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Bop is the eternal optimist, but she backs it up with her credentials, which are way beyond anyone else on these message boards. She is a bk attorney who has actually worked for JPM so you have to give her respect for that. I tend to feel hold2wm is a bit more realistic in his 1 par guess, although he too thinks it could be much more.
I am guessing that JPM will settle Libor for 10B or so in hopes that will assuage the escrow holders so they go away, and let JPM keep the really big money. Might be a smart tactic on their part. But I don't think the big boys would let them get away with that. We shall see.
Coattails
Thanks Bob, you too. I think we have some good things for escrows in the offing. While nothing is certain, I think Libor alone will make people happy. 1 par is pretty good, so even if we just got that much most would be happy. Of course we feel there is much more coming, but in this world we have to be realistic.
Bop thinks possibly 8 par from Libor. While that would be great I just don't see it happening, but who knows???
Merry Christmas!!!
Best Christmas gift, the ignore button!
I have cleaned up this board by ignoring all those that are a pain. I suggest others do the same. The board is great for me to visit now!
Merry Christmas to all good people!
No, my credit score has always been high.
Any other escrowers getting offers for 0% credit suddenly?
I am starting to wonder if we may be on some new wealth management list from JPMC. In the last month I've gotten several such offers despite soaring interest rates. It's like all the banks want my business suddenly. Seems very strange. Prior to the last month I haven't gotten zero offers in several years. I think the word may be out.
xoom, get this: in California, you can walk into a Best Buy, walk out with a $900 TV, and it's no crime. People do it all the time.
Dark, yes, cash would require W9 withholding, I think 23%. Then we have to argue at tax time that it was a settlement and thus non taxable. At which the IRS will argue it is ordinary income and we owe even more! They are slimy.
Stocks issued as payment going into an IRA would be tough for them to tax. I'd say we'd just be responsible for the gain over time, for instance, we get JPM stock at 180 and we cash some out at 200 we'd be responsible for the 20 gain. They may argue it would all be taxable!
This will all be very complex. We will each need a good tax guy. Good luck with that! I've talked to a few and they each give me different takes on it.
What the IRS may say is, for instance we get par on Ps. So they may argue that the basis is zero, and par is 1000, so we'd pay LTCG on 1000, which would be 15% on the first 480k, and 20% on the rest.
I'd love to argue it is all nontaxable as a settlement, but they will want their cut, and they have the power.
I am happy hold2wm is optimistic.
Bop is always but hold2 is more grounded in reality so when he also feels good about our chances I too am optimistic.
No guarantees though so we should mentally proceed with caution. No loans, boats, or mortgages till we see it in our accounts!
But visualize, pray, and think positive. If it happens help others in need. We all know many people who could use help these days. Don't forget the animal rescues too.
Libor may be in settlement negotiations now. No hearing date set so this year looks like a no go.
This last group is many billions so we are likely looking at Q1 24 but anything is possible.
The judge saved the biggest for last.
The coattails are the key element. Once Libor is done they will push to close out this mess. They have the money and lawyers to get it done. Libor is the biggest impediment, the other suits are small potatoes.
Libor settlement WILL happen. Now it's just a matter of when and how much. 1 par sounds like a no brainer. Frankly I hope it happens next year so we don't need to deal with taxes until Apr 2025. But remember that we did W9s so the IRS gets to hang on to our withholdings until then too. So it is to their advantage to get this paid out next year as well.
The Banana Republic of the United States.
Dark, I don't know of any further lawsuits beyond Libor that could hold up the process.
Mom and pop lawsuits will have no impact.
If you know of legal actions of significance, post them.
I say that once Libor is done we are ready for further distributions.
If our Libor portion is at least 1 par as Hold2wm feels that should tide people over until the waterfall begins.
1 par of course would be 10B, so 1k per P and 2 dollars for Qs. Bop thinks maybe 8 par coming from Libor to escrows, but I'd rather be conservative than disappointed.
