Everybody can have their beliefs, everyone is free to follow the ideas, statements, hypothesis, opinions as they choose.
DD on a multi-BK that has been shrouded in redactions, Judges chamber discussion not shared, obfuscation by lawyers involved. etc... has been a frustrating long road to equity.
Regardless of what the bank that was a subsidiary of the holding company showed on their books at the time of seizure a few simple things should be understood by all. Basic: Assets=Liabilities ( - ) stock holder equity in a public company. That is not disputable, it is a premise of accounting, and the way it is done in the USA.
So regardless of what number was the actual value 299B/307B @ WMB... First, one needs to subtract the amount of deposits that individuals had at the bank as that was their account balances. Correct ? Incorrect? That was about 185B. That liability went to JPMC and was removed from the Asset side of the WMB balance sheet. If you cant get your head around that, you don't belong in investing IMO. Second, Loans... A bank takes deposits, and loans that money out to customers so they can purchase homes. As payments are made, the equity portion of the payment goes to the person that took out the loan, the interest goes to the loaning institution, and the servicing fee goes to the entity servicing the loan. In the beginning of that process, the bank has ownership of the property, after x amount of time the equity transfers back to the person(s) that took out the loan. Or, if rates drop dramatically to almost zero, borrowers refinance, pay off loans, and lower their borrowing cost(s). Some people default, etc.. but in the end... The bank used OPM (other peoples money) to make those loans. In fact, on the balance sheet at WAMU, once one removes the Liabilities owed, against the assets held, (this is how it works people) the stock holder equity that was left was around 28B. Keep that number in your head. 28B. Take note though because that includes thing that are a bit fuzzy like shareholder equity includes intangible assets, such as goodwill, while net tangible assets do not. Why is that important? because institutions value things like the brand "Washington Mutual " and say it was worth X. Well now that its been seized is it still worth X? Nope. Take that out of your equity... These are very basics of a companies actual balance sheet.
Now, the bank created instruments called MBS, ABS, and put those loans up as collateral, insured them, etc.. and took in billions (maybe trillion+) but to pay the interest on those instruments, they stripped out payments from the customers property loans as they re-paid them and gave that to the investors buying the ABS,MBS, etc..
In short, to believe that all that money that was out on loans was due back to stock holders (U,P,K's), well first it had to go through all the equity classes above, the customers loaning assets, etc.. Before it trickled down to the actual owners of ANY company which is the last in the list... Common equity.
So use all the turd emojis, toilets, clowns, you want. Name call, disparage service records, explain why you dont have one, call those that fought what ever you wish... This entire process has sucked, we have been put through the ringer, kept in the dark, and all of this has been a difficult journey.
Some have made a great deal in speculating on COOP, those that signed were given shares, some purchased more, some sold and gave up, others just gave up... But to sit here and name call, castigate, and disparage others? Why? because you disagree with them?
We are all here (still ) because for various reasons we took positions in equity in order to make a return. We took a risk, it was unfairly capitalized by our government and others (IMO) and it did not go the way I think all of us had hoped. It has still not.
But we took our chances. If you are still here and believe... stick with your beliefs. Maybe it will work out. If you are hear and you no longer believe, then don't. No need to share your personal issues seeking to make others see it your way. Everyone here is a grown up and are free to believe as they choose.
But save the rest of us your "I'm right, Your wrong". We know what you think. Its been repeated on both sides over and over. We are in the sand box together.
This will be exactly what it will be. If you want to share ideas, do it with composure. If you don't like what's being stated, IGNORE button works wonders.
And after almost 16 years "how soon?" Hopefully before you are dead. But be nice. You have already shown enormous patience, so why not just be nice, or nicer. Not that hard.
Have a good Sunday
DB4D
Its always darkest before dawn isn't it? TC
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