Royal Dude
10 hours ago
6.875% Non-Cumulative Preferred Stock, Series NN
$150.87
$15.0870
Our P's and U's combined preferred Bond IMO
The dividend payment date is Saturday, June 1, 2024, to stockholders of record at the close of business on Thursday, May 2, 2024, and dividend will be paid on Monday, June 3, 2024.
Large Green
12 hours ago
NEW LIBOR SETTLEMENT WITH SIX BANKS
https://www.reuters.com/legal/six-banks-settle-european-bond-price-fixing-litigation-new-york-2024-07-26/#:~:text=NEW%20YORK%2C%20July%2026%20(Reuters,prices%20of%20European%20government%20bonds.
Friday's settlements would upon approval end the litigation, with $120 million of settlements. JPMorgan Chase (JPM.N), opens new tab, Natixis, State Street (STT.N), opens new tab and UniCredit (CRDI.MI), opens new tab previously settled for a combined $40 million.
The case is part of more than a decade of litigation in the Manhattan court accusing banks of colluding in various markets including U.S. Treasuries, currencies and commodities, as well as on interest rate benchmarks.
The case is In re European Government Bonds Antitrust Litigation, U.S. District Court, Southern District of New York, No. 19-02601.
...
Royal Dude
13 hours ago
Think this is showing us part of the Way on or before October 22 IMO
"Kurt Johnson
So I think the question is over the next couple of quarters, do we anticipate any growth in servicing and subservicing. As Jay just pointed out, we replenish based on kind of our originations volumes and so we would anticipate continued replenishments and slight growth there. I think obviously this acquisition which will close in the fourth quarter is bringing on close to $360 billion, almost $80 billion of owned MSR and roughly $280 billion of subservicing. So that's going to be the material component of our growth over the next couple of quarters. But as the opportunities present themselves, we will be opportunistic, but we're never going to kind of chase volume. Everything that we do is geared towards the return to our shareholders and our other investors.
https://seekingalpha.com/article/4706903-mr-cooper-group-inc-coop-q2-2024-earnings-call-transcript
Kurt Johnson
Hey Shanna it's Kurt. Yes. Thanks. Yes absolutely, we had conversations with the rating agencies around the transaction, around the quarter as well. I think by and large we received positive feedback. Obviously, I can't comment on how they're going to come out, but we received pretty positive commentary around this. As Jay said earlier, our first and foremost priority at this point in time is to take care of these customers. We have $360 billion of loan boarding will not be simple and we're going to really, really focus on that. And I think that that will allow us to build capital through the remainder of the year, but will still allow us to be opportunistic.
https://seekingalpha.com/article/4706903-mr-cooper-group-inc-coop-q2-2024-earnings-call-transcript
newflow
14 hours ago
You don't need Escrows to receive from LT.
ITEM 4 . Important Tax Information Required – Potential Withholding. Distributions to holders of Common
Equity Interests by the Debtors or the Liquidating Trustee, and any subsequent amounts received by the Liquidating
Trust allocable to a holder, are subject to any applicable tax withholding
Under U.S. federal income tax law, interest and other reportable payments may, under certain
circumstances, be subject to “backup withholding” at the then applicable backup withholding rate (currently 28%).
Backup withholding generally applies if the holder (a) fails to furnish its social security number or other taxpayer
identification number (“TIN”), (b) furnishes an incorrect TIN, (c) fails properly to report interest or dividends, or (d)
under certain circumstances, fails to provide a certified statement, signed under penalty of perjury, that the TIN
provided is its correct number and that it is a United States person that is not subject to backup withholding. Backup
withholding is not an additional tax but merely an advance payment, which may be refunded to the extent it results
in an overpayment of tax and the appropriate information is supplied to the IRS. Certain persons are exempt from
backup withholding, including, in certain circumstances, corporations and financial institutions.
To avoid unnecessary withholding, each U.S. holder is required to properly complete and return the
Substitute Form W-9 included at the end of this Ballot, certifying that such holder is a U.S. person, that the TIN
provided is correct, and that such holder is not subject to backup withholding, as per its instructions.