I am hoping we get 4 x since that would give commons $8, which is what the crooks offered per share to buy Wamu before they stole it.
Hold2wm is to be applauded for his work on following Libor for us.
He feels confident that at least 1x par will come to escrows from Libor. Bop has much higher estimates.
But this judge is no pushover and I think she wants to see justice done.
As Janice Hearns said, the FDIC receivership cannot release funds to escrows while there is ongoing litigation. So once Libor is done the waterfall can begin.
Frankly 1 par from Libor would be fine for most of us, but most importantly, the waterfall will be the big enchilada.
Say your prayers. Let's hope good things come to those who wait.
Not sure but things are moving quickly...
The final Libor group is on the clock. Lets hope the judges tough stance will produce a quick settlement. Im sure JPM now realizes that if this goes to trial it will cost them much much more. Judge Naomi is no Walrath!
Judge Naomi strikes down JPM and BOA attempts to obfuscate and delay yesterday. Ha!
MOTION DENIED!
Nice try Jamie, but she is no pushover (like the other). Time to settle. Your BS delay tactics are over. Pay up.
Has this decision even been discussed here before this?!
Not sure this is ours but we could hear something about a Libor settlement next week.
Lets hope Judge Naomi comes through with justice for Wamu.
No prob Tau, glad to help. It's a little tricky to get to but it's all there in black and white. Our escrows are well documented.
The several hundred new millionaires group has not happened yet, and won't until we get our distributions.
Thanks Large, yes, JPM knows we will be wealthy and they want our business.
That's why any settlement is a win win for them. Not only do they also own WAMU escrows themselves, but they will get much of our banking business. I have several Chase accts and plan to remain there albeit with much fatter accts.
Appreciate you reposting this, because otherwise people would say I made it up again. LOL
Anyone else suddenly getting many credit card offers at 0% and also credit limit increases?
It seems like the banks might know who we are and may be expecting a payout. I've never seen so many great credit offers in my life and it's all been just in the last 2 weeks or so, despite credit card rates hovering at 30% now. Something's up and they want our business. Remember Dimon said there would be many new millionaires coming on board. Is it just me or is anyone else suddenly getting great cc offers with 0%
They seem to really want our business.
goodie, Schwab said the next batch of TDA clients would be transitioned over in the next year. Huge undertaking and no room for error, so accounts have to be checked and double checked. But all has gone smoothly so it looks like they are doing a good job with it.
Tau, Fidelity is a little more complex to find the escrows in your history. But I wanted to help you out because thats what the good guys here do. :)
So, go into All Accounts.
Account positions
Activity and orders
History
Select Past 30 days and click Custom
Put in the date range 01/01/2022 to 12/01/2022
You will see them listed like this:
Feb-11-2022
Rollover IRA ***
EXPIRED WMIH CORP SHS *EXPIRED POSITION* EXPIRATION WMIH CORP SHS *EXPIRED POSITION* (939ESC968) (Cash)
--
Feb-11-2022
Rollover IRA ***
EXPIRED WMIH CORP PFD *EXPIRED POSITION* WMIH CORP PFD *EXPIRED POSITION* (939ESC992) (Cash)
Each position will have them listed there. If you click on the little arrow to the far right it will show you how many escrows of each flavor you own.
So you see, our escrows are alive and well, just listed as expired at this point because they are deemed worthless, until there is a distribution. Then they will resurface into an active position.
john is correct. They still show in Schwab in the acct History as "worthless" because at this time they are, which they will not be for long!
It shows the amounts too. So these records are readily available when payments come. Make sure you keep your broker accounts updated.
02/11/2022 Journaled Shares
939ESC968
TDA TRAN - REMOVAL OF WORTHLESS SECURITIES (939ESC968)
02/11/2022 Journaled Shares
939ESC992
TDA TRAN - REMOVAL OF WORTHLESS SECURITIES (939ESC992)
Thanks john, will check again. I know that Schwab is an ongoing transition process.
