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I Got New Answers From FDIC

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Planet Paprika   Saturday, 04/24/21 04:14:34 AM
Re: JusticeWillWin post# 654698
Post # of 669565 
I Got New Answers From FDIC
I asked about WMI, WMIH,
and some COOP questions ( knowing the differences & responsibilities )....
Here`s the FDIC answer :


"Mr.......–
My apologies … but, I won’t be able to answer most of your additional questions since they are outside the scope of my duties. I’m only the Claims Agent assigned to handle the claims filed against the receivership of Washington Mutual Bank.

For example:
… Any questions dealing with “Image 1” would have to be directed to someone in our Accounting Department. The image is actually a detailed balance sheet of the Washington Mutual Bank receivership with figures as of December 31, 2008. The image also includes a reconciliation for some of the items (highlighted) that make up certain figures on that balance sheet.

… Any questions dealing with “Image 2” and “Image 3” would be related to the figures from the Call Report for Washington Mutual Bank as of June 30, 2008, which was BEFORE it failed. Therefore, if those figures were reported accurately, then someone from our Accounting Department “might” be able to explain what happened to those accounts after the bank failed.

… Any questions dealing with the dollar amount paid by JPMorgan Chase Bank, N.A. to acquire the assets and liabilities of the failed Washington Mutual Bank would have to be directed to someone in our Franchise Marketing Department.

… Any questions related to the specific details and schedules with the Purchase and Assumption Agreement between the FDIC as Receiver for Washington Mutual Bank and JPMorgan Chase Bank, N.A. would have to be addressed in a FOIA Request to determine if that information is allowed to be shared.

… Lastly, any specific questions relating to the bankruptcy of Washington Mutual, Inc. (the holding company for Washington Mutual Bank) and the settlement that resulted from that would have to be directed to our legal staff to answer.

--------------------------

Your comment that the bonds (both junior and senior) are more than $13 billion is correct. In fact, according to the receivership’s balance sheet as of December 31, 2020, the outstanding combined amount for those items totaled $13,800,609,000.

Please note, however, that when the bank failed, NONE of the outstanding senior bonds and subordinated bonds previously issued by Washington Mutual Bank were acquired by JPMorgan Chase Bank, N.A. as part of the P&A Agreement with the FDIC-Receiver. Instead, the FDIC-Receiver retained those liabilities, and they remain on the receivership’s balance sheet to this day. This means that JPMorgan Chase Bank has absolutely no responsibility to pay those bonds. Only the FDIC-R has an obligation to pay those bonds … but only if there are sufficient funds in the receivership to make any payments on them.....
...... In this particular case, the claims of general creditors and senior bondholders share equally for any payment distributions that are made by the Receiver in the form of dividends. Consequently, the FDIC-R can only pay dividends to the subordinated (junior) bondholders if (and only if) the general creditors and senior bondholders are FULLY SATISFIED. Unfortunately, the general creditors and senior bondholders have only been paid a small percentage of their claims, and the balance sheet does not indicate that there will be nearly enough funds to satisfy them in whole. What does this mean? It means that anyone holding a subordinated bond probably won’t get paid anything for their claims.


As far as your question regarding “the grandmother of COOP Mr. Cooper Group has to file a 10-K” is concerned, I’m not entirely sure what you mean. But, a Form 10-K is an annual report all public companies must file with the Securities and Exchange Commission. Because your question includes “( WMI-h )” and states that the bankruptcy (“BK”) is closed, I have to assume that the 10-K form to which you are referring is for the bank’s holding company (Washington Mutual, Inc.), which is also known as “WMI”. So, if that’s the case, then you’ll have to contact the holding company’s point of contact to help answer this question.

---------------------------


Having said all that … I’ll have to forward your last e-mail message to someone in our Customer Service Department to coordinate with other FDIC staff (accounting personnel, franchise personnel, and legal attorneys) who may be able to answer the questions that I’m not able to address.

Stay tuned …"

END OF MESSAGE.

(images see jww post : https://investorshub.advfn.com/boards/read_msg.aspx?message_id=163229693)

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