Mr Cooper Group Inc (COOP)

[David West]

The Securitized Mortgages.

The link below is to the amended complaint by the Deutsche Bank National Trust Company, as trustee for the Trusts listed in Exhibits 1-A and 1-B (“DBNTC” or the “Trustee”), for its Amended Complaint (“Complaint”) against the Federal Deposit Insurance Corporation, as receiver for Washington Mutual Bank; JPMorgan Chase Bank, National Association; and Washington Mutual Mortgage Securities Corporation (collectively the “Defendants”)...

It describes almost everything you could want to know about how WMI/WMB set up the mortgages in question, and sold securities, using the mortgages as collateral. If you have read it before, read it again. Something new always jumps out at you each time you read it.

There is no doubt the value of WMB was in the mortgages. The questions remain (1) will there be any value left after all the issues are settled, (2) if so, the date someone (FDIC-R?) will return it to us, and (3) will the recipients be escrow or WMIH if any value is returned to the estate.

http://www.fdic.gov/bank/individual/failed/wamu_amended_complaint.pdf