Send PM
Followers 64
Posts 3521
Boards Moderated 0
Alias Born 01/23/2006

Re: None

Wednesday, 10/27/2021 12:22:03 PM

Wednesday, October 27, 2021 12:22:03 PM

Post# of 696247
Email reply from FDIC - I will put in BOLD what I feel is important.

Mr. ME,
Thank you for your email. Your explanation and final question about DTC control of assets and the receivership is still a little confusing to me. I will attempt to answer as best I can. FDIC as Receiver for WaMu has no control over the holding company liquidation and FDIC never had control of exclusive holding company assets. To that end, the answer to your question about release of holding company assets depending on receivership termination is no. The FDIC’s termination of the receivership should not impact the liquidation of the holding company in that way.

You continue to identify the alleged value of the assets of WaMu at the time of failure without also factoring in the liabilities that offset those assets. When taken as a whole, the capitalization of WaMu at the time of its failure was deficient, due to its underreported liabilities. Chase paid $1.9 billion to purchase assets AND take on certain liabilities of WaMu, including all deposit liabilities. That transaction by FDIC as Receiver fulfilled the primary mission of FDIC to insure the deposits of WaMu so that no insured depositor lost any money due to WaMu’s failure.

Let me re-iterate that the receivership and the liquidation trust are separate legal entities, have different roles and responsibilities, and do not coordinate on each other’s missions. Therefore, the resolution of the receivership should not impact the distribution of holding company assets held by the liquidation trust. In addition, FDIC already paid preliminary dividends under the priority scheme under FIRREA to the general creditor class. Any future dividends will depend upon the receivership’s ability to recover additional value for the receivership. Please see my previous email for the link to the balance sheet currently. You will note that the remaining assets of the receiver (a little over $200 million) are far less than the general creditor class of claims, let alone lower priority claimants.


Aaron Moore
Counsel, Legal Division
Federal Deposit Insurance Corporation
1601 Bryan Street
Dallas, Texas, 75201
Office: 972-761-2464
Cell: 214-202-6139

From: David
Sent: Wednesday, October 27, 2021 10:37 AM
To: Moore, Aaron A. <>
Subject: [EXTERNAL MESSAGE] 10015 Washington Mutual Bank - Concerns Regarding Receivership

Mr. Moore,
First, thanks for your response. We have a difference of opinions regarding how FDIC took control of not only WMB, but many assets of WMIH the Holding company. I have read most court documents that included the email exchange between Shella Blair and Jamey Dimion and NO, it was not a fair bid for the assets and more of a planned 5th amendment taking. The OTS had no choice as Mrs. Blair had a gun to their head to turn over WMB to the FDIC for receivership.

AS you stated: “even though FDIC entered into the Purchase and Assumption Agreement with Chase, there were several assets and many liabilities excluded from the transfer from FDIC as Receiver of Washington Mutual Bank to Chase. The Receiver has been diligently resolving those assets and liabilities to the benefit of the receivership estate, and will continue to do so until the Receiver is prepared to terminate the receivership.”

It is clear from JPM document*** that PROVES there are assets that JPM WAS NOT entitled to without payment. It is most likely it is these assets that JPM have delayed the return and have made $$ in this delay. IMO, JPM needs to make a final payment to the WMIH Estate. I know of many assets of the Holding company that have either been liquidated or now in a Trust held by the DTC waiting for distribution to Estate holders.
IMO, if any party is delaying turning over assets that they have not paid for like JPM than FDIC must enforce damage payment

The link from the FDIC shows that JPM acquired/got $258B in assets

Assets "acquired" by JPMC: - $258,576,810 billion and they paid 1.9 billion – really?
[Suppressed Image]

Inception Balance Sheet: internal document showing at least 40 billion more assets than Liabilities when FDIC took by the 5th amendment WMB and gave it to JPM without fair or book value as required.
[Suppressed Image]
Just a few notes from JPM document:
"Importantly, we did not acquire the assets or liabilities
of the bank’s holding company or assume the $14
billion of senior unsecured debt and subordinated
debt of Washington Mutual’s banks."
Also page 3/28

