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That Was WMBfsb Not WMB.
JPM needed special approval from the OCC for one year to move WMBfsb into a CUSA.
JPM was the wrong bank charter type to operate WMBfsb.
WMBfsb was the bank for the Bank.
155% TEIR ONE rating on $50 Billion in deposits.
$75 Billion in cash.
The Memorandum of Understanding with the OTS was that the two WMI banks would shore each other up with liquidity as needed as stated in WMI Corporate Structure. (10-K).
WMBfsb was supplying WMB with the needed cash
WMB/WMBfsb covered all of the $16 Billion ‘bank run’ created by JPM and friends.
$6.5 Billion in Capital Contributions, (363 Sales) and $10 Billion more coming September 30th.
WMBfsb was the cash cow!
Ron
Asset Backed Securities are Insured.
The mortgages are packaged into Trusts and then securitized into Bonds/notes.
These Notes are then insured by Derivative Contracts like CDS/CMO.
The securitizer of the notes is required for the put-backs of performing loans of equal types back into the mortgage pool, and the derivative insurance contracts are to cover all of the losses of the security from non-performing loans.
Therefore; no loss for the security/notes holder investors, and no exposure to the issuer of the notes to cover the losses. Insured!
The Securitizer sold the Notes to the market as investments.
Most made three payments a year, two interest payments and one performance payment.
The Trust losses were determined by the WMB DB California litigation to be 11.9%.
WaMu, F&F have done the required put-backs, but the Derivative Contracts have not covered the losses.
That 11.9% payment will make WaMu, and F&F books in the Black.
The problem is that the derivatives need to pay up!!
Ron
Asset Backed Securities are Insured.
The mortgages are packaged into Trusts and then securitized into Bonds/notes.
These Notes are then insured by Derivative Contracts like CDS/CMO.
The securitizer of the notes is required for the put-backs of performing loans of equal types back into the mortgage pool, and the derivative insurance contracts are to cover all of the losses of the security from non-performing loans.
Therefore; no loss for the security/notes investors, and no exposure to the issuer of the notes to cover the losses. Insured!
The Securitizer sold the Notes to the market as investments.
Most made three payments a year, two interest payments and one performance payment.
The Trust losses were determined by the WMB DB California litigation to be 11.9%.
WaMu, F&F have done the required put-backs, but the Derivative Contracts have not covered the losses.
That 11.9% payment will make F&F books in the Black.
The problem is that the derivatives need to pay up!!
Ron
The Problem is the Derivative Market.
Not F&F.
The mortgage-backed securities are insured by derivative contracts to cover F&F loan losses.
The derivative contracts for 2008 haven’t paid up yet.
That’s what LIBOR is all about.
The Security Prospectus mandates that the Trustee must keep the insurance active through the life of the security.
Not a word was said by the article about Derivatives.
Last summer, the derivative notables was $362 Trillion!
Yes TRILLION.
Ron
Hopefully It’s Means That JPM is Paying for WMB,
and it’s Assets Through the Investment sub.
I just don't believe that JPM is going to merge with WMI/WMIH is going to happen.
"Willful Misconduct" 41.6 prohibits JPM from accruing WMI/WMIH due to RICO statuses.
JPM must pay WMI for assets received.
Full book value.
Probably has nothing to do with us.
But thanks for the heads up.
Ron
Retained Earnings is Giving Class 19 a Raise.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174535655
There is No Accumulation of Dividend Interest for Class 19.
Class 19’s claims are satisfied from the Retained Earnings of the February MOR.
The $20.78 Billion held in Treasury Notes has been accumulating interest to pay past interest payments with a bonus. This has nothing to do with the past Prospectus interest rates.
It’s reasonable to calculate at FJR of 1.95% to keep it simple;
Run the numbers;
$20.78x .0195 = $.405
$.405x16yrs =$6.48
$6.48 + $20.78 = $27.26 Billion from RE/DCR.
Please update your numbers,
+2.7X for Class 19.
Performance Payments should also increased over the period.
2.2X for Series R?!
4.9X face.
