~ WMIH-Corp, Now ? Watch the PPS' ?, the Volume ?, and a soon to come, Updated' Press Release ~
First' ... was Judge Collyer's Opinion Filed on 06/17/2015' ...
Second' ... we saw the March 2nd 2016 Steering Committee Press release ...
Third' ... we saw the publically announced "Settlement" in August of 2016' ...
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... This ? ... IS' ... WMI II' (the WMB Action) ... now, finally ... as we all witnessed on Friday, ... IS' now coming to a close' ...
TEXT; Case 1:09-cv-01656-RMC (IS' ... DB vs FDIC) ... and' ... Case 1:09-cv-00533-RMC (IS' ... WMI and WMMIC vs FDIC-C)
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A) Approval order -
1) Determining that the Trustee acted reasonably and in good faith within the bounds of its discretion in entering into the Settlement.
2) Finding that Certificate holders received legally sufficient notice of this proceeding and an opportunity to object.
3) Barring any Certificate holder from asserting claims against the Trustee based upon its prosecution of the Action and negotiation of, and entry into, the Settlement, and
4) Declaring that the Settlement and each of the documents pursuant to which it was effectuated - the Settlement Agreement and the Trustee-JP Morgan Agreement - is binding on the Trusts.
B) Allocation order: directing that the Settlement Proceeds be allocated among the Trusts and amount the classes of securities issued by each Trust based on the Net Loss Percentage
or based on such other methodology as this Court approved.
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RECITALS
WHEREAS, Washington Mutual Bank ("WMB") or certain of WMB's affiliates were the Seller, Sponsor, Depositor, or Servicer for those certain residential mortgage backed securitizations identified on the attached Exhibit A;
WHEREAS, on September 25, 2008, the Office of Thrift Supervision closed WMB and appointed the FDIC as receiver and the FDIC accepted the appointment; on the same day the FDIC Receiver sold certain of WMB's assets and liabilities to JPMC pursuant to that certain Purchase & Assumption Agreement among the FDIC Receiver, FDIC Corporate, and JPMC, dated September 25,2008 (the "P&A Agreement'');
WHEREAS, certain WMB Entities are parties to certain Governing Agreements, and certain WMB Entities or JPMorgan Entities have, at times, acted as Servicer, Bond Administrator, or Master Servicer for certain of the Trusts pursuant to certain of the Governing Agreements;
WHEREAS, pursuant to the Governing Agreements, WMB and certain other WMB Entities have contributed or sold loans originated by various entities to the Trusts (the "Mortgage Loans");
WHEREAS, the Trustee has alleged that certain Mortgage Loans held 'by the Trusts were contributed or sold to the Trusts in breach of representations and warranties contained in the Governing Agreements (the "Rep and Warranty Claims") and that certain Mortgage Loans held by the Trusts were not serviced in accordance with the Governing Agreements (the "Servicing Claims");
WHEREAS, the Trustee filed a proof of claim with the FDIC- Receiver asserting the Rep and Warranty Claims and the Servicing Claims and subsequently commenced the action titled Deutsche Bank National Trust Company v. FDIC, et al., No. 09-cv-1656 (RMC) (D.D.C.) (the "WMB Action") to litigate the Trusts' Rep and Warranty Claims and Servicing Claims;
WHEREAS, the FDIC and JPMorgan dispute all of the allegations made by the Trustee, including all claims and allegations of any breach of any provision of any Governing Agreement, whether specifically asserted in the WMB Action or not, and each waives no rights and preserves all of their respective defenses;
WHEREAS, the FDIC and JPMorgan contend that any Rep and Warranty Claims and Servicing Claims, to the extent they exist, relate to conduct that occurred prior to September 25, 2008 and are in many instances time-barred;
WHEREAS, the Parties have disputed in the WMB Action the allocation of responsibility, if any, between JPMorgan and the FDIC-Receiver for the Trusts' Rep and Warranty Claims and Servicing Claims;
WHEREAS, various disputes exist between the FDIC and JPMC concerning their respective rights and obligations under the P&A Agreement, including but not limited to claims for indemnification under Article XII thereof and all claims asserted in the Related Actions (defined below);
WHEREAS, the Parties, through counsel, have engaged in extensive arm's-length and good faith settlement negotiations, including through a mediation facilitated over the course of multiple months by Robert Meyer of JAMS;
WHEREAS, the unaudited receivership balance sheet summary for WMB published by the FDIC-Receiver for the period ending December 31,2015 stated that, as of that date, the current assets of the WMB Receivership Estate were approximately $2,756,378,000; the WMB Receivership had approximately $7,206,000 in administrative liabilities; holders of WMB senior debt held allowed claims in the WMB Receivership in the amount of$6,077,557,000; and the Receivership had other allowed general unsecured claims in the approximate amount of $19,250,000;
WHEREAS, the Parties have agreed to settle and resolve, fully and finally, pursuant to this Settlement Agreement (i) all claims alleged in the WMB Action by the Trusts against the FDIC and any other claims that the Trusts have against the FDIC under the Governing Agreements or otherwise, and (ii) as between the FDIC and JPMorgan, all disputes relating to WMB, including all claims asserted in the WMB Action and the Related Actions (defined below) and all disputes concerning indemnification under A1ticle XII of the P&A Agreement, except as expressly preserved in this Settlement Agreement; and
WHEREAS, pursuant to a separate agreement that was negotiated confidentially by the Trustee and JPMorgan, to which the FDIC is not a party and which imposes no obligations on the FDIC, the Trustee and JPMorgan have agreed to enter into this Settlement Agreement and to other terms in order to settle all disputes between them, including all claims alleged in the WMB Action by the Trusts against JPMorgan and any other claims that the Trusts have against JPMorgan under the Governing Agreements (the "Trustee ~ JPMorgan Agreement").
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and, ...
TEXT; Case 1:09-cv-01656-RMC Document 200 Filed 09/01/16
Upon consideration of the Joint Motion to Continue the Stay Pending Full Effectiveness of the Parties' Settlement, it is hereby ORDERED that
This action shall continue to be STAYED. The parties shall promptly notify the Court when the Settlement Agreements become fully effective, as provided therein (or, if it does not become effective, when the Settlement Agreements are terminated).
SO ORDERED,
Dated: 1 Sept., 2016 (Signed) Hon/ Rosemary M. Collyer United States District Judge
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and, from the FDIC site' ... now ? ... done & done'
"The DBNTC-JPMC-FDIC Settlement remains subject to judicial approval in a procedure to be filed by DBNTC in California, and if approved, will result in the dismissal of the four WAMU-related actions pending in the U.S. District Court for the District of Columbia and the appeal pending in the U.S. Court of Appeals for the District of Columbia Circuit."
AZ
