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HM, Re: WAMU Trusts at US Bank reply below. I have emailed the others also but no reply yet
I’ve moved to a new position in the bank and am no longer the contact for the WAMU trusts. The current administration contact is Joan Chubb. You can reach her at joan.chubb@usbank.com. I’ve copied her on this email.
Regards,
Jonathan T. Vacca | AVP | Global Corporate Trust
p. 312.332.7457 | jonathan.vacca@usbank.com
U.S. Bank
South La Salle
190 S La Salle St, Chicago, IL 60603 | MK-IL-SL7C | usbank.com
KeyKey,
RE: Those ABS/MBS under management at US Bank I have sent Paul Gobin and email requesting some info and will let all know if any response if none I will follow up with his phone contact.
IMO
BBanbob, yes I agree something is going on between these two. They both are up pre-market and both have the same bid price of 21.47
Lodas, thanks for your opinion and I rarely sell puts that far out however I feel comfortable the pps of COOP is on a big raise and feel it will be above $22 by Jan.
If I do get assigned the stock at $22 minus my premium of $5.50 I would be paying $16.50 as my cost for those shares.
just Sold to Open Jan. $22 strike Put Option and was paid $5.50 per share.
So if on Jan experation date the pps of COOP is above $22 - which I think it will be I collect the $5.50 per share premium. If the pps is below $22 I will ether buy to close when the premium gets killed or if stock assigned my cost to buy it would be $16.50 NOT A BAD DEAL AND ONE I AM WILLING TO BET $$$$ ON!
IMO
Mr. Cooperman on Bloomberg TV put a nice buy rating for COOP today.
Looking at next Option expiration is Sept. 18 - I feel COOP will now test the $20 strike price. I just Sold to Open Sept. $20 PUT Option and picked you $2.60 cash now per share.
So If on Sept. 18th the pps is above $20 I keep the $2.60 premium someone paid me. If the pps is below $20 I will ether buy to close before expiration or if I get assigned the stock my cost would be at $17.40 per share. That is my gamble as I now believe COOP will move up to test that $20 area.
IMO
Today is Option expiration date and depending on what the big players are holding either CALL or PUT Option they will pin the closing price ether above or below the $17.50 strike price.
IMO, I feel there was more Sold to Open Calls and they will move COOP down to collect 100% of the Premium they made and will Sell to Open Sept. PUT Options to set them self up for next month.
Today could be good day to add more COOP or sell to Open PUT Option for next month.
Sending FDIC emails? For those that want some email contacts at FDIC this is who I send to daily.
'Lee, Priscilla I.' <PLee@FDIC.gov>; 'jmcwilliams@fdic.gov'
'Valdez, Roberta' <RValdez@FDIC.gov>; 'transparency@fdic.gov'; 'Ombudsman@fdic.gov'; 'webmaster@fdic.gov'
New 8K: On August 20, 2020, Mr. Cooper Group Inc. (the “Company”) disclosed the terms of a new financing facility for Ginnie Mae mortgage servicing rights and advances. The new fully committed two-year $900 million facility replaces a $300 million Ginnie Mae mortgage servicing rights facility previously in place. With this facility, the Company’s total committed advance and mortgage servicing rights financing capacity is now $2.7 billion, of which $1.8 billion was unused as of August 20, 2020.
Additionally, the Company disclosed that it has estimated the impact of the recent 50-bps Fannie Mae and Freddie Mac fee change on the fair value of its pipeline, net of an offsetting mark on the fair value of its mortgage servicing rights, at approximately $20 million, and that one-time costs principally related to premiums and unamortized debt issuance costs in connection with the refinancing of Senior Notes due 2023 was $53 million.
https://www.snl.com/xbrl/iXBRLViewer.aspx?KeyFile=405051292&file=a52270354.htm
Remember all this is Option expiration week - it always fall on 3rd Friday of the month.
Do not expect COOP to make any large moves until next Monday. IMO thes MM will pin the closing pps on Friday close to $17.50
It is important for all stock traders to understand this takes place om many stocks that have Option and COOP has a $17.59 strike price and these manipulators have worked that strike price to make their big bucks.
It also depends on if they have open Puts or Call as to which side of this $17.50 pps they will pin the closing price or kill the premium so they can buy to close their positions.
Learn how to do it and you can also play the same game. IMO
As expected these Market Manipulators shorted COOP to kill the Aug. $17.50 Option Premium. The pps should now start moving up.
