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Dmdmd2020 Wednesday, 08/15/18 06:11:26 AM
Re: None 0
Post #
533066
of 561719
www.boardpost.net/forum/...hp?topic=12629.msg224676#msg224676
Quote from: doo_dilettante on Yesterday at 02:32:27 PM
Observation: the former securitization subs of Wamu ( WMMSC, WMAAC, LBSC) have stopped filing 15Gs .... interesting...
Doo_dilettante,
Thank you for the interesting observation.
www.ballardspahr.com/~/media/files/...required_by_regulations
Starting page 4
Initial Filing. Securitizers (other than municipal securitizers) are to file Form ABS-15G for the three years ended December 31, 2011 through EDGAR by February 14, 2012. Municipal securitizers are to file Form ABS-15G for the three years ended December 31, 2014 through EMMA by February 14, 2015. Municipal securitizers should begin record keeping as of January 1, 2012 of demand, repurchase and replacement activity of assets in their securitization pools to enable them to make their initial filing. An initial filing is required for securitizers that issued an ABS (or organized and initiated an ABS transaction by securitizing an asset, either directly or indirectly, including through an affiliate) during the applicable three period (i.e. the three years ended December 31, 2011 for non-municipal securitizers and the three year period ended December 31, 2014 for municipal securitizers).
Quarterly Filing. After the initial disclosure filing, securitizers are required to disclose demand, repurchase and replacement activity of assets in a securitization pool on Form ABS-15G no later
than 45 calendar days after the end of each calendar quarter if the securitizer (a) issued an ABS during the period, (b) organized an initial ABS transaction during such time period, by securitizing an asset, either directly or indirectly, including through an affiliate, or (c) had outstanding ABS held by non-affiliates during such period. The information securitizers are to file for quarterly filings is similar to the initial filing format and can be obtained by clicking on the link above under Disclosure Required by Rule 15Ga-1 - Form ABS-15G. The quarterly report is only required to set forth any repurchase activity during the applicable quarter, and is not required to present information on a cumulative basis.
Suspension of Quarterly Filing Requirement. A securitizer may suspend its duty to provide quarterly disclosures if it has no activity to report during the initial filing period or during a calendar quarter by checking the appropriate box on Form ABS-15G that is has no activity to report. Thereafter, no quarterly report is required unless there is a change in the demand, repurchase or replacement activity during a calendar quarter, but the securitizer must still make an annual filing and check the appropriate box on Form ABS-15G that no activity occurred during the previous calendar year.
Termination of Filing Requirement. A securitizer may terminate its disclosure requirement upon filing a notice on Form ABS-15G if it has no ABS outstanding that are held by non- affiliates.
IMO...My questions:
1) Could the lack of filing Form ABS-15G be due to suspension or termination ?
2) if its due to termination, then was there a notice filed for termination?
3) 45 days after June 30, 2018 (last day of Q2), is August 14, 2018 (deadline to file any quarterly reports)
If it is truly terminated then this following post by CBA09 is very important (iHub post#499401):
investorshub.advfn.com/boards/...sg.aspx?message_id=136770430
Ref: Thank you CBA09. That is what I suspected originally. Safe Harbor assets release should have been controlled by the MBS trustee. What I don't understand is how DB as trustee could be discharged from probate without WMI receiving our assets? If DB is gone, who is the current trustee of our assets?
Comment:
Once a Trustee is discharged it signals the complete liquidation of the Trust Assets. No need for a Trustee.
We no longer care about a Trustee. Are assets are protected.
Safe Harbor assets:
The "Retained Assets!" Residual Interest in such assets are represented by A Residual Certificate. Generally the first SPE within a two SPE Tier -MBS.
Like (WMMIC - SPE - Tier # 1 & SPE/Trust - Tier # 2. WMI being Parent reaps the final benefits.
Ref: 1031 Exchange - I do not believe so with Terminated Trust Assets. To be fully terminated means all obligations are satisfied to certificate holders. And, all assets liquidated to cash.
_______________________________________________
IMO...my conclusions as of August 15, 2018:
1) ABS15-G is no longer being filed by WMI subsidiaries (Long Beach Mortgage, Washington Mutual Mortgage Securities Corp, WMAAC), all under the DB Trustee (Globic settlement). Thus the MBS Trusts have been terminated. DB trustee managed $165 billion of MBS Trusts.
2) since the MBS Trusts have been terminated then all the certicate holders (including WMI Escrow Marker Holders which own beneficial rights to at least the residual/equity tranches) have/will be paid in cash.
3) When will WMI Escrow Marker Holders be paid? That answer is still unknown, but IMO...we can infer that our cash is ready for disburesement when legal matters are resolved.
