Thursday, June 08, 2017 2:07:45 PM
Go here and keep an eye on the filing:
https://ocapps.occourts.org/ProbPubv2NS/SearchCase.do#top_page
Enter Case Number: 30-2016-00892014
Enter Year: 2016
No adversarial filings so far.
Here is why I am really excited.
Here are the 4 parties typically involved in MBS:
1) the sponsoring bank (WMB, now JPM),
(responsible for replacing bad loans with good ones if the portfolio is not performing to spec -- reason for DB lawsuit
2) the servicer (WMB, now JPM)
(responsible for servicing the loans -- collect payments, foreclose, etc...)
3) the beneficiaries
(WMB bond holders & escrow holders)
-- have no rights to the loan assets but hold a contractual right to the profits of the portfolio
4) the trustee (DB)
(the referee making sure everyone is doing the part)
Note that this MBS business can no longer operate once the trustee dissolves the trust. This means, that JPM/FDIC can no longer just simply hold the portfolio for "servicing" purposes once the trust is dissolved. By definition, the dissolution of the trust (end of probate) means, all the assets must have been liquidated and distributed to the beneficiaries.
so if the judge approves on June 16, we are looking at final fireworks!
FDIC-R closing, escrow getting cash, WMIH merging with remaining portfolio in exchange for shares to escrow holders...chain of events within a few weeks, imo
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