If your broker doesnt have your escrows listed in your accounts' historical records, not to worry. The court has the official list, as does KCC, Computershare, the trust, etc.
Those records must be kept by law.
My markers are gone on Schwab, though they still show in Fidelity in my historical records section....
I still receive Libor notifications in the mail even though I did not hold bonds in that suit. So they know who and where we are.
What happened to BBanbob?
Bigbang, the ignore feature is awesome. I have blocked 8 and now the board is informative and congenial. A very nice place to be.
I encourage others to do likewise and put the boiler room boys out of business.
Judge Naomi is awesome. Moving methodically at lightning speed. Seems she is trying to wrap Libor up this year.
Lets see if she can get the big enchilada done and settled. I cant imagine JPM wants to drag this out till next year. They have the money set aside for the wrap up.
Next week will be interesting, and a good time to have this buried in the holiday news cycle.
Coattails
I've just been informed that some loser here that I have on ignore is posting to me.
These people are deranged. I suggest putting them all on ignore. This board is wonderful since putting them all on ignore.
Good luck to all COOP longs and escrowers. Lets hope this nightmare is coming to an end soon.
Ron, if I have time tomorrow I will chat with hold2 and bop to see what docs they are checking on now.
Hold2 has been amazing digging into them. Both are very confident so lets see what happens.
Naught, sorry I dont have a premium acct.
I have been inundated in the last couple weeks with amazing credit offers as well. Its strange. Bop said we would get many credit offers as we got close to settlement so that could be what we are seeing now.
All the banks and brokers will line up to do business with us. We will all have 850 credit scores and be debt free.
Lets hope this happens.
Also remember a couple yrs back when Jpm there would be many new millionaires coming to their bank soon.
This board is a cesspool of trolls. How did this decline happen?
For those who doubt the escrow list...
Contact KCC, Computershare, or Walrath. They will all tell you the escrow records are secure. The markers were for the LT. Meaningless now.
https://www.kccllc.net/
Get a life Plisskenblack
Tell that to Bonderman and Tepper.
LOL Escrows are alive and well.
We simply do not know for sure if when or how much.
I am buoyed knowing that the Susman firm is involved. That's no guarantee but it certainly is good news.
We just have to wait and see what happens. It's a corrupt world. I would say praying might be in order now.
I feel good about where this is headed but we just don't know. Let's hope justice prevails.
I believe something big is on the horizon for escrow payment in the next Libor hearing. I do not believe escrows will get paid this year, but a decision could be reached and a settlement will follow this year IMO. Because the WAMU case is the biggest of Libor it will take time to unravel payments. I expect we could be a few months away from payment. Billions don't get disbursed that quickly.
So, what COULD happen, as bop has said for months, is that a decision is reached in court and a settlement could be ready to go. Then the brokers will offer loans to escrow holders based on the decision and disbursement date. This is a way the big brokers can make money from the settlement immediately.
I may be wrong, but this could be the way this will now play out. Let's hope it's a green Christmas for escrowers.
This settlement is NOT us.
Ours is yet to come. This is OTC. Small case. The big one with the final 20 banks will come soon. Hold2wm on BP has followed this very closely and is certain this case is not ours. I agree. Relax.
Good point Ron.
I always felt that an ex or disgruntled employee could blow this case up for Jpm or Fdic. I also always had a hunch that bops source could work for Jpm. Remember she used to work for them so she has contacts there.
Thats why I dont think the hedgies did a back door deal. Way too risky and they are too smart to take that chance.
Coattails
Lucky, I did some checking.
The case discussed yesterday is NOT us. It is OTC. We may be next at bat so let's hope we hear something soon. SG is involved which is great! The FDIC gets a considerable cut so they will get as much as possible. If this isn't settled soon then it goes as far out as April for discovery.
b3 patently false.
"I filled out all the LIBOR claims, spoke with them several times on the phone, and they came back that "there is nothing substantial coming back" and told me my Libor Claim was worth ZERO."
That was for bonds! Had nothing to do with escrows. The disinformation here boggles the mind.