We, Preferred and Common Escrow Share Marker Holders with both being Uncapped and Divided with a 75%/25% Split will receive the Payment of these Book Value Cash/Assets. Correct? ...
1) It started at WMI's 2007 10-K $240b "held in portfolio", which is BOOK VALUE, imo. WMI had $70B or so owed to FHLB which I believe was held in WMI's 3 Thackeray's => Thackeray III Bridge => Thackeray Lane now (think Maiden Lane, Treasury) which would leave about $170B ish to JPM to 'manage as servicer and/or buy at Book Value per P&A.
However, JPM owes BOOK VALUE either way, end of the day. Whether they liquidated 60% or whatever. If JPM saved some, spent some.......end of day they still gotta pay the bill per P&A, BOOK VALUE.
Safe Harbor assets are FDIC required to be held off balance sheet. JPM R203 10-K, off balance sheet legacy WaMu, imo was proof of life. $173B
JPM then last year raised about $170B. Coincidence? I don't think so. I think JPM has exercised their right to purchase WaMu mortgage assets for BOOK VALUE as allowed by exception in the FDIC/JPM P&A Agreement.
2) But ABOVE..... that's just actual mortgages, which once pledged into securitizations, (like a car is pledged to lessee in a car lease), still revert back to legacy owner when 'lease' is up.
The securitizations allowed WMI, through a "true sale" to sell securitizations to itself and a few others. Managed by DB, USBANK, BofA, LaSAlle, etc. WMI through WMIIC kept a large percentage, imo of the monthly interest certs.
However, the receivership FROZE the put-back liability due to WaMu to replace a 'non-performer' for a 'performing loan'. This affected DB, and any other trustee's ability to service their portfolio in custodial management. DB and all trustees, had a monthly duty to pay EVERY strip cert investor their monthly % allotment, including WMI/WMIIC. DB had costs to absorb while paying all investors, while put-back liability remains Receivership FROZEN. imo, DB had to rob Peter to pay Paul, from their custodial account, and deserves it back.
That is DB cost and thus the lawsuit against JPM (who didn't put-back and said its FDIC's problem) and the FDIC said no its JPM's problem (cause they're gonna buy at BOOK VALUE and eventually own it). So 3 way settlement, waiting on probate court in CA.
DB's request for "instruction regarding the internal affairs of the Trusts and/or to instruct the Trustee regarding its actions with respect to a settlement of litigation brought by the Trustee on behalf of the Trusts", was filed in CA Probate Court, and mentions Code Section 17200(b).(http://www.globic.com/wamurmbssettlement/pdfs/Verified%20Petition%20and%20Exhs%201-29.pdf)
"Petition for Instructions and Blocked Accounts. California Probate Code Section 17200(b)(6) provides a procedure where a beneficiary can ask the Court to instruct a Trustee to do certain things, such as follow the Trust terms. And the Court has a good deal of leeway in fashioning remedies to help protect Trust and Estate assets. One example is the use of Blocked Accounts.
A Blocked Account is just a bank account set up by the Trustee or Executor into which the estate funds are deposited. Once on deposit, the money cannot be withdrawn, transferred, spent, etc. without a Court order authorizing the action. In other words, the account is blocked in the sense that it cannot be accessed without the Court’s approval. As you might imagine, a blocked account is very helpful in terms of freezing liquid (i.e., cash) assets pending a lawsuit."
Must be AT LEAST the same amount in that 'frozen liquid assets" account, as there was in DB's 'original' $10Billion dollar claim....... 8)
WMIIC, along with Pimco, etc, were holders of investor certificate income, in the Trusts listed in this filing managed by Trustee DB. Whether through safe harbor and legal isolation being triggers for blocking our Beneficiary bank accounts, or by DB's initial filing of the original lawsuit being used to trigger the blocking of beneficiary accounts by design or convenience for the FDIC and safe harbor provisioning......either way, signals to me that WMIIC's income cert interests held in legal isolation will be released after May 2017.
Filing in CA Probate court is the remedy, to jailbreak 9 years of frozen security interest income. The FDIC would never have settled DB claims in the lawsuit settlement agreement 3 ways, unless JPM indemnity claims could be known, tallied, and settled...... as well as the Receivers own WAMU reconciled accounting be virtually complete.
This also gives a window into other Trustee's like USBANK, managing WMIIC income interests, and other temporarily blocked accounts soon to be released. When I have more time, I'll look into other State Probate Courts where Managing Trustees like USBANK reside, to see what's filed.
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