I just bought to close my $17.50 option and still made 100% over my cost.
Justicewillwin, I appreciate all your technical posts on the value of COOP.
I agree it is undervalued but is being played or manipulated.
This week is Option expiration on Friday and I expect the minipulators will move the pps closer to the $17.50 strike price to kill the premium. This could be a good week to add more COOP.
I do not believe they can take COOP below the $17.50 but will get close to close out their Option position - that's where they make their money$$
IMO
AZCowboy, Thanks for sharing that and it is clear to see the diminishing value of that ABS-Cert.
The servicing agent ether COOP or JPM has been collecting servicing fees for years and no one can take them away.
HOWEVER - They have also been collecting the interest and that has added up through these years. The interest or retained earning should be considered property of the WMI Estate, and that amount should be held for disbursement someday.
AZ do you agree this collected interest is ours??
IMO
Loda, I agree with your thought on OCN being a possible buy out target for COOP. They are one of our competitors but do not have the servicing platform that makes COOP more efficient. Joint force would make both a stronger company.
Mr. Cooperman is large investor in both and makes me feel this could be COOP next target to buy. OCN https://www.finviz.com/quote.ashx?t=ocn&ty=c&ta=1&p=d
could be a buy for us. The issue is they have more Debt but may give us a better buy-out to make them more efficient.
MY RESPONSE TO FDIC WITH COPY TO Chairwoman:Jelena McWilliams jmcwilliams@fdic.gov
I also attached my initial Complaint letters. My plan is to send this daily to all departments heads of FDIC until we get answers.
Priscilla,
For how long it took the FDIC for this response to my Complaint is not only unacceptable but seems to be just a canned response – please review the Status of Washington Mutual website for all the answer to your inquiries. It is possible that you have not gone to see the last update was 12/06/2019 so it is far from anything that provide any update. You should know the courts finalized the Chapter 11 as of the end 2019 so what is taking FDIC so long and is any damages or interest on those delaying this receivership?
I and many other plan to send daily letters requesting Transparency to our questions / concerns to the Chairwoman McWilliams on down until we get answers. You can review the letter attach on some of the questions I need answers to. In the Globic Settlement agreement was the Class 17 Bank Bond holders claim of about 13 billion was the responsibilities of FDIC and JPM – so who is holding this payment up and is any interest payments attached as damages for this delay? When will Class 17 Note Bank Bond holders get paid?
I can absolutely show you SEC documents filed by JPM of assets that have disappeared. Just a few below
https://www.fdic.gov/about/strategic/corporate/cfo_report_3rdqtr_15/0915_cfo_report.pdf
***Bottom of page 7***
'Excludes WAMU with total assets of $299 billion and zero estimated losses to the DIF'
JPM year ending 2014 10K reported R-203...... (Off Balance Sheet 165 Billion) report, and list it as considered assets of the former WaMu Estate.
http://www.secinfo.com/dJ5e.m8v.b.hem
In 2014 JPM made an announcement about shedding 100 billion before the filed there 10K filing showing 127 billion in off balance sheet collections regarding former WaMu.
JPM SAYS ASSETS at FDIC!
1WaMu Asset Acceptance Corp., as Securitizer, is filing this Form ABS-15G in respect of all mortgage-backed securities representing interests in pools of residential mortgage loans for which it acted as depositor and which are outstanding during the reporting period. On September 25, 2008, JPMorgan Chase Bank, National Association (“JPMCB”) acquired the banking operations of Washington Mutual Bank from the Federal Deposit Insurance Corporation (“FDIC”). It is JPMCB’s position that certain of the repurchase obligations of Washington Mutual Bank remain with the FDIC receivership. Assets are reported herein in accordance with Rule 15Ga-1 regardless of the validity of the demand or defenses thereto, and nothing in this report shall constitute, or be deemed, a waiver of any rights, defenses, powers or privileges of any party relating to these assets.
http://whalewisdom.com/filer/wamu-asset-acceptance-corp
See FOOT NOTE ONE - Following Link
http://www.sec.gov/Archives/edgar/data/1317069/000092963815000128/wamu-67348_abs15g.htm
FOOT NOTE ONE: 1WaMu Asset Acceptance Corp., as Securitizer, is filing this Form ABS-15G in respect of all mortgage-backed securities representing interests in pools of residential mortgage loans for which it acted as depositor and which are outstanding during the reporting period. On September 25, 2008, JPMorgan Chase Bank, National Association (“JPMCB”) acquired the banking operations of Washington Mutual Bank from the Federal Deposit Insurance Corporation (“FDIC”). It is JPMCB’s position that certain of the repurchase obligations of Washington Mutual Bank remain with the FDIC receivership. Assets are reported herein in accordance with Rule 15Ga-1 regardless of the validity of the demand or defenses thereto, and nothing in this report shall constitute, or be deemed, a waiver of any rights, defenses, powers or privileges of any party relating to these assets.
