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REUTERS: UPDATE 3-Court revives WaMu bondholder suit vs JPMorgan
Komm morgen aus dem Süden zurück. Kannst Du nicht ein Wamu - Tshirt an denm Fahrrädern anbringen? Vielleicht sehen wir uns ja auf der Autostrda
By Jonathan Stempel
NEW YORK, June 24 (Reuters) - A U.S. appeals court revived a lawsuit by bondholders of the failed Washington Mutual Bank who accused JPMorgan Chase & Co (JPM.N) of causing them losses when it bought the thrift's assets at a "fire sale" price.
Friday's ruling by the D.C. Circuit Court of Appeals lets five insurers renew claims accusing JPMorgan of having pressured the U.S. Federal Deposit Insurance Corp to force a $1.9 billion sale of what was once the largest U.S. savings and loan.
These insurers said the terms "drastically undervalued" the banking unit of Washington Mutual Inc (WAMUQ.PK) and let JPMorgan cherry-pick its best assets at their expense, causing their bond investments to become worthless.
Writing for a three-judge appeals court panel, Chief Judge David Sentelle reversed the April 2010 dismissal of the case by a federal district judge, who concluded the bondholders should have pursued all administrative remedies before suing.
The panel returned the case to the lower court for further proceedings. The FDIC agreed with JPMorgan, the nation's second-largest bank, that the case was properly dismissed.
JPMorgan spokeswoman Christine Holevas and FDIC spokesman David Barr declined to comment.
James Roquemore, a lawyer for the insurers, said he was pleased with the ruling, and his clients plan to proceed with discovery in anticipation of an eventual trial.
The lawsuit is among those arising from the FDIC's Sept. 25, 2008 seizure of Seattle-based WaMu, as the company is known.
WaMu's holding company filed for bankruptcy protection the next day. It is still seeking permission from a Delaware bankruptcy judge to distribute $7 billion to creditors. [ID:nN1E75L1U6]
WaMu remains the largest U.S. bank or savings and loan to fail, with $307 billion of assets.
AVOIDING POINTLESS BUREAUCRACY
The five plaintiff insurers are American National Insurance Co, American National Property and Casualty Insurance Co, Farm Family Life Insurance Co, Farm Family Casualty Insurance Co and National Western Life Insurance Co.
They argued that the lower court erred in requiring them to first pursue administrative remedies and in finding that they did not properly allege that JPMorgan's actions were a "substantial" cause of their losses.
But Sentelle found that "the plain language" of the federal Financial Institutions Reform, Recovery and Enforcement Act, a 1989 law passed following that decade's savings-and-loan crisis, meant the insurers' case should go forward.
"Where, as here, neither the failed depository institution nor the FDIC-as-receiver bears any legal responsibility for claimant's injuries, the claims process offers only a pointless bureaucratic exercise," he said.
"And we doubt Congress intended to force claimants into a process incapable of resolving their claims."
In afternoon trading, JPMorgan shares were down 49 cents at $39.58 on the New York Stock Exchange.
The case is American National Insurance Co et al v. FDIC et al, D.C. Circuit Court of Appeals, No. 09-01743. (Reporting by Jonathan Stempel; editing by Gerald E. McCormick and Andre Grenon)
http://www.reuters.com/article/2011/06/24/...ntFilingsNews&rpc=43
"dabei hab ichs noch um 20 uhr kommen sehen und angek 0,165.. nette sache
die P können mich grad nicht trösten mit 2-5%.."
Du meinst dieses Posting heute um 20:01 Uhr:
BrokerXL: og$ WAMUQ
20:01"hat die resistance linie durchbrochen und das volumen ist auch erhöht wieder etwas.
Hab aber keine Position aufgebaut da ich erstmal das ganze testen will.
Daher mit Vorsicht geniessen.