Royal Dude
15 hours ago
Corrected. F&R
"IMO distribution By October 22 or earlier
1. Cash as little as possible Series A's (Junk Bonds with no more than interest) No more than 130 Bil
2. Shares of COOP (>.058 x Legacy U,s) 60 Bil
3. Bonds of JPM (P's) 10 Bil
4. Alerian ETN JMJB= 1 Bil
5. Preferred Shares JPM EE/NN for both P's K's and U,s combined from ( combined in one class of shares, using 19: 1 combining old preferred old to new
(Q,U,R,S) 10 Bil
FDIC cash and Series A non interest Bonds JPM 399 B
Fair and Reasonable Total $610 Bil
Boris the Spiders of Oklahoma
Re: Large Green post# 728396
Wednesday, May 22, 2024 10:28:31 PM
Post# of 728435 Go
Yes thats correct. The 30b from jpm is just their portion of the Libor settlement.
This has nothing to do with Wamu assets or payment for the bank.
Its just their part of the Libor rigging.
Confusing yes.
But. This 30b has been designated for Libor. Dimon knows they have to pay it. Escrows will get their share of the total of 100b 200b or more.
COOP IS OUR OTHER BUCKET SERIES A
Pg 49
The Indenture does not limit the aggregate principal amount of debt securities that may be issued under it and provides that debt securities may be issued up to the principal amount authorized by us from time to time. We have previously established the Series A medium-term notes under the Indenture. As of December 31, 2023, we had approximately $32 billion aggregate principal amount of Series A medium-term notes outstanding under the Indenture. Our board of managers has authorized the issuance of New Notes under the registration statement to which this prospectus relates in such amounts as may be required to permit all outstanding Old Notes not held by JPMorgan Financial or its affiliates to be exchanged for New Notes. Our board of managers has also authorized the issuance of securities, including Series A medium-term notes, under certain shelf registration statements with an aggregate initial public offering price not to exceed $130 billion, to be issued on or after February 17, 2023."
https://www.sec.gov/.../00009501032.../dp206454_424b3.htm...
Large Green
15 hours ago
MAD, I believe this is an excellent synopsis. A few of us have always believed WMI is still alive and will play a major role in our eventual returns.
_____________________________________________
MADBADGER'S RECENT POST
March 19, 2012 and March 19, 2023
Coincidence or Strategic? March 19, 2012 WMIH Exits Bankruptcy.
March 19, 2023 Flagstar enters a Purchase and Assumption Agreement with the FDIC to Purchase certain loan portfolios.
I theorize, these are the assets from Signature that were transferred to Flagstar, that were part of the 2003-2023 Pass Through Securities that came to Maturity in 2023. JMO
Assets are Never Lost, they just get Transferred. (My Belief)WMI INC. DBA//Mr Cooper Group Inc in agreement with its Wholly owned Subsidiary NationStar LLC. is Reunited with assets that were strategically transferred to and Serviced by Signature and now Strategically transferred to “Nationstar LLC,” not, “WMIH INC.” All to be Serviced by: “MR. COOPER GROUP.”
Go Coop!
_____________________________________________
Also, do NOT forget a DST will also play a major role. This could look like the following as shown in Amended POR 7 that the court signed on February 23, 2012.
WMI is a (DST) Delaware Statutory Trust with a Trustee with God-like powers that has total investment powers in this DST doing business under the DST ACT with those investors who signed timely releases by March of the year 2012.
These VERY, VERY FORTUNATE investors will be BENEFICIAL RECIPIENTS OF THE DST in time.
____________________________________________
The following is an older post involving the Platforms that held the former WaMu business some of which have merged and others that will still play a role.
COOP Buying Former WaMu PLATFORMs?
COOP Buying Former WaMu PLATFORMs**OCN Next**Look Who Owns LARGE STYLE Positions in COOP/OCN -Leon Cooperman-Read on
So of the five servicers that were mentioned in the 65 billion face value settlement with DB, Select Portfolio Servicing, Inc. has an office in Jacksonville, Florida. Could this be WMIHs NEXT target for a platform after closing NSM which happened on 7/31/2018 OR OCN who just completed its merger of PHH in Oct/2018…See Below
• Specialized Loan Servicing LLC - Founded in 2003 by a group of seasoned mortgage professionals, Specialized Loan Servicing LLC ("SLS") is a third-party servicer with a proven track record of setting the standard for customer care while optimizing portfolio performance on behalf of its clients.