AS Note of FACTS: This paper below was written Doctor, Sankarshan Acharya, Associate Professor of Finance who work as top financial advisory to the FDIC so he know FDIC and the corruption of the big banks on Wall Street that FDIC seems to be in a circle of collusion of Fraud with them.
The good Doctor, Sankarshan Acharya, Associate Professor of Finance University of Illinois at Chicago penned the below paper on the Economic Inefficiency of Short-Selling......especially relevant to WMI and WMB is example 2 on pages 9-11...... Note: I can also verify what he states as a fact!
http://www.pro-prosperity.com/Research/Sub-Optimality%20of%20Short%20Selling.pdf
Example 2 (JPM-WM): JP Morgan and Chase conceives of a plan (Project West) to acquire a successful, well-capitalized and valuable bank, Washington Mutual Bank (which is a subsidiary of Washington Mutual Incorporated, a bank holding company), to expand its operations to western parts of the United States. At this time, mutual funds passively hold 90% of 1.7 billion common shares of WMI. JPM then floats its interest in buying WMI. It does so to facilitate short selling of 1.5 billion shares of WMI common stock. JPM creates these shares synthetically or by pulling out of thin air. The Clearing House controlled by JPM does not question JPM on non-delivery of shares sold short. JPM sells these shares to the passive mutual funds, pension plans and individual investors. No buyer suspects anything when JPM has expressed interest in WMI. JPM simultaneously buys 500 million WMI shares through some of its subsidiaries. JPM has to buy some and sell more to entice other buyers through talks of buying WMI. At the end of the trading, JPM holds 1.5 billion shares short in its private trading-inventory account and 500 million shares long in its investment account. JPM files its long positions with the SEC and wins confidence of all other mutual fund holders. JPM has helped create a rule to not let regulatory agencies inspect its trading-inventory account held in its market making subsidiary. JPM has successfully justified and lobbied for keeping such accounts ultra-secret. At the time of constitution of the BOD and appointment of key personnel like the Finance Director of WMI, JPM now dangles its long positions of 500 million shares to project its weight as a benevolent large shareholder of WMI seeking to place its people in a company planned to be acquired.
JPM then obtains all important data to make a low-ball offer of $8 per share to buy WMI. But the WMI CEO refuses. Then JPM appointed WMI BOD fires the CEO with a golden parachute to replace him with a pliant CEO to serve JPM’s interest. JPM then uses its long and short positions to drive down the price of JPM stock to $1 per share. Cohorts of JPM like Goldman Sachs recommend everyone to sell WMI short. JPM simultaneously compels the public rating agencies to downgrade WMI bonds and stocks. The rating agencies have a model to downgrade securities based on dropping stock price. The rating agencies thus follow their model. JPM merely advises the rating agencies to perform their fiduciary duty of downgrading securities of a company with falling stock prices.
The rating downgrades make sure that WMI cannot raise capital on a competitive basis and Federal Reserve has not guaranteed existence of WMI, which is not a member of the clearing house. Then rumors circulate in the grapevine about the FDIC contemplating seizure of WMI. This leads to some WMB depositors withdrawing their funds. The FDIC, Federal Reserve and Treasury are now scared. So is Congress. They are so scared that they have to now ask JPM to take over WMB’s assets and deposits by zeroing all other security holders (WMI equity and debt and WMB bondholders).
