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Welcome to the bizarro world.
This is turning into a clown show.
LOL. You're kidding right???
Large Green, this is what I think is happening.
All these other avenues for payment to the estate are on hold until LIBOR is settled. Once that happens there will be a waterfall like Niagara. Remember what Janice Hearns said about 10 yrs ago. No funds can be released while there's ongoing litigation.
I like hold2wm about this LIBOR matter. He is VERY optimistic that this week something will happen. BUT. Remember that the judge granted FDICs request to keep this settlement under wraps from the public. So it's possible as Ron thinks that this matter may have already been settled. So now the conundrum is how to disburse 100B, or more without there being tons of snafus and lawsuits from investors who felt they didn't get their fair share. Think about it. It's a nightmare for them to deal with.
Also keep in mind that JPM just aligned with another wealth management group to handle all the millionaires that will soon be created. It's a huge undertaking for JPM to handle the volume of clients that will suddenly have newfound wealth to deal with.
And IF....COOP is going to distribute shares to escrowers, they may be waiting for LIBOR as well, so the 2.5% they might get will offset that distribution and keep the SP stable. And if it's 200b, COOP would go through the roof plus distribute those shares.
Many things appear to be lining up. This could be a great year for those who released.
Remember the UWs fought tooth and nail to stay in class 19. So....
I have both Ps and Qs so I am fine either way. Bottom line is those who have Qs say they get it all and those who have Ps say they get it all.
Its like the battle of evermore about 75 25. Let's see if we get anything first! Then we can see how it gets divided up. Relax. This nonstop daily fighting over these 2 issues is crazy.
"JPMorgan Chase will not be acquiring any assets or liabilities of the banks' parent holding company (WM) or the holding company's non-bank subsidiaries. As part of this transaction, JPMorgan Chase will make a payment of approximately $1.9 billion to the FDIC.:
Thanks for the reminder AZ. Its always nice to read this proof. For the doubters, they did Not get any holding company assets as some of you suggest.
And also as Part of the transaction they made a Payment.....it does Not say Payment in full!
Got it????
For those with escrow positions, don't worry.
Our positions are secure and filed appropriately in several locations including the court so we dont need to do anything.
Keep in mind that if you received the prior shares you are on the golden list.
All is well. Rest easy. Good times ahead for escrowers as well as COOP.
There are some small suits but nothing that should hold things up.
We may hear news from Libor Monday or sometime next week.
No escrow distributions could occur before LIBOR was done.
The FDIC made it clear years ago that nothing could be distributed while there was ongoing litigation. Well, we are almost there.
To see the escrow cusips now go to History in your account. They are there. If you released.
I too love the ignore feature.
Makes this board great to view and interact with.
And yes, those who released have wonderful news ahead. This will be a great year.
And for those who did not release...why did the UWs send a team of high paid lawyers to bops hearing? And do you really think the hedgies are fine losing billions of dollars....and are completely silent?
Ha!
Libors up to the plate now. Bases are loaded.
I can't believe I didn't keep copies. Duh! Millions coming and I have no proof. But I do have official statements from my brokers of my escrow holdings back then so I have proof of my positions.
Im sure the court has complete lists in their files.
16 yrs ago...I'm lucky if I can remember what I had for dinner tonight!
But there were a few on the yahoo board back then who told people not to release. I bet many of those are the ones on these boards today who are calling us releasers stupid.
Can you redact personal info and post the forms?
I'm so stupid I didnt keep copies but it was all done so hurriedly. I was advised by some not to release so I would be able to sue later. Lucky i took the advice of bopfan and a few others and released at the last minute.
Did anyone keep copies of their W9 or release form?
Libor settlement not appealable, nor other distributions in this case.
Libor will be settled in judges chambers so no appeal allowed. And our other payments are just distributions.
So what can be appealed? Nothing.
Xoom is a good guy so could be true. 16 yrs is a long time to remember small details. When the releases came it was very hectic so could be we had it on the form. I was stupid and didnt make copies!! Maybe someone who kept copies can check to see whats on there.
Re: W9s. Your social security number is on the form of course, so no matter what, you can be tracked down when there is a distribution. That's the beauty of a W9. No matter where you are they can find you to distribute funds.
xoom are you sure on that? I don't recall that option. If so I'm sure I'd choose cash. Paying taxes sucks but once done what you keep is yours. Frankly I don't mind paying the taxes if we are successful. The government needs money to operate the country! I wish we had more say in where our tax money goes though, but it is what it is.