And the Series K and TPS bonus is even greater.
BBOB, LG, do you love me yet?
Ron
Wrong b3. I Accounted for the 363 Sales.
The 363 Sales are what A&M sold to JPM.
$6.5 Billion in Capital Contributions.
$5 Billion for the Rabbis Trusts.
…
JPM needed to be released from “Willful Misconduct” regarding Project West.
41.6.
$375- $307- $33 =$35 Billion.
$25 Billion for the 363 Sales.
$8 Billion was used for paying the Creditors. Which came back to the BK in the form of the Exchange Event and the Turnover ($8 Billion).
$33- $25 =$8 Billion.
Ron
Class 19 is Satisfied with a Bonus.
Using the Series R, I will do the presentation in two different ways;
2.5X subtract one face equals $1,500. Series R received $76 annually. $1.50 went to the Trustee for admission.
• $2,500-$1,000= $1,500
$1,500/$76= 19.74 years worth of payments.
• $76x 16yrs = $1,216
$1,500-$1,216= $284 current Bonus.
The Bonus is even greater for the Series K and TPS.
Ron
All Past Performance Payments Were CASH!
Same for the past dividends.
All CASH. Just like before.
No future dividend interest payments, only performance payments. Performance payments are in ‘Runoff mode’ as the Trust reduces.
No future Preferred shares required because there will be no dividend interest payment.
Ron
There is Still $35 Billion Minimum Unaccounted For.
WMI assets; $375 Billion.
$375-$307-$33 =$35 Billion unaccounted for assets of WMI.
WaMu 1031 Exchange?
The numbers always tell us the Story.
IMO;
• WMI/WMIH (XXXX) can remain private and make distributions payments to UQ holders from the released assets. (WMB…).
• or the Parent will produce a private equity event of a public offering to old UQ shareholders only related to these assets. (IPO), one for one.
UQ owns the Parents Debtor’s Estate.
COOP is just a sub of the Parent.
COOP only generates $3 Billion from the 36 million shares.
36Mx $85= $3 Billion.
That’s not enough money to buy WMI assets.
Preferred Class 19 is 2.5X face held safely in Treasury Notes.
The February MOR Retained Earnings and the Court transcript told us.
That satisfies all past interest payments.
Do the math!
Series R is due another 2.1X in performance payments. You don’t need new Preferred shares to receive the Performance payments. (WMI Preferred Funding).
Ron
Oberthal, I Have A Even Better Answer.
The FDIC doesn’t update the accounting because it’s the FDIC’s accounting.
The FDIC hasn’t been paid yet by JPM. Then the accounting will update.
WMI sued the FDIC for $307.2 Billion. After ~$7.9 Billion returned to WMI, then the FDIC posted the $299 for WMB and it’s assets.
WMI has a Receivership Claim against the FDIC not JPM. The FDIC is awaiting payment from JPM, and JPM is awaiting the final invoice from the FDIC for WMB and it’s Assets.
Plus FJR of 1.95% minimum for 16 years.
Please do the math. 😎
JPM is about to get the bill for WMB and it’s Assets from the FDIC.
In my estimation, JPM has been making payments to the FDIC.
That is why we have seen so many Capital raises by JPM through the year’s.
Ron
It’s Even More Interesting Than That, Derivatives.
WMI/WMB ABS/RMBS Notes/Bonds exposure was near zero because the Notes/Bonds were insured by Derivative Contracts to cover the losses.
The ABS investments show up on the books as a liability until liquidation.
But remember that the notes are insured.
Hence; no losses.
The derivative market will correct for the losses with LIBOR closure.
Payments.
It was determined from the DB California case that the Notes losses to be ~11.9%.
Yes the $189 Billion in deposits is a Asset. It took a long time and trust to build the Bank and Brand.
Only $16 Billion became a liability.
WMBfsb TEIR 1 rating was 155% based on $50 Billion in deposits.
~$75 Billion in cash!!!
Please review my previous posts for more numbers because I don’t have the time to type it all out again.
Ron
Possession Without Title is THEIFT!
Now and in Project West.
