Just some thoughts about what you said:
"I think assets in remote bk will not get released until the receivership closes. Otherwise those assets wil loose remote bk protection and the receivership can claw back. I believe CBA09 stated that years ago."
The nature of FDIC receivership on a bank triggers a freeze (remote BK protection) of the distribution of income from ABS/MBS trusts holding residual interests in "Pledged" assets (for collateral), and thus ices downstream, the timely distribution of residual interests that ALL investors received from these "pledged" assets. All investors like WMI, like us here, and other outside bank investors and individuals. This 'freeze' protects WMI residual assets (and other outside investor holders) from receivership claw back in what's called "Safe Harbor".
The Trusts have continued to collect and hold timely ABS/MBS residual income since 2008 and still do today, waiting for 'the sign' to distribute the accumulated funds to the investors who own an ownership percentage of such. Like a released ownership of P, K, and U for example. As a holder of P and U, I have a % ownership of the overall WMI ownership in these Trusts. That is what the BK fight was really about....the elephant in the room. Fighting for the zoo, to win the elephant.
Now that we are out of BK, the GSA settlement amongst WMI and the FDIC/JPM became the limit to what the FDIC can now claw back from WMI interests post BK. The FDIC can no longer take anything from WMI. WMI owns the beneficial interests in the these ABS/MBS trusts! And those who release, own their percentage of the WMI beneficial interests. Not WMB - WMB does not own beneficial interests in WMI's ABS/MBS Trusts. WMB was just WMI's tool to create BK remote income. WMB the tool, is the only thing under the FDIC's thumb. The receivership has ZERO control over clawing back anything of WMI's, and that's been settled law for years now. The FDIC has ZERO control over WMI interests outside the GSA.
If the FDIC can no longer pick over the WMI carcass (the portion GSA exempt) since 2012, then who/what is holding up the 9 Trusts from releasing distributions for Ps, Ks, Us held since 2008 that AZ reminds us about?
It's not the FDIC. I believe it's ourselves, WMIH the Parent. WMIH who is now selling off its subsidiary registrant COOP. [former] WMI's new tool.
The Ps were debt instruments, that WMI used, and then WMIH has used. WMIH fed off itself just like WMI did - to build its future...? as long as it could/can. However, these collateral backing assets that produce monthly income in the 9 Trusts, have been largely eliminated over time by refinance, payoff reconveyance in full, foreclosure, etc. AZ has posted some great research here years ago about these Trusts disbursement legal obligations when CASH largely replaces income producing assets like MBS, through attrition. It's worth re-reading what AZ wrote...
The offloading of COOP our servicing registrant, to Rocket this autumn, can be no coincidence. It probably means that the 'WMIH the Parent' feast on its legacy ancestral debt instrument residuals.... is finally coming to the legal end of what can be kept for' WMIH the Parent's' business 'propagation' and benefit(?), and what now has to be Legally disbursed as these Trust assets wind down towards zero, and that residual income has dissipated. In other words....Now is a great time for WMIH the Parent to offload COOP to Rocket if you're WMIH, before the legacy residual income...is gone. Time for WMIH to find another biz to flip, so to speak.
Our own WMIH leadership, as parent to COOP, rode this train as long as they could, much to our chagrin while we waited over a decade for the Trusts to passively wind down.
AI