• Select Portfolio Servicing, Inc. - Select Portfolio Servicing, Inc. (SPS) is a nationally recognized mortgage servicer specializing in the servicing of single-family residential mortgages. Founded in 1989, SPS is headquartered in Salt Lake City, Utah, with an office in Jacksonville, Florida.
• Nationstar Mortgage Holdings Inc. - Based in Dallas, Texas, Nationstar Mortgage Holdings Inc. (NYSE: NSM) provides quality servicing, origination and transaction-based services related principally to single-family residences throughout the United States. Nationstar is a recognized leader in the mortgage industry with more than two decades of experience, and its flagship brand, Mr. Cooper, is the largest non-bank mortgage servicer in the nation. Nationstar has been traded on the New York Stock Exchange (NYSE: NSM) since 2012.
• PHH Mortgage Corporation - Today, PHH Mortgage is recognized as an industry-leading provider of mortgage services, operating across the United States. PHH Mortgage is the 5th largest originator of retail residential mortgages4, the 7th largest originator overall5 and the 9th largest mortgage servicer. In 2015, we closed approximately $41 billion in mortgage financing and maintained an average servicing portfolio of approximately 1.1 million loans.
• Carrington Mortgage Servicers, LLC. Founded in 2007, Carrington Mortgage Services, LLC ("Carrington", "CMS") is a subsidiary of Carrington Holding Company, LLC ("CHC"), a privately managed investment management company. Headquartered in California, CMS operates three loan servicing locations that together provide integrated full life cycle mortgage loan servicing support to borrowers and investors
• ***OCN***Ocwen Financial - Founded in 1988, Ocwen Financial Corporation (Ocwen) is one of the largest mortgage companies in America. Ocwen originates both traditional and reverse mortgage loans and specializes in helping families achieve their financial and homeownership goals.
• https://www.housingwire.com/articles/47029-ocwen-completes-360-million-acquisition-of-phh-glen-messina-takes-over-as-ceors.
• https://www.housingwire.com/articles/47029-ocwen-completes-360-million-acquisition-of-phh-glen-messina-takes-over-as-ceo
• So, Leon Cooperman Huge Investor in OCN - The CEO of Omega Advisors owns more than 15.3 million shares, or over 11%, of Florida-based Ocwen Financial Corp. (NYSE:OCN). The guru investor purchased over 50,000 shares, based on the most recent update to his portfolio.
• So, Leon Cooperman Huge Investor in COOP - Mr. Cooper Group Inc. Cooperman purchased 12,719 shares of the company, giving it 0.55% portfolio weight. The stock’s third-quarter share price averaged $17. Mr. Cooper Group Inc. has a market cap of $1.32 billion; its shares were traded around $14.54 Thursday with a price-earnings ratio of 30.96.
https://www.forbes.com/sites/gurufocus/2018/11/29/leon-cooperman-buys-3-stocks-as-omega-closes-to-outside-investors/#40293cec365a
...
Royal Dude
17 hours ago
IMO distribution By October 22 or earlier
1. Cash as little as possible Series A (Junk Bonds with no
interest)
2. Shares of COOP (>.058 x Legacy U,s) 60 Bil for WMB
3. Bonds of JPM (P's) 10 Bil
4. Alerian ETN JMJB= ! Bil
5. Preferred Shares JPM EE/NN for both P's K's and U,s combined from ( combined in one class of shares, using 19: 1 combining old preferred old to new
(Q,U,R,S) !0 B
FDIC cash and Series A non interest Bonds JPM 399 B
Fair and Reasonable Total $470 Bil
Royal Dude
18 hours ago
Remember the Alamo, Do not forget
"Under the final rule, the FDIC will collect the special assessment at an annual rate of 13.4 basis points beginning with the first quarterly assessment period of 2024 (i.e., January 1 through March 31, 2024) with an invoice payment date of June 28, 2024, and will continue to collect special assessments for an anticipated total of eight quarterly assessment periods. The base for the special assessment is equal to an insured depository institution’s (IDI’s) estimated uninsured deposits for the December 31, 2022 reporting period, adjusted to exclude the first $5 billion in estimated uninsured deposits from the IDI, or at the banking organization level for IDIs that are part of a holding company with one or more subsidiary IDIs.