41.6 “Willful Misconduct”.
WMI surrendered the Title to WMB and it’s Assets just days before implementation of Plan 7 because the GSA was implemented beforehand.
From the Dual Track in DC Court;
“JPM will pay for all of WMB’s Assets as of the Seizure date.
Yes, the FDIC and JPM lost.
Ron
Because JPM Hasn’t Paid for WMB and it’s Assets.
Yet.
Yes it’s BS accounting.
The FDIC is still in the LIBOR litigation process.
Ron
There is No True Deficit.
The Notes have $20-$26 Billion in asset backing for $14.8 Billion claim.
Figuring 11.9 % losses;
$20x .119(11.9%) = $17.62 Billion.
The Notes are solvent.
Therefore the WMB Receivership is Solvent.
Time for the FDIC finish LIBOR and to close the Receivership.
Ron
Where Does the $10,000 Number Come From?
A typo by RD?
“10,000$”.
We ‘Chase’ to many JPM bad numbers.
WMI/WMB both are and were totally solvent in 2008!
Now it’s JPM’s responsibility to pay for WMB and it’s Assets, plus 41.6, plus all insured ABS securitized assets by JPM and all the other banks.
Track the numbers not the hip.
Ron
Get The Story Straight.
I’m just cleaning up the silly stuff.
My response is not directed at your post Oberhal.
Series R (P) are $1,000 face value.
As I have posted;
The Equity Community Presentation proved to the Court that the Equity Community of Class 22 ability to take control of the Retained Earnings of $20.78 Billion because Class 22 proved to the Court Class 19 is satisfied. Proven with the February MOR.
The RE/DCR is held Treasury Notes now worth ~$25 Billion, 75/25.
Class 19;
TPS, Series K, and Series R are due 2.5X face value.
That satisfies their past interest claims.
Do the Math.
Series R due another 2.1X face value from performance payments.
Yes I have proven it.
Not my problem that posters didn’t understand it.
Ron
It Can’t Be A Zero Sum Game.
If it’s “highly leveraged’.
Someone is paying a multiple, or hasn’t paid yet.
The author is paid off.
Ron
This Post is Also Important to F&F.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174509702
Please see the the responded to post for the outside commentary (link).
Yes this is regarding F&F.
Ron
This Post is Also Important to Lehman’s.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174509702
Please see the the responded to post for the outside commentary (link).
Yes regarding Lehman’s.
Ron
The Problem that the Author Left Out.
The Derivative counter party hasn’t paid up yet.
WaMu,
F&F,
Lehman’s,
And Others For our ABS’s.
“Options and futures traders at the banks which set the Libor rates would try to get their mates to influence the price fixing. Near trivial changes, a basis point or two, either way on that fixing could change the value of the highly leveraged derivatives positions, to the benefit of future bonuses.”
I have already explained how JPM could be over $800 Billion underwater from just the RMBS alone from their ‘highly leveraged derivatives positions’.
JPM and numerous other parties owe us a lot of money.
The Credit Crisis froze on September 14th. JPM had no money to load to Lehman’s, and Lehman’s was not able to close their books “Mark to Market”.
Also on the 14th; $600 Billion was being transferred out of the banks in +2 hour period, and The wire transfers were shutdown. This ‘run’ started about two day’s before on a smaller scale.
$16 Billion ‘run’ on WaMu was completely covered by WaMu.
WMBfsb had $75 Billion in cash.
Yes the LIBOR is only a correction of a few basis points.
LIBOR Litigation settles the Derivatives payment for the insurance on the ABS in general.
The LIBOR delay is coming to an end.
As We all know; We haven’t been paid yet for our ABS’s, or our Banks!
“WMB and it’s Assets “.
“Willful Misconduct”.
Ron
And From Newflow post
"The Purchase and Assumption Agreement between JPM and the FDIC outlines the terms of JPM acquiring most of WaMu's assets and liabilities. This agreement likely contains ongoing obligations for JPM related to the acquisition."
For a corporation; investments are a liability.
The BOD put the shareholders money at risk.