Re: None 0
Post #
533066
of 561719
www.boardpost.net/forum/...hp?topic=12629.msg224676#msg224676
Quote from: doo_dilettante on Yesterday at 02:32:27 PM
Observation: the former securitization subs of Wamu ( WMMSC, WMAAC, LBSC) have stopped filing 15Gs .... interesting...
Doo_dilettante,
Thank you for the interesting observation.
www.ballardspahr.com/~/media/files/...required_by_regulations
Starting page 4
Initial Filing. Securitizers (other than municipal securitizers) are to file Form ABS-15G for the three years ended December 31, 2011 through EDGAR by February 14, 2012. Municipal securitizers are to file Form ABS-15G for the three years ended December 31, 2014 through EMMA by February 14, 2015. Municipal securitizers should begin record keeping as of January 1, 2012 of demand, repurchase and replacement activity of assets in their securitization pools to enable them to make their initial filing. An initial filing is required for securitizers that issued an ABS (or organized and initiated an ABS transaction by securitizing an asset, either directly or indirectly, including through an affiliate) during the applicable three period (i.e. the three years ended December 31, 2011 for non-municipal securitizers and the three year period ended December 31, 2014 for municipal securitizers).
Quarterly Filing. After the initial disclosure filing, securitizers are required to disclose demand, repurchase and replacement activity of assets in a securitization pool on Form ABS-15G no later
than 45 calendar days after the end of each calendar quarter if the securitizer (a) issued an ABS during the period, (b) organized an initial ABS transaction during such time period, by securitizing an asset, either directly or indirectly, including through an affiliate, or (c) had outstanding ABS held by non-affiliates during such period. The information securitizers are to file for quarterly filings is similar to the initial filing format and can be obtained by clicking on the link above under Disclosure Required by Rule 15Ga-1 - Form ABS-15G. The quarterly report is only required to set forth any repurchase activity during the applicable quarter, and is not required to present information on a cumulative basis.
Suspension of Quarterly Filing Requirement. A securitizer may suspend its duty to provide quarterly disclosures if it has no activity to report during the initial filing period or during a calendar quarter by checking the appropriate box on Form ABS-15G that is has no activity to report. Thereafter, no quarterly report is required unless there is a change in the demand, repurchase or replacement activity during a calendar quarter, but the securitizer must still make an annual filing and check the appropriate box on Form ABS-15G that no activity occurred during the previous calendar year.
Termination of Filing Requirement. A securitizer may terminate its disclosure requirement upon filing a notice on Form ABS-15G if it has no ABS outstanding that are held by non- affiliates.
IMO...My questions:
1) Could the lack of filing Form ABS-15G be due to suspension or termination ?
2) if its due to termination, then was there a notice filed for termination?
3) 45 days after June 30, 2018 (last day of Q2), is August 14, 2018 (deadline to file any quarterly reports)
If it is truly terminated then this following post by CBA09 is very important (iHub post#499401):
investorshub.advfn.com/boards/...sg.aspx?message_id=136770430
Ref: Thank you CBA09. That is what I suspected originally. Safe Harbor assets release should have been controlled by the MBS trustee. What I don't understand is how DB as trustee could be discharged from probate without WMI receiving our assets? If DB is gone, who is the current trustee of our assets?
Comment:
Once a Trustee is discharged it signals the complete liquidation of the Trust Assets. No need for a Trustee.
We no longer care about a Trustee. Are assets are protected.
Safe Harbor assets:
The "Retained Assets!" Residual Interest in such assets are represented by A Residual Certificate. Generally the first SPE within a two SPE Tier -MBS.
Like (WMMIC - SPE - Tier # 1 & SPE/Trust - Tier # 2. WMI being Parent reaps the final benefits.
Ref: 1031 Exchange - I do not believe so with Terminated Trust Assets. To be fully terminated means all obligations are satisfied to certificate holders. And, all assets liquidated to cash.
_______________________________________________
IMO...my conclusions as of August 15, 2018:
1) ABS15-G is no longer being filed by WMI subsidiaries (Long Beach Mortgage, Washington Mutual Mortgage Securities Corp, WMAAC), all under the DB Trustee (Globic settlement). Thus the MBS Trusts have been terminated. DB trustee managed $165 billion of MBS Trusts.
2) since the MBS Trusts have been terminated then all the certicate holders (including WMI Escrow Marker Holders which own beneficial rights to at least the residual/equity tranches) have/will be paid in cash.
3) When will WMI Escrow Marker Holders be paid? That answer is still unknown, but IMO...we can infer that our cash is ready for disburesement when legal matters are resolved.