Private property is thus seized unconstitutionally and given away to JPM for pittance. JPM CEO, after 1.5 years of the seizure, brags before his shareholders about the immense value of WMI assets it brought for them: about $18 billion in annualized profits which amount to a present value of assets of $360 billion, by using even a very high cost of capital of debt (5%) employed in the acquisition, and by assuming no growth. Washington Mutual Bank was not in default at the time of seizure. The WMB bonds were fully protected with the scheduled coupon payments duly paid on time. WMB bonds would be protected fully even if WMB were not seized and stayed with its previous parent company. Washington Mutual Incorporated (the parent holding company of WMB) was not in default at the time of seizure. Even now, in the bankruptcy court, WMI is highly solvent with all WMI bonds trading in the market above par. That the WMI BOD has acted at the behest of JPM is obvious. On bankruptcy, the WMI BOD has appointed a Debtor’s attorney to propose a plan of reorganization by giving away significant assets of the bankrupt WMI estate to JPM to void any legitimate claim of equity in the estate.
So, JPM has accomplished its Project West plan, unconstitutionally, to grow bigger to dictate sharper terms to the Congress and Regulators, more vociferously than ever before.
WMB was solvent with much more than the minimum required capital, as per the testimony of its primary regulator, the OTS, signed by the FDIC. The FDIC now faces a legal suit from Washington Mutual Bondholders for about $20 billion. These bondholders are too taxpayers. Thousands of families, whose security holdings have been zeroed out due to the seizure, have lost their wherewithal to live or retire. Some of them have committed suicide.
Some have faced painful divorce. They too are the taxpayers. Should their possessions have been unconstitutionally seized? Such unconstitutional seizure and pervasive tragedy leading to depression is possible due to short selling within the current system of money and finance. Short selling creates shares to increase its supply (beyond the legally approved outstanding under the company law) to depress the price and rob the true owners of a company. Short selling is unconstitutional and illegal, yet it is permitted by the Security and Exchange Commission.
Sincerely,
FDIC RESPONSE TO COMPLAINT LETTER
I am unable to copy and paste the entire 2 page letter but it did not provide the answers I requested to my questions. It referred me to the Status of Washington Mutual page for latest update and should answer all my question. The last update was 12/06/19 https://www.fdic.gov/Bank/individual/failed/wamu-settlement.html
It did state the LIBOR manipulation litigation is ongoing and no further comments can be made.
The letter also stated that the current Balance sheet shows it is unlikely there will be sufficient funds to distribute to holders of receivership certificates issued to WAMU subordinate note holders or equity holders. So my guess is they do not plan to pay the class 17 note claims but JPM will need to address that claim.
I plan to write a response to that letter today and file another complaint. I feel other may want to flood their office daily with letters or complaints.
I tried my best but it appears the FDIC does not wish to be TRANSPARENT AT ALL.
The letter was addressed from
Lee, Priscilla I. <PLee@FDIC.gov>
Priscilla I. Lee
FDIC - Office of Ombudsman
(703) 562-6376
Fax (703) 562-6057
Cell (678) 457-4653
AZCowboy, will this dividend get paid to all COOP holders or just past WMI Estate holders?
Progress with the FDIC - message below looks like I may get some answers back soon.
After many emails back and forth I received this today:
Mr. ME,
I have submitted my final and should have approval today.
Thank you,
Roberta
Roberta Valdez
Sr. Ombudsman Specialist
FDIC | Office of the Ombudsman
Hotmeat, I can understand why one can keep believing there are no more assets, but at the same time you need to understand the complexity of this forced receivership / WMI chapter 11.
First, there were two chapter 11 WMI - holding and WMII investment that held most of WMI assets in secured Trust - those assets the court or FDIC could not steal as hard as they tried.
IMO, what may be causing this lengthy delay is how the P&AA was written as FDIC did not understand they had no rights to the assets of the Holding company assets and JPM feels they signed the agreement and should get those for free - but as you see from some of the SEC filing from JPM they removed assets from their off book back to FDIC.
Just a few facts to consider if there is still WMI Estate assets:
JPM year ending 2014 10K reported R-203...... (Off Balance Sheet 165 Billion) report, and list it as considered assets of the former WaMu Estate.
http://www.secinfo.com/dJ5e.m8v.b.hem
In 2014 JPM made an announcement about shedding 100 billion before the filed there 10K filing showing 127 billion in off balance sheet collections regarding former WaMu.
JPM SAYS ASSETS at FDIC!