Hence; a liability.
WaMu was required to invest 15% minimum in their ABS offerings.
JPM needs to pay full book value for those 'liabilities' of WaMu.
Liability becomes an asset when liquidated.
I have fully justified my numbers.
JPM was bankrupt back in 2008.
Very few people understand the Derivative Market Meltdown of 2007.
Ron
Fifth Amendment Taking.
The FDIC didn’t receive the title to WMB and it’s assets until days before the approval of the Plan.
The WMB Title didn’t come with the banks seizure.
WMI surrendered the Title to WMB when the conditions of the Plan were completed in BK Court.
Please remember the Dual Track, the FDIC and JPM lost.
The WMB Stock Abandonment by WMI was in March 2012.
Please remember that we released JPM for “Willful Misconduct” with 41.6.
That release only is for the 2008 JPM BOD. No future JPM executives are covered by the release.
Ron
Upstream Issues in October.
IMO;
The Upstream Issues will never be heard. Too damaging because of the currency manipulation by the big banks. Jail time!
The thrust of the LIBOR Settlements is all about putting to bed the Derivative Market Meltdown of 2008.
I have already explained how JPM was underwater to the tune of more than $880 Billion from their derivatives contracts exposure to RMBS.
LIBOR is only a interest rate correction for the derivative insurance contracts to cover the RMBS losses, and all other ABS Notes.
Settlements!
Ron
The New WMI/WMIH Non-Debtor Subs.
There is Still $35 Billion Minimum Unaccounted For.
WMI assets; $375 Billion, and a lot more.
$375-$307-$33 =$35 Billion unaccounted for assets of WMI.
Plus countless other unlisted assets.
Minimum;
WMB Notes.
EURO Notes.
Other unlisted non- Bankruptcy assets held by the Parent.
WaMu 1031 Exchange or other Subs?
The numbers always tell us the Story.
IMO;
New WMI (XXXX) will produce a private equity event of a new public offering to old UQ shareholders only related to these subs assets. One for one. I don’t see another way for a different math/equity distribution other than ‘one for one’.
IMO, 36 million shares at $85 COOP PPS only affords a $3 Billion purchase of WMI assets. From a sub of XXXX?
Why not the Parent?
UQ owns the Debtor’s Estate.
COOP is just a sub of the Parent.
Preferred Class 19 is 2.5X face held safely in Treasury Notes.
The February MOR Retained Earnings and the Court transcript told us. Class 22 couldn’t receive the Debtor Estate if Class 22 didn’t prove to the Court that Class 19 is satisfied!
That satisfies all past interest payments.
Do the math!
Series R will receive another 2.1X from Performance Payments.
Ron
There is Still $35 Billion Minimum Unaccounted For.
WMI assets; $375 Billion.
$375-$307-$33 =$35 Billion unaccounted for assets of WMI.
WaMu 1031 Exchange?
The numbers always tell us the Story.
IMO;
WMI (XXXX) will produce a private equity event of a public offering to old UQ shareholders only related to these assets.
UQ owns the Debtor’s Estate.
COOP is just a sub of the Parent.
Preferred Class 19 is 2.5X face held safely in Treasury Notes.
The February MOR Retained Earnings and the Court transcript told us.
That satisfies all past interest payments.
Do the math!
Ron
It Was the Responsibility of the Trustees,
To Insure the Notes with derivatives contracts as mandated in the Prospectus for the notes.
Insure = Derivative contract (CDS, CMO…) to cover the notes losses.
Please see LIBOR Litigation.
Not WaMu to responsibility to acquire derivatives contracts for insurance on the securities offered.
DB is the Trustee for many WaMu Notes. The list is significant.
The California litigation!
The losses reported were 11.9%.
In 2008, JPM wrote 57% of the Derivative Market.
According to the US Treasury, the Residential mortgage market was $13 Trillion for 2007.
Not all residential mortgages were in trusts/notes but most were.
Plus think about all the Commercial Trusts?
Simple Math Time;
13,000Bx.57x.119= $881.79 Billion.
Derivatives are naked Options.
