JPM is on board for a settlement, they have backed down big time over the past few months. It has been the FDIC dogs barking, and hopefully this will push the closer to ponying up their part of the settlement.
I've said that I think the FDIC is really holding up the settlement at this point. The FDIC is trying to push a bunch of things out into March - including the oral argument on its motion to modify the stay. If SJ is ruled on now, it would indicate that the FDIC wrongfully conveyed assets that belonged to WMI - and such an indication would result in liability to the FDIC.
Because as I said last year, at some point JPM and the FDIC become enemies. JPM's attitude is this is FDIC's problem...don't fault JPM because FDIC sold WMB to us cheap. Only reason JPM is going to pay, is because it took the holding company's property and violated confidentiality agreements, trademarks, patents, and probably the law.
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