1WaMu Asset Acceptance Corp., as Securitizer, is filing this Form ABS-15G in respect of all mortgage-backed securities representing interests in pools of residential mortgage loans for which it acted as depositor and which are outstanding during the reporting period. On September 25, 2008, JPMorgan Chase Bank, National Association (“JPMCB”) acquired the banking operations of Washington Mutual Bank from the Federal Deposit Insurance Corporation (“FDIC”). It is JPMCB’s position that certain of the repurchase obligations of Washington Mutual Bank remain with the FDIC receivership. Assets are reported herein in accordance with Rule 15Ga-1 regardless of the validity of the demand or defenses thereto, and nothing in this report shall constitute, or be deemed, a waiver of any rights, defenses, powers or privileges of any party relating to these assets.
http://whalewisdom.com/filer/wamu-asset-acceptance-corp
See FOOT NOTE ONE - Following Link
http://www.sec.gov/Archives/edgar/data/1317069/000092963815000128/wamu-67348_abs15g.htm
FOOT NOTE ONE: 1WaMu Asset Acceptance Corp., as Securitizer, is filing this Form ABS-15G in respect of all mortgage-backed securities representing interests in pools of residential mortgage loans for which it acted as depositor and which are outstanding during the reporting period. On September 25, 2008, JPMorgan Chase Bank, National Association (“JPMCB”) acquired the banking operations of Washington Mutual Bank from the Federal Deposit Insurance Corporation (“FDIC”). It is JPMCB’s position that certain of the repurchase obligations of Washington Mutual Bank remain with the FDIC receivership. Assets are reported herein in accordance with Rule 15Ga-1 regardless of the validity of the demand or defenses thereto, and nothing in this report shall constitute, or be deemed, a waiver of any rights, defenses, powers or privileges of any party relating to these assets.
KeyKey, I found his correct email but do not feel I should post on this forum. He does not live too far from me, but I have no intention to bother him unless he responds to my email.
LuckyPanda, This could be a good review of some of Dr. Ancharya writting:
The good Doctor, Sankarshan Acharya, Associate Professor of Finance
University of Illinois at Chicago penned the below paper on the Economic Inefficiency of Short-Selling......especially relevant to WMI and WMB is example 2 on pages 9-11...... However, one should read the whole thing for his perspective on the impacts to society.
http://www.pro-prosperity.com/Research/Sub-Optimality%20of%20Short%20Selling.pdf
Example 2 (JPM-WM): JP Morgan and Chase conceives of a plan (Project West) to acquire a successful, well-capitalized and valuable bank, Washington Mutual Bank (which is a subsidiary of Washington Mutual Incorporated, a bank holding company), to expand its operations to western parts of the United States. At this time, mutual funds passively hold 90% of 1.7 billion common shares of WMI. JPM then floats its interest in buying WMI. It does so to facilitate short selling of 1.5 billion shares of WMI common stock. JPM creates these shares synthetically or by pulling out of thin air. The Clearing House controlled by JPM does not question JPM on non-delivery of shares sold short. JPM sells these shares to the passive mutual funds, pension plans and individual investors. No buyer suspects anything when JPM has expressed interest in WMI. JPM simultaneously buys 500 million WMI shares through some of its subsidiaries. JPM has to buy some and sell more to entice other buyers through talks of buying WMI. At the end of the trading, JPM holds 1.5 billion shares short in its private trading-inventory account and 500 million shares long in its investment account. JPM files its long positions with the SEC and wins confidence of all other mutual fund holders. JPM has helped create a rule to not let regulatory agencies inspect its trading-inventory account held in its market making subsidiary. JPM has successfully justified and lobbied for keeping such accounts ultra secret. At the time of constitution of the BOD and appointment of key personnel like the Finance Director of WMI, JPM now dangles its long positions of 500 million shares to project its weight as a benevolent large shareholder of WMI seeking to place its people in a company planned to be acquired.
JPM then obtains all important data to make a low-ball offer of $8 per share to buy WMI. But the WMI CEO refuses. Then JPM appointed WMI BOD fires the CEO with a golden parachute to replace him with a pliant CEO to serve JPM’s interest. JPM then uses its long and short positions to drive down the price of JPM stock to $1 per share. Cohorts of JPM like Goldman Sachs recommend everyone to sell WMI short. JPM simultaneously compels the public rating agencies to downgrade WMI bonds and stocks. The rating agencies have a model to downgrade securities based on dropping stock price. The rating agencies thus follow their model. JPM merely advises the rating agencies to perform their fiduciary duty of downgrading securities of a company with falling stock prices.