JPM was TOTALLY BANKRUPT.
Ron
Correct. LIBOR isn’t a Settlement For 41.6.
LIBOR is the interest rates correction from the LIBOR interest rate manipulation.
Countless ABS where effected by the Big Banks LIBOR Currency manipulation.
WMI knows what they sued the FDIC for. WMI gave us the Number.
Ron
WMIIC Filed First, Then WMI Filed for Bankruptcy.
WMB was seized of Thursday afternoon on the 25th. WMIIC and WMI declared bankruptcy on Friday morning the 26th. WMI main assets were confiscated by an illegal 5AT.
Later proven.
WMIIC Investment Corp, and then The Holding Company WMI.
28, 29 respectively. As filled.
WMI/WMB we’re totally solvent.
JPM was totally insolvent.
“WMI wasn’t “clubby enough “‘.
Hence the Derivative Market Meltdown of 2008.
The ABS/REIT market was insured by the Derivative Market Insurance policies.
JPM couldn’t make payment.
That is why JPM couldn’t cover Lehman’s mark-to-market on September 14th.
JPM was totally broke!
I could say more but I’m having dinner.
Ron
JPM Received $313 Billion in Cash from WMB Seizure.
Minimum!
$238 in Deposits between WMB and WMBfsb ($188+$50). By Your definition; more ‘liabilities’! ?
How did that help JPM’s balance sheet in a time of trouble???
More Liabilities! ??
JPM TEIR 1 rating was only 3.5%.
JPM absolutely couldn’t afford more liabilities.
Actually JPM received $313 Billion in cash from the WMB Seizure.
The $238 Billion deposit base plus $75 Billion in cash at WMBfsb.
Deposits are Assets to be used for Banking.
The Deposits only becomes a ‘liability’ with withdrawals.
WMB cover all of the fake $16 Billion ‘run-on-the-Bank’.
WMB successfully covered all of their‘liabilities’ from WMBfsb cash.
Red;
Please educate us about the Derivative Market Meltdown of 2008.
Ron
JPM Received $313 Billion in Cash from WMB Seizure.
Minimum!
$238 in Deposits between WMB and WMBfsb ($188+$50). By Your definition; more ‘liabilities’! ?
How did that help JPM’s balance sheet in a time of trouble???
More Liabilities! ??
JPM TEIR 1 rating was only 3.5%.
JPM absolutely couldn’t afford more liabilities.
Actually JPM received $313 Billion in cash from the WMB Seizure.
The $238 Billion deposit base plus $75 Billion in cash at WMBfsb.
Deposits are Assets to be used for Banking.
The Deposits only becomes a ‘liability’ with withdrawals.
WMB cover all of the fake $16 Billion ‘run-on-the-Bank’.
WMB successfully covered all of their‘liabilities’ from WMBfsb cash.
Red;
Please educate us about the Derivative Market Meltdown of 2008.
I’m sure you are applying all of your accounting/balance sheet expertise at FJB’s Ice Crean Stand.
Keep up the good work.
Ron
Mufa, Do Not Subtract WMB’s Deposit Base.
The Deposit base is the Definition of a BANK, therefore an Asset.
It took WMI/WMB 120 years to build up that deposit base.
The Deposit Base was transferred to JPM. Therefore JPM needs to purchase the deposit base because that is the BANK.
$299 Billion plus all past interest as required, and additional adjustments for LIBOR losses and derivatives corrections.
All Class 19 claims are satisfied with the Retained Earnings of the February MOR by the Equity Community Presentation proved $25 Billion available of which $20.78 Billion was placed in the DCR/RE held in Treasury Notes now worth +$25 Billion, 75/25%.
2.5X face for all Class 19 recipients.
That pays all past interest.
Only Series R is receiving Performance payments.
Add 2.1X face.
Bottom line. We Win!
And JD wants to retire, and the Releases only covers the 2008 JPM BOD.
Ron
CORRECT.
JPM knew that JPM lost and settled.
The final valuation needed to be determined.
Hence; LIBOR.
