lodas
8 시간 전
@mwd44:.......... according to google, this is what a Purchase and Assumption Agreement is:
Purchase and assumption is a transaction in which a healthy bank or thrift purchases assets and assumes liabilities (including all insured deposits) from an unhealthy bank or thrift. It is the most common and preferred method used by the Federal Deposit Insurance Corporation (FDIC) to deal with failing banks.
this method is used by the FDIC to sell the whole bank, assets and all to a buyer so that they don't get involved in disposing assets, and paperwork..... accordingly, the documents say the FDIC Sold Wamu banks, and related assets , and liabilities to JPM for 1.89 billion dollars in total... no further payments will be made....JPM then disposed of the assets they did not want, and sold them down to below book value....JPM, then makes the claim that they "found 30 billion dollars in the rubble of Wamu's assets".... mostly from lucrative commercial real estate mortgages....my point?.... there will not be anymore payments to the FDIC by JPM......... Lodas
lodas
9 시간 전
@mwd44.... read this carefully.... it is an excerpt from the amended POR7 which describes the Release claims as signed by those in closing the chapter 11 bankruptcy.... In effect. your release signature negates any cause of action you may take upon any parties to the agreement, JPM, TPS. FDIC, WMI estates, and so forth.... in effect, it forever stops all actions that you can take to retrieve any assets that you signed off of by your release.... here is the text from the amended POR 7:
12 The Seventh Amended Plan’s definition of “Released Claim” includes, among other things, claims or causes of action that arise in, relate to or have been or could have been asserted (i) in the Chapter 11 Cases, the Receivership or the Related Actions, or (ii) by holders of Equity Interests relating to Equity Interests they have against the Debtors, and (iii) claims that otherwise arise from or relate to the Receivership, the Purchase and Assumption Agreement, the 363 Sale and Settlement, as defined in the Global Settlement Agreement, the Plan, the Global Settlement Agreement, and the negotiations and compromises set forth in the Global Settlement Agreement and the Plan, including, without limitation, in connection with or related to any of the Debtors, the Affiliated Banks (as defined in the Seventh Amended Plan), and their respective subsidiaries, assets, liabilities, operations, property or estates, the assets to be received by JPMC pursuant to the Global Settlement Agreement, the Debtors’ Claims, the JPMC Claims, the FDIC Claim, the WMI/WMB Intercompany Claims, any intercompany claims on the books of WMI or WMB related to the WaMu Pension Plan or the Lakeview Plan, or the Trust Preferred Securities (including, without limitation, the creation of the Trust Preferred Securities, the financing associated therewith, the requested assignment of the Trust Preferred Securities by the Office of Thrift Supervision and the transfer and the asserted assignment of the Trust Preferred Securities subsequent thereto); provided, however, that “Released Claims” does not include (1) any and all claims that the JPMC Entities, the Receivership, the FDIC Receiver and the FDIC Corporate are entitled to assert against each other or any other defenses thereto pursuant to the Purchase and Assumption Agreement, which claims and defenses shall continue to be governed by the Purchase and Assumption Agreement, (2) any and all claims held by Entities against WMB, the Receivership and the FDIC Receiver solely with respect to the Receivership, and (3) subject to the exculpation provisions set forth in the Plan, any avoidance action or claim objection regarding an Excluded Party (as defined in the Seventh Amended Plan ) or the WMI Entities (as defined in the Seventh Amended Plan), WMB, each of the Debtors’ estates, the Reorganized Debtors and their respective Related Persons; and, provided, further, that “Released Claims” is not intended to release, nor shall it have the effect of releasing, any party from the performance of its obligations in accordance with the order confirming the Seventh Amended Plan or the Seventh Amended Plan.
Lodas
mwd44
12 시간 전
KeyKey.....Yes, this can be confirmed. As Lodas always say ,it's in the documents. For example, the FDIC has stated, on numerous occasions, that they don't anticipate there will be enough money to pay the shareholders. The reason being; WMB's debt must be paid first. As things stands now, and at the time the bank was seized, the debtholders own the bank. That's the reason why JPMC made a "Payment", like in, "down payment" of $1.89B. Once the debt is paid, the FDIC will be able to close the sale of WMB. At that time, JPMC will be required to pay "BooK Value" for the assets as required by the "Purchase and Assumption Agreement." For those who have bought or sold a house, this process should sound familiar.
mwd44
20 시간 전
Lodas, your explaination of what took place involving the sale of WMB is correct. However, you forgot to mention that the FDIC , as receiver for the bank, became responsible for the bank's debt. Therefore, they couldn't close the sale before the debt was paid. In other words, the debt holder has a lien on the bank. That's the reason why JPMC only made a "down payment" of $1.89B. According to the Purchase and Assumption Agreement, which the FDIC can't enforce at this time, JPMC must pay book value for the assets. As I see it, the FDIC can't officially close the sale of WMB to JPMC prior to LIBOR coming to a close. Their hope is to receive enough money from LIBOR to pay the debt. This will enable the FDIC to close the books on WAMU.