Regardless, I still think for some things we will get shares and some cash. Depends where it's from. Just glad I released!
Geez just what we needed. Fdic upheavel! We can't catch a break!
Ive heard from a reliable source that the Fdic is extremely corrupt. And they hold our Wamu in their hands! God help us.
Split, the hedgies will be in the same tax situation so we will somehow find out how they will approach it.
Some payouts will be taxable but some wont. Lets hope this happens in 2024 before they increase cap gains to 45%.
If its a settlement, no taxes.
Of course we will get 28% withheld and we would have to argue our case with the IRS. Good luck with that!
At the very least it should be considered LTCG.
Use the ignore feature. Let them talk to themselves.
Yes AZ this will be a big year.
Libor, shares, loads of cash, divvies, and my guess...that JPM buys it all and corners the mortgage servicing market.
Those who own COOP shares, and escrows, are going to have an amazing ride.
Ron, Libor is just a piece of the pie.
So much more to come once it's settled. Bank payment, assets, minerals, etc. Jamie has gotten away with this for far too long. Enough is enough. I'm sure the hedgies have had it with him!
We just need to wait a little longer. Patience.
May is shaping up to be very important.
Libor has been eerily quiet. If rumors mean anything something could be brewing. Id gladly take 100b.
But the first settlement could be BBA, not JPM. Lets see if the judge combines them so Dimon can play hide the sausage. This will be a chambers settlement cloaked in secrecy.
The other question is will the Fdic hold firm to its 400b demand or will they settle for half.
Interesting times. The big boys want their money! They have 70% of the estate....we peons just hold 30%. Tepper has players to pay.
If Libor settlement is 209b and Wamu estate gets 100b as is rumored on BP...
Then if COOP gets 2.5b from that, they can do their share distribution without affecting share price. That could be why the SP has been stable. Makes sense. So COOP may be waiting for Libor to settle. Interesting scenario.
Its "escrow positions", not escrow markers. The markers were LT. Look at your account history for 2021. If you have escrows it will be in your history. Forever.
See you at the bank. If you released.
Bwahahahahaha!
I feel sorry for nonreleaser nonescrow holders.
I understand their bitterness and jealousy.
Hold2wm seems to be very knowledgeable. I'm not saying his ideas are 100% but he seems to have a handle on this. He's a realist not a pumper. There are others on bp who are really good too. I think we could be close to something now.
200b? Maybe not. But even 10b coming back is significant.
Supposedly a contact at FDIC. Friend of a friend.
I never believe rumors. Few are reliable. I'll believe it when I see it in my acct.
LG that's a good guess. Hold2 says $208B for our final group which would give us around 100B. I'd rather be conservative and be pleasantly surprised. FDIC has never had a mega settlement of this magnitude. I've hear a recent rumor that settlement negotiations are ongoing. SG, hedgies, and UWs all involved.
We have to wait and see on the 75 25 LIBOR argument, as well as the 2.5% for COOP. BP believes 75 25 to the end for all payouts. I have my doubts on that. But I do know this. We will all do well. If we are going to get paid it will be a combo of divvies, shares, new Ps, cash, etc. Complex payments that will take time. Bop may be right about her theory of the brokers offering loans till final payouts happen..
Libor in May per bp.
I agree we are very close now. Lets hope this judge isnt in Dimons back pocket like Walrath was.
If we dont see settlement this month we may have to wait till Oct discovery closure.
Thats different than a 1 or 2 penny dist.
Fact is, we dont know for sure what those are. Its likely nothing but it could be something due to frequency and timing.
Libor settlement is close now so who knows.
Thanks Order. You may be right.
Lets see what happens. Libor will be the first key. Hope we dont get screwed but I think we have a good shot.
Account tests are usually 1 or 2 cents.
As for previous tests, that was done many many years ago. Much has changed since then.
Test distributions a precursor to Libor settlement?
Our Libor case will likely wrap up this month and the brokers are starting to prepare.
Will it be 208b as hold2wm speculates? I hope hes right but my guess is 100b. That's still a lot of money, the most ever for the Fdic.
Test distributions are common when brokers feel something could be coming. They want to be prepared so there are no glitches. Lets see if others get them.
2026 doesnt exactly exude confidence!
I think it will come in several phases and will be a combo of JPM COOP shares, dividends, and cash.
Libor is our first shot at money. Then COOP shares. This year will be the start.
That hearing is not our case.
18 states have zero estate tax.
As for settlement money it may not be taxable. Lets hope anyway.