Mr Cooper Group Inc (COOP)

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FDIC HELD 40B ASSETS - FRIED FRANK PARTNER

A REVIEW OF THE FDIC'S LATEST TOOLS
FOR RESOLVING PROBLEM BANKS
By
Thomas P. Vartanian
Gordon L. Miller*

Mr. Vartanian is a partner and Mr. Miller is a special counsel in the Washington,
D.C. office of Fried, Frank, Harris, Shriver & Jacobson LLP. The authors are
former federal bank regulators and regularly represent clients with regard to
matters discussed herein.

Fast forward to 2008, when 25 institutions failed, and open bank assistance was
authorized for five more (as part of a planned rescue that did not occur). Four institutions closed in
the first six months of the year, ten institutions closed in the next three months, and 12 closed in
the final three months.2 One institution, on account of the suddenness of its decline, was closed
mid-week, instead of at the end of the business week as ordinarily occurs.3 In the first two months
of 2009, 16 more institutions closed.4 The FDIC retained assets from closed institutions of
approximately $1.2 billion in 2007, approximately $1.9 billion in the first six months of 2008,
approximately $39.6 billion in the next three months, and $6.8 billion in the final three months.

Pretty much close to Equity Adjusted Amount of $40 Billion on the statement of condition of WMB

http://wmish.com/docs/FDIC/WaMuReceivershipFinancialStatements(unaudited)thru123108.pdf

comments please bk..sh...