The Discovery Document proved JPM’s Project West creation and FDIC collusion
Great post Biz.
Ron
WMI Knows the Valuation of WMB and it’s Assets.
The FDIC numbers agree with WMI’s numbers.
Again;
WMI sued the FDIC for $307.2 Billion.
About $8 Billion returned back to WMI from the Turnover (+3.9B) and the Exchange Event ($4B) from ‘purchases’ by JPM. Humor; “JPM made a $8 Billion contribution to the Debtor.”
The FDIC valuation for WMB and it’s Assets is $299 Billion.
The numbers work!
$$$$$$$$$$$$$$$$$$$
The Deposit Base is the Definition of a BANK !!!!!
The deposits only become a liability as deposits are withdrawn to cover by the Bank.
The deposits are Assets of the BANK for the other functions of the bank to make more money.
Furthermore; the deposit base was transferred to JPM with no losses to the FDIC! Therefore no exposure to WMI/WMB. But JPM needs to purchase the deposit base.
That’s because the deposits are Assets.
Think about it; if transferring $188 Billion in liabilities to JPM, how could that have helped JPM?
JPMC TEIR 1 rating was only 3.5 and WMB TEIR 1 rating was 7.8 from JPM own 10K.
“WMI wasn’t clubby enough.”
The FED isn’t Federal.
The Deposit Base is real money/assets and therefore ASSETS NOT LIABILITIES.
WMI/WMB was making a fortune from the ABS Trust that JPM derivative insurance contracts were covering.
That is why JPM needed WMI’s money.
Because JPM couldn’t cover.
Hence; The Derivative Market Meltdown of 2008.
Ron
Yes, WMBfsb Had a TEIR 1 Rating of 155%.
The deposit base was around $50 Billion.
Therefore WMBfsb had ~$75 Billion in TEIR 1 assets. Largely in cash.
Ron
We Released the 2008 JPM BOD Personal Only.
41.6 Release is specific to the JPM executives involved in Project West illegal undermining and collusion with the FDIC for the seizure of WMB. Not any future JPM executives.
Yes; WMI sued the FDIC for $307.2 Billion. The FDIC response was $299 Billion for WMB and it’s Assets after about ~$8 Billion was paid back to WMI from the Turnover and TPS Exchange Event.
The numbers work.
I work with the numbers, not my emotions.
The game is over. JD is now ready to pay for WMB and it’s Assets.
The Release is only consummated with payment.
Class 22 owns the Estate.
This is NOT 75/25 split.
Ron
The 41.6 Release Released the Then JPM BOD.
No future JPM executives are covered by the 41.6 release.
The release is not global.
Good news.
Payment is coming.
They told us.
“WMB and it’s assets.”
Ron
The K’s Are Not Getting Anything from Preferred Funding.
Correct statement by AZ with regards to Preferred Funding.
The Series K do not receive a performance payment from Preferred Funding like Series R.
Series K and TPS are recipients of the Retained Earnings from the February MOR of now~2.5X Face.
That better than satisfies all of the back interest payments not received yet.
Series R received three payments a year, two interest payments and one performance payment.
Yes STRIKE I have proven that in two different ways. Direct and indirect.
You should have been paying attention to understand your investment.
Series R; ~+4.6X Face.
RE+ Performance;
2.5+2.1+4.6X Face. Minimum.
All of the Class 19 claim is satisfied with the Retained Earnings held in Treasury Notes as discussed in the Court proceedings.
Proven because Class 22 inherited the Debtor’s Estate.
Ruled on!
BB, STRIKE; Please better define your complaint.
I know that you can’t prove me wrong!!!!
Ron
I Have Shown You the IDE.
The FDIC told us.
Your JPM 41.6 release told us.
Plan 6-7 Exhibit H 510(b) told us.
Plan 6-7 Retained Earnings told us.
Non-Debtor Subs told us.
WMI had $375 Billion in assets told us.
…
Ron
No STRIKE, You Tell Us!
Others have told you, but you didn’t like their answer.
Please give us your documented WHAT and WHEN.
The WHAT is documented.
Ron