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Does anyone here know if Senators or Representatives would have any influence with the FDIC to get this done soon? Can anyone influence the FDIC? I have been waiting for a long time to get into a retirement village with this money. Now my health is saying I better do it soon. Maybe a "write your senator" campaign? Just wondering what you all think.
I agree!
Why are you so gleeful to see this tank. I don't have many shares of stock but I do have a few Escrow shares that I wanted to use to buy into a retirement home Can't do it unless I get paid. Was 70 at the time this went bankrupt and am now 80. Would still like to retire there for a few years. Doesn't look like it will happen. I know a few more people in the same boat. Reading this kind of happy post for someone else's problems is very disheartening.
Thank you LG. When I really get down it is good to read your posts. It brings hope back. Am 79 now, was hoping to have the money from this to retire on. Hope I'm not dead before it happens. Again, Thanks for all your DD and pep talks.
AusRetired
Sheila Baer on MSNBC next hour.
Don't know if this has been posted
FDIC, Insurer Ask Court To Reopen $4.5M WaMu Fraud Suit
Law360, Los Angeles (March 9, 2016, 10:17 PM ET) -- The Federal Deposit Insurance Corp. and First American Title Insurance Co. asked a Florida federal court Wednesday to reopen the FDIC's suit seeking to recover more than $4.5 million from the title insurer over fraud committed against Washington Mutual Bank FSB after the Eleventh Circuit issued a decision in a similar case.
In a joint brief, FDIC and First American asked the district court to lift a stay on the proceedings. The FDIC, which is serving as receiver for WaMu, said in its suit that licensed agents of First American pled guilty to engaging in fraudulent home sales during Florida's housing bubble and that the title insurer has failed to pay back at least $4.55 million owed to WaMu's estate despite signing "closing protection letters" requiring it to do so.
Such letters constitute a contractual obligation to reimburse any lender for losses related to fraud or dishonest handling of mortgage documents and funds that the title insurer collected on behalf of Washington Mutual, but it is not honoring those agreements, the FDIC alleges.
U.S. District Judge Mary S. Scriven had stayed the suit in January 2015 pending the Eleventh Circuit's decision in another case entitled FDIC v. First American Title Insurance Co., which implicated similar issues. Judge Scriven noted that the primary issues raised in summary judgment motions in the instant suit, including whether the FDIC has standing to bring its CPL claims and whether the FDIC has suffered actual losses, were also involved in the Eleventh Circuit case.
In the Eleventh Circuit matter, the FDIC had sued First American for a loss attributable to mortgage fraud perpetrated against failed BankUnited FSB, which served as the lender in two real estate closings that occurred before the bank's collapse.
The federal appeals court issued a decision in April, determining that the FDIC had standing to sue First American, among other holdings. The title insurer petitioned the U.S. Supreme Court for a writ of certiorari but was rebuffed in late February.
Following the Supreme Court's refusal to review the Eleventh Circuit's decision, the parties in the instant suit filed Wednesday's joint brief. The FDIC and First American have a mediation session scheduled for April 7, but in the event they can't resolve the case, they are asking the Florida district court for an extension to April 21 to address the impact of the Eleventh Circuit's ruling on their case.
According to the FDIC's complaint against First American, two employees of Diamond Title of Sarasota Inc., a Florida escrow company and issuing agent of the Santa Ana, California-based title insurer, pled guilty to fraud charges stemming from a series of home sales totaling $4.55 million.
The Diamond Title employees were each sentenced to one year and one day in prison and ordered to pay restitution.
According to the suit, the Diamond Title employees helped a Florida fraudster, Craig Adams, purchase homes using straw purchasers, in some cases inflating the value of those homes in order to reap fraudulent profits.
The FDIC also alleged fraudulent conduct on the part of First American issuing agent Lake Title Group Inc.
The FDIC is represented by Antony S. Burt and Mir Y. Ali of Schiff Hardin LLP, Aaron M. Forester of the FDIC Legal Division and Onier Lopez of Lydecker Diaz.