Support 1 bei 0,116
Support 2 bei 0,104
Support 3 bei 0,920"
...wenn das mal stimmt mit dem Brief an Susman.
messages.finance.yahoo.com/...79943&tof=4&frt=2#779943
Was ich sagte, dass jeder um 12 Uhr war, heute würde Spitze, und sie tat. Ich dachte, dass es an 20 Cent + schließen, aber die Handlung nächste Woche beobachten würde.
Die neue BRECHENDE NACHRICHTEN-Geschichte ist nur ein Teil dessen, was wirklich hinter den Kulissen weitergeht. Eine Weile zurück, als Susman Godfrey zuerst in die Szene eintrat, schrieb ich Steve Susman einen nachdenklichen, informativen Brief über das ÖLZEUG, Goldman Sachs, und wie er entweder vergessene Geschichte sein, oder Geschichte machen kann.
Steve schrieb mir zurück und sagte, dass er auf jeden Aktionärsbrief nicht antworten kann, aber versicherte, dass er den Fall nicht genommen hätte, wenn er nicht glaubte, dass er gewinnen konnte. Susman unterstützt wirklich Aktionäre, das ist mehr als ein Gehalt für sie, das ist ein Teil, patriotisch zu sein, und zu schützen, was ich fortsetze, "Staatssicherheit zu nennen."
Was der FDIC tat, war rücksichtslos, und unnötig, es gibt zweifellos über dieser einfach basiert auf dem ÖLZEUG. Außerdem ist die Kollusion zwischen JPM und dem FDIC, während Gebot andauernd war, was Bopfan als Betrügerische Beförderung sehr bald nagelte.
Dieser Fall nahm gerade eine massive Wendung, und Dinge werden anfangen, sich wirklich jetzt zu bewegen. Wir können eine Idiotpenny-Dummkopfmüllkippe haben, aber unsere neue Grundlinie ist höher, und mehr BEIBRINGENDE NACHRICHT wird bald kommen, den ich versichere.
Bis zum Montag, haben Sie ein gutes Wochenende Gratuliere! zu BB, und beobachten Sie dieses Ding Aufsteigen jetzt.
From Washington Mutual to the neighborhood bank on the corner, the federal government continues to be busy given that the financial crisis began shutting down banks pretty much just about every week. Numerous of these banks are becoming insolvent because of their exposure to the subprime mortgage market as well as other risky loans that they extended to consumers or invested in to take advantage of exorbitant profits. But with a lot of banks going out of organization, homeowners with loans through these institutions need a strategy for staying out of foreclosure.
In particular for homeowners facing foreclosure, when a bank is shut down by the government on account of insolvency, the scenario can become much more complex. Ordinarily, the assets of a failed bank are sold to one more bank immediately after the government has come in and run the bankrupt institution for a period of time. Loans are considered assets considering that they represent a potential stream of income. But foreclosed loans may well be treated having a little much less regard.
The big problem that homeowners in foreclosure will face is that they are already behind on their mortgage and it may well be tough to decide which corporation or agency to speak with regarding any loan modification, repayment program, or short sale possibilities. If the bank is out of organization and never responding to calls, but has instructed its lawyers to move ahead with foreclosure, borrowers could find themselves in some sort of financial limbo.
The best response to this is for homeowners to start keeping records of their attempts to prevent foreclosure using the old lender, the government, or the new bank. They need to keep documentation of their efforts to resolve the situation through the courts or outside the system. This info need to note when they call, write, or send faxes to the bank and what information they are attempting to obtain, or what remedy they’re trying to negotiate with the bank.
If the bank is in bankruptcy right now, there’s a very good chance the homeowners’ loan will probably be sold to a brand new bank in a time period. That bank will only see that the borrowers are behind on monthly payments and in foreclosure. In some circumstances, they might send a letter or two offering assistance, but could just move directly ahead with foreclosure, taking up where the insolvent lender left off.
In this type of scenario, the borrower’s program really should be to save up as much money as possible during the period the bank is in receivership with the government. If they are able to, they ought to put away at the least the amount of their regular monthly payment and put it in a separate bank account. These extra funds could be used to show a good faith effort to pay back the arrears or as a bargaining chip for a mortgage modification or other plan.