"However, there is one area that has
shown an improving trend: third-party mortgage
servicing. This business relies on scale and efficiency
and, including the addition of the WaMu portfolio,
it grew 91% to $1.17 trillion of loans." - and JPM only paid 1.9 billion? They got more than that in just Real Estate, deposits, and servicing rights

With much research I feel there is at least 30 billion in estate assets that have been held in Safe Harbor or legal isolation – mostly interest from retained earnings from ABS/MBS held at DTC awaiting distribution my question to you is DOES FDIC NEED TO FINALIZE THE RECIEVERSHIP BEFORE THOSE GET RELEASED – IMO I DO NOT FEEL IT IS HOLDING BACK THE RELEASE, BUT WHO EVER IS HOLDING OR DELAYING THE CLOSE OF RECIEVERSHIP SHOULD PAY A DELAY PENELTY. 14 years is too long!


Day Range:
Last Trade Time:
Total Trades:
  • 1D
  • 1M
  • 2M
  • 3M
  • 6M
  • 1Y
  • 2Y
  • 3Y
  • 5Y
Recent COOP News

ILUS Confirms Share Lock-Up Opportunity ILUS Sep 29, 2022 1:25 PM

ILUS Appoints Investment Bank to Assist With Up-List and Associated Acquisitions ILUS Sep 29, 2022 11:22 AM

New Break Identifies High-Grade Gold, up to 70.60 g/t Au, via Grab Sampling at Moray NBRK Sep 29, 2022 10:29 AM

Arts & Collectibles DOT Company Coinllectibles Seeing a Very Bright Future with Revenue jumping by 100% to US$8.8 Million in First Half of 2022 as compared to The Year Before COSG Sep 29, 2022 8:44 AM

Rising Star Trillion Energy Ready to Supply Much Needed European Gas TCF Sep 29, 2022 8:00 AM

GBT is researching the Development of Electro-Thermal Aware Design Environment for Integrated Circuits.Seeking to Address Advanced Nanometer Nodes Semiconductors Electro-Thermal Modeling and Optimization. GTCH Sep 29, 2022 7:30 AM

Goldshore Intersects 192.75m @ 1.02 g/t Au from 94.45m depth in MMD-22-051 GSHRF Sep 29, 2022 7:30 AM

SFLMaven Plans for New Potential Revenue from Patent Pending HolgoGlow Technology for the Metaverse SFLM Sep 29, 2022 6:30 AM

Ludwig's genomic-based mRNA Inflammatory Index - a Ground-Breaking Technology LUDG Sep 28, 2022 1:34 PM

Headwater Gold Commences Multi-Rig Drill Program at the Spring Peak Project, Nevada to Follow Up Epithermal Vein Discoveries HWAUF Sep 28, 2022 10:13 AM

Valiant Eagle Inc. (OTC: PSRU) Significantly Increases Its Equity Stake in Sumer Technologies, Inc., as the Ride-Sharing Company Readies Its Much Anticipated Innovative Zumr App For Q1 2023 U.S. Launch PSRU Sep 28, 2022 9:30 AM

Good Gaming Inc. Announces Official Launch Date For Their New Minecraft OP Prison Game Featuring MicroBuddiesTM GMER Sep 28, 2022 9:15 AM

Trend Innovations Holding Inc. Completes the Second Version of the AI Consultant Chatbot on the Company's Website TREN Sep 28, 2022 9:00 AM

GBT will be attending the Interactive MoneyShow Virtual Expo, on Sep 27-29, Presenting its Technologies, Innovations and Future Visions GTCH Sep 28, 2022 7:30 AM

Branded Legacy, Inc. Reduces Authorized Shares By 300 Million BLEG Sep 27, 2022 11:53 AM