It is estimated that a total of 114 banking organizations will be subject to the special assessment, and no banking organizations with total assets under $5 billion will pay the special assessment, based on data for the December 31, 2022 reporting period.
https://www.fdic.gov/news/press-releases/2023/pr23092.html?fbclid=IwY2xjawER5sRleHRuA2FlbQIxMAABHarTFaylwY9urIO9oYgHN4Phr5NPQQRnbP9b8vVURla9IAaG-xJWWVSmnw_aem_kxctlHgwZvJKSKHhl01CHw
https://www.fdic.gov/sites/default/files/2024-03/2023-11-16-notice-dis-a-mem.pdf
Royal Dude
18 hours ago
After all is said and done, JPM netted 92 Billion from the First Republic and others this year.
"They erased this on iHub. Copy and post it everywhere especially iHub
June 28th beginning (t+1), prior under cover of July 4th, payment, JpM payment of dividends and interest for new Bonds from the combination of U,Q,R,S, ,payment of 92 bil from JPM for 92 billion to wmih netted from 3 mergers, payment of Jpm for their preferred shares NN. And these are just ideas off the top of my head"
https://www.sec.gov/Archives/edgar/data/19617/000001961722000079/a4q21erfexhibit991narrative.htm
Nightdaytrader
19 hours ago
MadBadger, there is one other link I wanted to mention... It's not a link to Signature Bank but I did find a link to Silicon Valley Bank... This has probably been posted before but if not, I wanted to share it..
Below, the link shows Doreen Logan went to work for Silicon Valley Bank after it failed. Not sure if it means anything but I thought I would post anyway... after last week's Newflow post on Doreen Logan's Bonanza Paradise LLC, it made me wonder if Mr Cooper and WMIH and SVB are somehow tied together.
ND9
********************************
Doreen Logan
SVB Financial Group - Controller
Queen Creek, Arizona, United States Contact Info
About
Experienced Controller with a demonstrated history of working in the financial services industry. Skilled in Internal Audit, Accounting, Generally Accepted Accounting Principles (GAAP), Internal Controls, and Mergers & Acquisitions. Strong finance professional with a Master’s Degree focused in International/Global Studies from Liberty University.
Experience
Controller
SVB Financial Group
Apr 2023 - Present 1 year 4 months
Manage the accounting processes and reports for the former holding company of Silicon Valley Bank after SVBFG filed for Ch 11.
Perspectives USA Graphic
Finance
Perspectives USA
Jan 2023 - Jun 2023 6 months
Controller / Treasurer / Trust Administrator
WMI Liquidating Trust
Mar 2012 - Dec 2021 9 years 10 months
Greater Seattle Area
Quarterly Summary Reports for successor to Ch 11 company. Financial Reporting, payroll, accounts payable, cash management, human resources management. Annual SEC Reporting.
Controller / Assistant Treasurer
Washington Mutual, Inc.
Oct 2008 - Mar 2012 3 years 6 months
Greater Seattle Area
Monthly Operating Reports for Ch 11 company, payroll, accounts payable, cash management. Financial accounting.
Washington Mutual Bank
Washington Mutual Bank
9 years 4 months
First Vice President
Jan 2006 - Oct 2008 2 years 10 months
Seattle, WA
Structured, cross-border funding transactions; internal entity reorganizations or eliminations.
Vice President
Jul 1999 - Dec 2005 6 years 6 months
Stockton, CA / Seattle, WA
Cash Management, Trade Settlement, Treasury Operations. Retail back-office management.
