Mr Cooper Group Inc (COOP): Can anyone please explain why the P&AA d...

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Wednesday, 07/23/2014 3:27:06 PM

Wednesday, July 23, 2014 3:27:06 PM

Can anyone please explain why the P&AA differentiates between "Assets" (uppercase) and "assets" (lowercase) so strictly?

On page 2 (PDF page 6) of the P&AA "Assets" (uppercase) is defined as follows:

"Assets" means all 'assets of the Failed Bank purchased pursuant to Section 3.1.
Assets owned by Subsidiares of the Failed Bank are not "Assets" within the meaning of this definition.

On other pages they write for example "...any Asset or asset essential to the Receiver..." or "...Each such Asset or asset purchased by the Receiver..." or "...All Assets and assets of the Failed Bank...".

Why do they mention "Assets and assets" there?

http://www.fdic.gov/about/freedom/Washington_Mutual_P_and_A.pdf

Does the bold sentence "Assets owned by Subsidiares of the Failed Bank are not "Assets" within the meaning of this definition." in connection with chapter 3.1 mean, that mortgages owned by WMBfsb or other subsidiaries of WMI have never been sold to JPM, only the subsidiary itself (but without its assets)??? The assets of subsidiares are still with the FDIC-R?