lodas
21 시간 전
Banks operate in much the same way as a brokerage account.... if you have Equity in your portfolio, the brokerage account will allow you to Borrow money to buy more stock...as long as the stock goes up, and your margin account is Above in positive value, then no problem... if the market value of your stock goes Against you, then the brokerage will Ask you to add more money to bring your account into Prescribed Balance.... if, you cannot add more money, the Brokerage will liquidate your account by selling off the Equity you have in your account so as not to lose THEIR MONEY.... in an extreme case, if the account falls below what you owe them, they WILL TAKE ALL YOUR EQUITY AND PUT A LIEN ON YOUR PROPERTY TO GET THEIR MONEY BACK!!!!!!.....now, for those that dont understand what the Receivership did, the FDIC TOOK ALL OF WAMU'S ASSETS , INCLUDING PREFERRED STOCK, AND COMMON STOCK WMI HELD IN WAMU!!!!!!....The receivership is not closed simply because there is a 14.6 billion dollar loss on the balance sheet of former assets held by WAMU.....The FDIC suffered no losses, as the savings deposits were assumed by JPM ....the ones that suffered the losses were the Unsecured Preferred stock, and common stockholders...simply put, Depositors,and shortsellers took all the equity out of WAMU, and Drained the Equity.... its over, stick a fork in it..... Lodas
lodas
22 시간 전
@b3........what most posters do not understand is that THERE WAS NOT ENOUGH EQUITY TO BACK THE LOANS THAT WAMU MADE!!!!.....Savings Deposits were drawn down by 16.5 billion dollars, and the short sellers took the stock down from about 57 dollars to pennies....these values were what was backing the loans that Wamu made... the Tier 1 values fell below OTS banking requirements that prompted Alan Fishman to bring in more funds ... all Fishman had was to convert the preferreds to common stock, and borrow from the Fed Funds to bring in more funds... Fishman just did not have the ability to raise more capital when the stock was sinking, thats when the OTS shut it down... Rosen says WMI had no off balance sheet assets, as they were all sold off to GSE's....all of WMI's wealth was in the stock of WAMU which cratered.....end result was that WAMU and WMI was at "the end of the road" financially, and the OTDS seized them.... in addition, the Exchange event" converted the TPS to WMI preferred stock, and was used to shore up Tier 1 values shortly before the OTS seized WAMU... JPM bought them with the 1.89 billion dollars, along with other assets of the bank.....Lodas
BigBang
23 시간 전
Given the complexity and the ongoing nature of the case, it's difficult to predict when it will be fully resolvedOh my goodness! I guess it was easier to transport humans to the moon, which took only eight years (first proposed by Kennedy on May 25, 1961, accomplished Jul 16, 1969), than it is to close the receivership of WAMU. That it has been more than sixteen years and resolution of the WAMU case is nowhere in sight is a complete joke. To suggest “that the process may continue for some time” is just mind boggling! Rocket science, I guess, is less complex than looking at a bunch of numbers on a spreadsheet!
lodas
1 일 전
@ ron.......yada, yada , yada, .......when ron?, when?...same old stuff without any authentication for years on end....where is the money??....delusion is no substitute for guarantee... you have been kidding yourself and this message board for years with your math, and conjectures of being right, and winning all the arguments opposite your viewpoint...the chapter 11 is closed, and all claims have been paid 13 years ago....Lodas
ron_66271
2 일 전
TBTF (JPM/BofA) Has No Other Option.
They can’t afford to cover their Derivative Contracts written without government help.
Writes of Naked Puts.
AIG wasn’t the writer of the Derivative Contracts, just the middleman for the contracts.
AIG only bought together the Derivative Contract parties.
Just like options; I can be the’writer’ but I never wrote the contract.
TBTF was the writer of the contracts.
2008 RMBS;
$13 Trillion in mortgages.
11.9% losses to cover.
JPM wrote 57% of the contracts.
Do the math;
$882 Billion obligation to RMBS Trusts for JPM.
TBTF needs help again.
SWF;
Shares and Warrants Come from TBTF Banks not F&F. The Government/Treasury loans money to TBTF for cash to pay off the derivatives debt to WaMu, Lehman’s, F&F.
WaMu, Lehman’s and F&F all have ABS Trusts that need to be reimbursed for losses covered by TBTF Derivative Insurance Contracts.
SWF can collect shares and warrants from all of the TBTF parties involved, and SWF distributes cash to WaMu, Lehman’s and F&F to solve all of the Credit Crisis of 2008.
That also solves the LIBOR, which solves the Receivership and the Conservatorship.
LIBOR “Upstream” issues.
Problem Solved!
Yes F&F are involved in LIBOR.
Look.
https://www.docketbird.com/court-cases/In-re-Libor-Based-Financial-Instruments-Antitrust-Litigation/nysd-1:2011-md-02262
Ron
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