Assistant Comptroller
Cameroon Baptist Convention
May 1997 - May 1999 2 years 1 month
Bamenda, Cameroon, West Africa
Financial reporting, bursar station audits, conversion of cash basis to accrual basis financial statements.
https://www.linkedin.com/in/doreen-logan-33290953
Nightdaytrader
19 hours ago
Flagstar acquires $38B in assets, assumes $34B deposits from Signature
Transaction did not include $4B of deposits related to digital banking business
March 20, 2023, 12:49 pm By Flávia Furlan Nunes
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Flagstar Bank, a top-20 U.S. mortgage lender owned by New York Community Bancorp, announced on Sunday that it has assumed most deposits and acquired certain assets, business lines and liabilities of Signature Bridge Bank, N.A. from the Federal Deposit Insurance Corporation (FDIC).
Signature Bank, a New York-based large multifamily lender that disastrously bet big on crypto, collapsed last week after lacking liquidity amid a deposit run. Ultimately, the New York state chartering authority closed the bank on March 12. In a joint statement, the U.S. Department of Treasury, the Federal Reserve (Fed) and the FDIC cited “systemic risk” to justify the decision.
Flagstar, the 19th-largest mortgage lender in the country, acquired $38 billion in Signature’s assets, including approximately $25 billion in cash and $13 billion in loans, which were exclusively commercial and industrial loans. It says the transaction adds new verticals, including middle market specialty finance, healthcare lending and SBA lending.
With the deal, Flagstar will assume Signature’s $36 billion in liabilities, which includes $34 billion in deposits. The bank will also take 30 branches in the New York City metro area and several on the West Coast.
However, Flagstar’s bid did not include $4 billion of deposits related to the former Signature’s digital banking business. The bank did not acquire crypto-related assets. Deposits at Signature have been in free fall since the fourth quarter of 2022 due to the arduous rate environment and challenges in the digital asset space, the company said in the Q4 2022 earnings release.
Flagstar got Signature’s wealth management and broker-dealer business and is negotiating to sub-service the multifamily, commercial real estate and other loans it did not acquire.
“This transaction continues our transformation from a predominantly multifamily lender to a diversified full-service commercial bank,” Thomas Cangemi, CEO at New York Community Bancorp, said in a statement. The deal expands the bank’s net interest margin due to lower funding costs and reduces the loan-to-deposit ratio to less than 90%, Cangemi said.
The FDIC received equity appreciation rights in New York Community Bancorp common stock with a potential value of up to $300 million.
New York Community Bancorp announced a $2.6 billion deal to acquire Flagstar Bank in April 2021, a transaction completed in December 2022. The deal diversified NYCB’s portfolio with warehouse lending business, commercial and industrial loans, commercial real estate loans and residential mortgage loans, the bank said.
According to Inside Mortgage Finance estimates, Flagstar Bancorp was the second-largest warehouse lender in Q4 2022, with $12 billion in commitments and an 11% market share. (JPMorgan was the leader with $20 billion and an 18% share.) And the Signature’s transaction adds to the mortgage warehouse lending, Flagstar said.
Flagstar has obtained all regulatory approvals for the deal. However, the Office of the Comptroller of the Currency stated the transaction was conditionally approved, requiring Flagstar to allocate appropriate resources to the assets and liabilities acquired, and will require a supervisory non-objection before paying a dividend to shareholders.
According to the FDIC, approximately $60 billion in Signature’s loans will remain in the receivership for later disposition. The FDIC estimates the cost of the failure of Signature Bank to its deposit insurance fund to be approximately $2.5 billion.
https://www.housingwire.com/articles/flagstar-acquires-38b-in-assets-assumes-34b-deposits-from-signature/
MadBadger
20 hours ago
March 19, 2012 and March 19, 2023
Coincidence or Strategic? March 19, 2012 WMIH Exits Bankruptcy.
March 19, 2023 Flagstar enters a Purchase and Assumption Agreement with the FDIC to Purchase certain loan portfolios.
I theorize, these are the assets from Signature that were transferred to Flagstar, that were part of the 2003-2023 Pass Through Securities that came to Maturity in 2023. JMO
Assets are Never Lost, they just get Transferred. (My Belief)WMI INC. DBA//Mr Cooper Group Inc in agreement with its Wholly owned Subsidiary NationStar LLC. is Reunited with assets that were strategically transferred to and Serviced by Signature and now Strategically transferred to “Nationstar LLC,” not, “WMIH INC.” All to be Serviced by: “MR. COOPER GROUP.”
Go Coop!