The rating downgrades make sure that WMI cannot raise capital on a competitive basis and Federal Reserve has not guaranteed existence of WMI, which is not a member of the clearing house. Then rumors circulate in the grapevine about the FDIC contemplating seizure of WMI. This leads to some WMB depositors withdrawing their funds. The FDIC, Federal Reserve and Treasury are now scared. So is Congress. They are so scared that they have to now ask JPM to takeover WMB’s assets and deposits by zeroing all other security holders (WMI equity and debt and WMB bondholders).
Private property is thus seized unconstitutionally and given away to JPM for pittance. JPM CEO, after 1.5 years of the seizure, brags before his shareholders about the immense value of WMI assets it brought for them: about $18 billion in annualized profits which amount to a present value of assets of $360 billion, by using even a very high cost of capital of debt (5%) employed in the acquisition, and by assuming no growth. Washington Mutual Bank was not in default at the time of seizure. The WMB bonds were fully protected with the scheduled coupon payments duly paid on time. WMB bonds would be protected fully even if WMB were not seized and stayed with its previous parent company. Washington Mutual Incorporated (the parent holding company of WMB) was not in default at the time of seizure. Even now, in the bankruptcy court, WMI is highly solvent with all WMI bonds trading in the market above par. That the WMI BOD has acted at the behest of JPM is obvious. On bankruptcy, the WMI BOD has appointed a Debtor’s attorney to propose a plan of reorganization by giving away significant assets of the bankrupt WMI estate to JPM to void any legitimate claim of equity in the estate.
So, JPM has accomplished its Project West plan, unconstitutionally, to grow bigger to dictate sharper terms to the Congress and Regulators, more vociferously than ever before.
WMB was solvent with much more than the minimum required capital, as per the testimony of its primary regulator, the OTS, signed by the FDIC. The FDIC now faces a legal suit from Washington Mutual Bondholders for about $20 billion. These bondholders are too taxpayers. Thousands of families, whose security holdings have been zeroed out due to the seizure,
have lost their wherewithal to live or retire. Some of them have committed suicide.
Some have faced painful divorce. They too are the taxpayers. Should their possessions have been unconstitutionally seized? Such unconstitutional seizure and pervasive tragedy leading to depression is possible due to short selling within the current system of money and finance. Short selling creates shares to increase its supply (beyond the legally approved outstanding under the company law) to depress the price and rob the true owners of a company. Short selling is unconstitutional and illegal, yet it is permitted by the Security and Exchange Commission.
LuckyPanda, I have not seen anything written about Dr. Ancharya calculation with 86B posted. This is his one Objection but without that 86 billion calculation. http://www.kccllc.net/documents/0812229/0812229101115000000000021.pdf
Note: I just emailed Dr. Ancharya using two of his email address and they both got kicked back. So my hope is he is still around with us as we are all getting older as we wait for our $$$$$
This is an automatically generated Delivery Status Notification.
Delivery to the following recipients failed permanently:
* sacharya@pro-prosperity.com
Reason: Permanent Error
KeyKey, re contacting Prof Ancharya - I do not plan on contacting him as not sure what help he could provide.
We know that this has gone on to long with little info coming from FDIC.
What keeps my feeling good is that none of the big plays who have the money and legal abilities has been patiently waiting with us. They would be the best for any contact and most likely if they are concerned that there will be no more distribution - they would raise wholly Hell with FDIC. If I had some of the top hedge funds that were involved in the POR I would make attempt to contact them.
I do feel my contact at FDIC is trying to get more info from her superiors and if she does not answer all my question will at least update the receivership status page which has 12/6/19 as last update.
BBan, yes I feel the P&AA was poorly written by FDIC legal and gave too much to JPM without understanding that the majority of the assets did not belong to WMB and as Blair found out later she could not pierce the corporate veil from the WMI Holding. So I agree this delay could be about what was promised within the P&AA both assets and liabilities that JPM got or thought they got.
In the end it was FDIC that took control and they are legally responsible for any damage to the Estate
Hi BBanbob, just to clarify what "Erik" the FDIC rep stated on phone call is he also would like to know what is holding up the WMB receivership and just stated it must be some litigation ongoing and most likely between FDIC and JPM.
I still feel my main contact Roberta will provide me an update but sense from both of them they are frustrated with their upper managers not providing or wanting to share any updates on many of my questions and who is holding up the receivership. IMO
I have already emailed her and other head leaders - and I sent my complaint both in mail and then a copy to many at FDIC everyday until Roberta sent email stating she has been asked to address my complaint and asked me to stop sending to others.