First American is represented by John C. Fairweather, Lisa S. DelGrosso and Lucas M. Blower of Brouse McDowell LPA and Terrence Russell, Jennifer L. Kifer and Ben Z. Williamson of Holland & Knight LLP.
The cases are Federal Deposit Insurance Corp. v. First American Title Insurance Co., case number 8:12-cv-02245, in the U.S. District Court for the Middle District of Florida.
--Editing by Christine Chun.
It's to make sure you got your proxy vote letter sent in September.
Shorting this stock before it is well established should be forbidden!
Interesting read.
By Seattle Times staff
The Seattle Times
TODAY:The Seattle Metropolitan Chamber of Commerce holds its 133rd annual meeting at the Westin Hotel Seattle. Jeff Wilke, Amazon’s senior vice president of consumer business and one of the most influential executives at the company after Chief Executive Jeff Bezos, will give the keynote address. … Next month “The Walking Dead” returns for another season. But before that, the company that used to be Washington Mutual returns to the Nasdaq stock market: WMIH Corp. will graduate from over-the-counter trading to the Nasdaq Capital Market, trading as WMIH. The company owns WM Mortgage Reinsurance, an inactive insurer, and is looking for acquisition opportunities where it can apply the massive tax losses generated when Washington Mutual’s banking business collapsed in 2008. WaMu ended its days on the more prestigious New York Stock Exchange trading as WM, but before December 1998 it was on Nasdaq as WAMU. …
Interesting read.
nationalmortgageprofessional.com/news/55617/los-angeles-drops-lawsuit-against-jpmorgan-chase
Interesting article about our Judge Collyer
http://blogs.wsj.com/washwire/2015/01/14/with-metlife-d-c-judge-gets-another-high-profile-case/
Thanks, that really helps
Thank you
Could someone please tell me what PIERS means. I have looked all over on this site and can't find it.
Interesting...My escrow shares are combined this morning on TD Trade Architect. My 939ESC992 AND 9393SC84 are all in one group. Anyone else?
I know I'm not the brightest bulb on this board. And I am getting old so I'm getting even dimmer. My escrow shares were to buy me into a retirement village. Being a faithful follower on this board has also made me very suspicious.
Is it possible that the story of the "found mortgages" could be a way to shake loose shares for JPMorgan Chase to gobble up. Is there any way of telling for whom the shares are being bought. JPMorgan (Jamie Dimon seems very cagey in his news release.) Just saying.....
AUS
I still have mine but every time I click on them the chart comes up JAVELIN Mortgage Investment Corp NYSE: JMI. I have TD Ameritrade also. Anyone else have this problem?
Don't know if this was posted.
Lawsuits Against U.S. Bancorp and Bank of America Dismissed
Author: Brian Honea in Daily Dose, Featured, News, Servicing May 19, 2015 0
A federal judge dismissed claims in lawsuits against U.S. Bancorp and Bank of America accusing the two banks of failing in their duties as trustees for residential mortgage-backed securities that were allegedly found to have defects after they were sold, causing billions of dollars in losses to investors.
U.S. District Judge Katherine Forrest in Manhattan dismissed the claims against the two banks in three separate decisions. In the first decision, a group of institutional investors, BlackRock Inc, Allianz SE's Pacific Investment Management Co and TIAA-CREF sued U.S. Bancorp, claiming the bank was responsible for 843 toxic mortgage-backed securities totaling about $778 billion in collateral. Forrest ruled that the claims were not pleaded correctly on 33 of the trusts and that the remaining 810 trusts did not fall under her jurisdiction.
In the second decision, Forrest dismissed a claim from the National Credit Union Administration, ruling that the NCUA lacked standing to sue the two banks because the certificates for 74 trusts, which were purchased by five corporate credit unions that later failed, had been re-securitized. Likewise, Forrest ruled that investors based in Ireland and the Cayman Islands lacked standing to sue the two banks. All of the plaintiffs were given a chance to amend their complaints.