Once the new bank contacts the borrowers, no matter if it is to pursue foreclosure or not, they should start negotiating using the lender, utilizing the documentation and money within the bank as bargaining chips. If the new bank doesn’t function with the owners, then they must take the matter into court and show a judge how they have been saving up their income to pay down the mortgage and trying to work out a strategy but had never gotten a response.
Foreclosure is designed to be utilized as a last resort, so if the bank just isn’t responding to homeowners, they need to show that they’ve tried to fix the situation outside of the court. Even in scenarios where one bank goes out of enterprise, is taken over by the federal government, and is then sold to a different institution, homeowners can make a good case for stopping foreclosure just by saving up money and keep documentation of their efforts to negotiate with their lender.
http://ushortsales.com/2011/06/...er-is-turn-off-or-files-bankruptcy/
Maybe the Federal Deposit Insurance Corp. is an arm of the government, after all. The FDIC has dropped its appeal of an 18-year-old lawsuit alleging it moved too hastily to close Meritor, a Philadelphia savings and loan the FDIC seized and liquidated at the tail end of the savings-and-loan crisis in 1992.
The decision, announced today on a website for Meritor shareholders, means the government likely will pay a $276 million judgment it has been fighting since 2003. In legal filings, as I reported last year, FDIC lawyers took the odd position that the agency whose name begins with the word “Federal” wasn’t an arm of the federal government and thus couldn’t be sued in the Court of Claims, a specialized court for such lawsuits.
Meritor shares, which trade on the pink sheets, jumped 27% today to $4.22 as word got out. At least one analyst thinks the final distribution to shareholders could be $4.60 a share.
In some important ways the Meritor case is unique. The conflict dates from the early days of the S&L crisis, when regulators were desperate to close failing institutions without incurring huge costs. They signed a contract with Meritor providing for “regulatory goodwill,” a fantasy form of capital that bank examiners disliked and, according to e-mails Meritor uncovered, plotted to unwind.
The FDIC doesn’t do contracts like that any more. But the agency that may well be an arm of the federal government now has been embroiled in the $4 billion lawsuit over JP Morgan’s takeover of the failed Washington Mutual and Deutsche Bank sued the FDIC over how it handled $49 billion in mortgage-backed securities trusts containing WAMU loans.
http://blogs.forbes.com/danielfisher/2011/06/24/...will-pay-judgment/
Shorts are over 51mil...highest ever..
The latest semi-monthly short report was just released. Shorts are now over 51 million. Based on the available data (i.e. the reports only go back a year or so), that is the first time it has broken 50 million.
http://www.geishababy.com/wamu/Default.aspx?SettlementDate=6/15/2011
http://messages.finance.yahoo.com/...p;mid=780003&tof=8&frt=2
Da gibt es noch keine, aber ein gutes gefühl da sich hier was tun wird..
Chart..
Barchart Washington Mutual (WAMUQ)
http://barchart.com/opinions/stocks/WAMUQ
FoxChart Washington Mutual (WAMUQ)
http://www.foxchart.com/index.php?symbol=WAMUQ&go=Get+Chart
stockta.com Stock Analysis Washington Mutual (WAMUQ)
http://www.stockta.com/cgi-bin/...;num1=5&cobrand=&mode=stock
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| Wertung | Antworten | Thema | Verfasser | letzter Verfasser | letzter Beitrag | |
58 | 14.573 | █ Der ESCROW - Thread █ | union | sonifaris | 20:33 | |
| 60 | 68.960 | Coop SK Tippspiel (ehem. WMIH) | ranger100 | rübi | 01.06.26 20:17 | |
| 162 | 87.096 | COOP News (ehemals: Wamu /WMIH) | Pjöngjang | noenough | 21.05.26 18:14 | |
| 10 | 1.638 | WMIH + Cooper Info | Orakel99 | Orakel99 | 17.05.26 21:50 | |
| 349 | 198.956 | Wamu WKN 893906 News ! | plusquamperfekt | union | 31.12.25 14:59 |