So Roberta better come through with update or I will update my letter and send it daily until they satisfy my questions. I feel others could also send there questions until we get answers.
NEW UPDATE FROM FDIC: read email below how to get more info soon!
I received this from my contact:
My apologies. I am circling back on some research and revisions. I should know more about the remaining review by the end of the day and will keep you posted.
You have been more than patient, and I truly appreciate that.
Sincerely,
Roberta
Roberta Valdez
Sr. Ombudsman Specialist
FDIC | Office of the Ombudsman
RE: FDIC LACK OF INFORMATION
I just called the number below and talked with Erik. He stated everyone including my contact Roberta who I have been in email contact is working at home.
Erik stated he has received many complaints re WMB receivership and is frustrated with his supervisors as they have failed to help answer the questions we all have been requesting. Erik stated my contact Reberta has been working hard for many answers and is the best to keep after for updates.I received an automatic reply yesterday that Roberta was out of the office for a few days and I requested her to reply on her return.
It is interesting that even the Sr.Ombudsman Specialist can not get clear answers from their supervisors or higher offices. In todays conversation Erik stated he now enough about the WMB receivership to understand it does not add up and agreed someone is holding up the process and when I asked if he thinks its JPM - he said yes I feel FDIC and JPM are not in agreement.
Sr.Ombudsman Specialist
1-877-ASK-FDIC, Option 3
1-877-275-3342
1-972-761-2302
Lucky, still no answer from FDIC, I did send another email yesterday to ask about the delay as it has gone on for 3 weeks now.
My guess is her supervisor is telling her to delay or just stop responding
Lodas, I just sold to open Oct. $20 and got .60 for 30 contract.
It is nice cash flow
yes, mypenneys I understand I could always close my CC with buy order.
I have another order in at .35 which it could hit tomorrow. I do not feel COOP will close above $17.50 in less than a month so feel it is safe, but if COOP does go above that I have lots of shares that will benefit and will sell to open PUT option to get them or nice premium back.
For now cash flow is the game for me.
Just Sold to open Aug. $17.50 covered calls and got .20 on 40 contracts.
So if on Aug 21 if COOP is above $17.50 by bet did not pay off as I will be forced to sell at that stick price if below $17.50 I keep my perineum
RajuSondh, I compared this update from one they had two weeks ago no difference that I can see.
https://receivership.fdic.gov/drripbal/bank/10015
lodas, I like your thoughts on sqqq and will put it in my watch as not liquid right now to buy.
split T, yes I also do that Sinus Rinse. I do it more in the winter time than summer. It has been years since I have had any bad cold or sickness.
We should understand that a Virus such as Covid is very small and easy to get absorbed into your system. It is absorbed the same way someone absorbs bacteria for the common cold. We usually inhale those bacteria's or Virus cells through our nose or mouth where they develop and they enter into our system.
So to help one can gargle with any salt or mouth wash to dislodge or kill those cells before they mutate into something that makes you sick. Using Sinus rinse works very good also.
I would also recommend if someone in your home gets Covid19 keep a good HEPA Air Filter system running full time in the room they are in. Note: I am not a medical doctor but have done my own research on ways to help prevent getting sick. Also good probiotics in your gut helps build a strong immune system
Lodas, hope you can fight it. Build up you immune system now with extra vitamins like D C B and zinc. Gargle with salt water or mouth wash regularly and lots of water.
FDIC RESPONSE TO MY COMPLAINT LETTER:
Or lack of response but still in contact. Hope to get update next week per email below.
Dear Mr. ????:
I wanted to circle back with you to let you know I had some problems today, and I need someone else to review my draft as well.
I will know more on Monday when I check on the timeframe. I will let you know what I know then.
Again, thank you for your patience.
Sincerely
Roberta
Roberta Valdez
Sr. Ombudsman Specialist
FDIC | Office of the Ombudsman
lodas, I feel COOP will take a nice move up by or after earning are reported. I feel they will be higher than expected.
So I have many sell to open Covered Aug. $17.50 Calls - trying to get .35 and may need to adjust.
Lodas, I agree with you strategy to make some option plays. I sold the $12.50 put last week and got $1.00
I have orders to sell covered calls at $15.00 but at higher price.
stoxjock, no reply yet from FDIC Roberta - I may email her latter in the day for update. My guess is her supervisory my not want to answer the many question I requested.