholders refer to actions taken by DTC participants as
described below, and all references in this prospectus supplement to
distributions, notices, reports, and statements to Book-Entry Certificateholders
refer to distributions, notices,
reports, and statements to Cede, as the registered holder of those certificates,
for distribution to Book-Entry Certificateholders in accordance with DTC
procedures.
This is how escrows would receive distributions...
Certificateholders may hold their Book-Entry Certificates through DTC, if
they are DTC participants, or indirectly through organizations that are DTC
participants, including Euroclear Bank S.A./N.V. ('EUROCLEAR') or Clearstream
Banking, societe anonyme ('CLEARSTREAM'), as described below. Transfers between
DTC participants will occur in accordance with DTC rules. Cede, as nominee of
DTC, will be the named certificateholder of the registered certificates for the
Book-Entry Certificates. Euroclear and Clearstream will hold omnibus positions
on behalf of their participants through customers' securities accounts in
Euroclear's and Clearstream's names on the books of their respective
depositaries which in turn will hold the positions in customers' securities
accounts in the depositaries' names on the books of DTC.
Proof that WMB owned residuals which cannot be taken away...
THE CLASS R CERTIFICATES
The Class R Certificates will receive $100 of principal on the first
Distribution Date, as well as one month's interest on that amount. These
certificates will not receive any distributions of interest or principal on any
other Distribution Date. However, on each Distribution Date, the Class R
Certificates will receive any amounts remaining (which are expected to be zero)
in the Certificate Account from the Available Distribution Amount for each loan
group after distributions of interest and principal on the regular interests
issued by REMIC III (as defined in the pooling agreement) and payment of
expenses, if any, of the Trust, together with excess liquidation proceeds (as
described in paragraph (1)(g) of ' -- Available Distribution Amount' below), if
any. Distributions of any remaining amounts to the Class R Certificates will be
subordinate to all payments required to be made with respect to the other
certificates and each class of REMIC I and REMIC II Regular Interests (each, as
defined in the pooling agreement) on any Distribution Date.
The Class R Certificates will have an initial Class Principal Balance of
$100 and will be offered in registered, certificated form in a single
denomination of a 99.99% percentage interest. The remaining 0.01% percentage
interest of the Class R Certificates will be owned by Washington Mutual Bank as
described in this prospectus supplement under 'Certain Federal Income Tax
Consequences.'