An attorney for BlackRock, Allianz, and TIAA-CREF, when reached by email, declined to comment on the judge's decision. Bank of America spokesman Lawrence Grayson declined to comment, and U.S. Bancorp spokesman Dana Ripley told DS News, "We are pleased with the rulings."
This is the second victory for Bank of America in court in less than a week regarding its mortgage banking practices. Late last week, a federal judge threw out a suit filed by the City of Los Angeles which claimed the bank engaged in discriminatory lending practices that led to massive defaults, foreclosures, and eventually blight in Los Angeles neighborhoods.
A settlement in which Bank of America and U.S. Bancorp agreed to pay $69 million to Washington Mutual in a similar case in which the two banks were accused of failing in their duties as trustees for mortgage-backed securities was approved by Forrest in March. Just as in the three cases that were recently dismissed, Washington Mutual alleged that breaches on the part of the two banks led to massive losses when the financial crisis hit.
Mine come up WMI Holding Co. today when I click on my Escrow shares on TD Ameritrade. Never did before.
Interesting article Poor Jamie
http://www.fool.com/investing/general/2015/04/12/the-expensive-lesson-jamie-dimon-will-not-forget.aspx
If they did give shares instead of cash, and I needed to sell, would it be long term capital gains taxes or short term. Since they have had my money for the last 6 years I'm assuming long term, right?
Me too. Would really like to move into a retirement home..........Just hoping! Those Escrows are my ticket in.
INTERESTING Since taking over WaMu in 2009, Chase has added 54 branches in the three counties.
http://www.sun-sentinel.com/business/personal-finance/fl-south-florida-chase-20141120-story.html
Well someone bought 42500 for 4.20 according to my TD Ameritrade Time and Sales
I agree also. Have been following him for many years.
As I understand it, we should be able to download our tax documents into our tax program. I did it with turbotax last year and am planning to do it again this year. You have to use the right tax program but it sure worked well for me. I have the premier program.
Any one know why, suddenly, I have shares in TD Ameritrade labeled 21925c911? It was put into my account yesterday. I assume its for escrow shares, but which ones and why now?
So what does it mean then "the claims were not dismissed"
I just received a "corrected" copy from TD Ameritrade. It will benefit me some on my income tax which I already filed and had accepted by the IRS. Trying to decide whether to file an amended tax form or not. Has anyone had any experience with an amended form. Is it more likely to lead to an audit?!?
AUS
Interesting Article on WM and JPM
http://www.ritholtz.com/blog/2013/03/jpm-wamu/
Just a quick question....do the day traders and shorters work together or is that considered "Inside Information"?
Absolutely no volume....what's going on
Thanks Mon,
Wasn't much of a check.....hope there's more coming.
AU
This is what I received with my check
Dear Claimant,
You are receiving the enclosed distributiion on account of either:(i) the proof of claim that you filed in the jointly administered bankruptcy cases of WMI Investment Corp. and Washington Mutual, Inc. (collectively, the "Debtors"), Chapter 11 Case No. 08-12228-MFW, or (ii) the claim that the Debtors listed as due and owing to you in their schedules filed with the United States Bankruptcy Court, District of Delaware (the "Bankruptcy Court") or your Liquidating Trust Interest from WMI Liquidating Trust related to (i) or (ii) above.
Your claim (as modified by any applicable order of the Bankruptcy Court) has been classified as an Allowed Claim (Under the terms of the Seventh Amended Joint Plan of Afflilated Debtors' Pursuant to Chapter 11 of the United States Bankruptcy Code, as modified, and as confirmed by the Bankruptcy Court on February 24, 2012 (the "Plan")) and this distribution is being made in accordance with the relevant provisions of said Plan. Capitalized terms used but not otherwise defined herein have the meaning set forth in the Plan.
If you have any questions or concerns, please contact the Washingtonb Mutual Liquidating Trust Hotline at (888) 830-4644.
Sincerely,
Kurtzman Carson Consulants LLC
Court Appointed Claims Agent.
c
So what happens if do not check a box for Item 3. Do you just get cash?
TIA